12/21/2007 GAAS:977:07 FOR IMMEDIATE RELEASE Print Version |
Gov. Schwarzenegger Announces Principle Lease Agreement on Los Angeles Coliseum and Sports Arena
Governor Schwarzenegger today announced a lease agreement between the state and members of the Los Angeles Memorial Coliseum Commission on lease terms for the historical Coliseum and Sports Arena. The agreement is expected to be formally approved in January.
"I'm proud to announce that we've agreed in principle to a lease that will generate at least $1 million in revenue for state taxpayers," announced Governor Schwarzenegger. "I'd like to thank Commission President Bernard Parks and the Commission for working diligently with state officials to come to an agreement that is fair and beneficial to all parties, and for meeting our goal to have an agreement by the end of the year. This is fantastic news for the people of Los Angeles and all Californians."
The California Science Center Board and Coliseum Commission will be asked to formally approve the agreement at their January 9th meetings. If approved, details of the agreement will be announced immediately.
"We're happy to have struck a fair deal for the rent on these Los Angeles landmarks," said Commission President Bernard C. Parks. "We'll use this momentum to continue to engage USC officials and look forward to coming to an agreement very soon on the sub-lease terms that will keep the Trojans playing and winning at our great complex."
This agreement will free the Commission to focus on the unrelated negotiations with long-time Coliseum tenant University of Southern California (USC). State, Coliseum and USC officials will meet today to negotiate USC's sublease of the Coliseum for USC football and soccer games.
