Los Angeles

AEG Asks For More Time to Lure NFL Team to LA

Developer says it also wants to look at alternative development plans for the LA Convention Center area in case deal to get a team doesn't happen.

Developer AEG has asked the city of Los Angeles for six more months to try to hammer out a deal to build a football stadium.

The company currently has an agreement in place to construct an as-yet-to-be-built stadium known as Farmers Field that expires Oct. 18, but it said Monday recent talks with the NFL about bringing a team to the city have been positive.

Under the existing deal, signed in 2012, AEG promised it would build the stadium and lead an overhaul of the Los Angeles Convention Center. But as talks with the NFL stalled, some local officials have pressed for the city to redevelop the convention center on its own to spur economic development in the area.

"First choice is still with the stadium, but we have to redo this convention center no matter what," Los Angeles Mayor Eric Garcetti said.  

In its letter requesting an extension, AEG said it also wants the opportunity to develop an alternative to the stadium option, including the development of a large hotel near its L.A. Live Complex and Staples Center.

"We share the City's vision for an improved Convention Center with additional hotel rooms nearby and we do not want to delay the pursuit of those objectives," said Dan Beckerman, president and chief executive of AEG, in a written statement.

"Therefore, as part of our request for an extension, we are making some explicit additional commitments to advance development and consideration of alternatives."

In its request, the conglomerate pledged to spend up to $600,000 in the next six months to solicit designs for the convention center expansion and proposed hotel development.

The letter was sent to Mayor Garcetti, City Council President Herb Wesson and Councilman Curren Price.

"The Convention Center is a critical economic engine for our city producing thousands of jobs and millions in revenue. This makes it imperative that we keep all our options open when we are discussing the renovation of this important facility," Price said in a statement.

He also said he remains interested in working with AEG and supports an extension.

"I support an extension for AEG at this time because it would help Los Angeles make a better case for landing a team, ultimately allowing our City to score the "touchdown" - with or without a team," his statement said.

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