Quote:
Originally Posted by mco65
I am willing to bet that those plans fall through if the Rams leave for LA...
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The Rams already have one leg out the door. It breaks down like this:
STL Release: no team, land not owned or under option, no developers who will acknowledge that a stadium can be built at that price. Who handles over-runs (say, 200M or so), who handles litigation or delays, remediation of unknown problems, lawsuits, etc. Completion hoped by 2020 but really difficult to say given number of open issues.
Funding: a dog's breakfast of sources, none committed, some subject to endless political discussion and/or litigation. PSL, naming rights and parking revenues go to city.
Other: will govt. pay damages if funds or stadium are not timely delivered as promised? Put money into escrow to secure financial and construction performance? Bond their performance through reputable insurance companies? (No.)
Result: 64k stadium with no roof.
LA Plan: team in hand (the Rams); land in hand (Inglewood); experienced developer in hand (Stockbridge Capital Group.); team and developer handle all risks as part of already established JV. Completion by 2018.
Funding: in hand. PSL, naming rights, parking, hotels, housing, restaurants, etc., are fully zoned and approved by city with 100 percent of risks and profits to developer (PSL and naming rights will be over 1B). Infrastructure already under construction.
Other: developer takes all responsibility for over-runs, unexpected obstacles, etc. Govt. in no way at risk and not involved except as with all construction.
Result: 80k stadium with roof, ready for Super Bowl, World Cup, Final Four and show place for visitors to LA; surrounded by pleasant walkways, ponds, private townhomes and NFL exhibits. Plus relocation fee to NFL.
Side note: I HIGHLY doubt the Raiders leave Cali.