USC to control parking under amended lease
Posted April 17, 2012 at 10:09 pm in News
The Coliseum Commission released Tuesday a proposed amended lease with USC, which would give the university operational control of the 88-year-old Los Angeles Memorial Coliseum, Sports Arena and adjacent parking lots over the next 42 years.
In return, USC would pay $1 million in annual rent for the management rights to the Coliseum, which has played host to the Trojansâ football team since 1923.
The school has been in negotiations with the commission since September in the hope of obtaining the master lease, which would give it the opportunity to manage the property. A terms sheet was released in January.
The amended lease, which runs through 2054, would be subject to a vote at the commissionâs next meeting on May 2 or at a later date. It was originally enacted in 2008.
Under the provisions outlined in the 92-page document, USC would be responsible for funding various improvements and restorations in time for the stadiumâs 100-year anniversary in 2021. Those costs are expected to total $70 million.
In recent years, the commission had trouble affording renovations, which are required under the original lease. Over the last 12 months it has lost roughly $1.4 million, according to financial statements obtained last week by the Los Angeles Times.
To fund some of the upgrades, USC would, as a result, have the option to sell the naming rights of the stadium.
The lease also includes a provision that would allow the temporary use of the Coliseum by an NFL team, should one relocate to Southern California.