Just how fast does Los Angeles need an NFL stadium Downtown?

Genlser

Happy Monday Everyone! Normally, I report Real Estate News on interest rates, housing data, etc.... However this past weekend was the kickoff to the NFL season.  So I thought this entry should be a mixture of both real estate news and the NFL!

Today's entry is on Downtown NFL's stadium! 

Apparently, the state legislature has already passed a law to speed up any legal challenges to the Farmers Field plan in which the lawsuit states that developer AEG is receiving special treatment with the law and is in violation of the California Environmental Quality Act.  One of the plaintiffs says the project will have a huge impact on parking, housing prices, traffic and air quality.  It's true about housing prices rising with the already high price condos around LA LIVE.  Condos around that area are prime downtown real estates! 

City Council member Jan Perry wants to hurry city approvals along.  She submitted a resolution to reduce the public hearing notice period to 10 days.  Usually the city allows 24 days for the public to digest a major development agreement.  Perry's reason is to avoid any delays in the project.  If the council fails to vote by the set deadline, the project could be delayed by a year!  

But what about a team or teams?  The league won't decide on the matter until March 2013.  

We hear how the matter resolve on September 28th when the council votes. 

Just released to the city staff from Farmers Field is the agreement that AEG will pay for millions in improvement to the area around the stadium including $10 million to add another platform at the Metro Blue Line and Expo Line station at Pico Blvd, and $2.4 million to fund a study to add a northbound lane to the US-101 Hollywood Freeway near downtown.  

Source: LA Curbed