Monday's vote in favor of a lease that would allow USC to manage the Los Angeles Memorial Coliseum isn’t a done-deal yet. The state still has to sign off on the plan. California authorities will consider a number of key factors before the plan can move forward.
Coliseum commissioners would like the state to approve the agreement by the end of June. Whether that happens is anyone’s guess.
A representative from Governor Jerry Brown’s office has already emphasized the state will take its time to decide if the project serves taxpayers in the best way.
For example, officials will focus on how to direct revenue generated from state-owned parking lots surrounding the stadium. Before USC pours more than $70 million into renovating the historic facility and the neighboring Sports Arena, the school’s asking the state to consider several contingency points in the agreement.
One factor emphasizes a plan of action in the event the state’s lease with the Coliseum Commission dissolves for some reason. The state leases out the land that the Coliseum sits on.
Kristina Raspe works with real estate development for USC. She says the provision aims to preserve the school’s interest in the deal...
“...and would allow the lease to continue as if the state with the original landlord under the USC-Coliseum commission lease," explains Raspe. "So it provides the university protection in the event for whatever reason the coliseum commission lease with the State of California terminated.”
The Coliseum Commission voted Monday 8 to 1 in favor of a lease with the school for an initial 20-year term.
There are options to renew the lease that could extend the agreement to 20-54.
The coliseum has been under fire in recent months for alleged mismanagement of millions of dollars. Six former managers or contractors have been indicted.