Schwarzenegger signs bill giving boost to NFL stadium plans in San Gabriel Valley [Updated]
[Updated at 10:10 a.m.: This post previously said Schwarzenegger was scheduled to sign the bill.]
Developer Ed Roski Jr. wants to build an $800-million NFL stadium near the junction of the 57 and 60 freeways.
The legislation signed today would exempt the planned 75,000-seat stadium from state environmental laws. The bill is designed to speed up the planning process for the stadium.
But even with the signing, the stadium faces hurdles.
It remains unclear whether such a large project -- which would include retail and office space, as well as practice fields and banquet facilities -- could get construction loans amid the credit crunch. This issue has stalled several other mega-projects in Southern California, including the Frank Gehry-designed Grand Avenue development in downtown Los Angeles.
Another big issue is naming rights, which would be a major source of new revenue for the stadium. Amid the recession, companies have shown little interest in big naming contracts at stadiums, including new NFL venues in Dallas and New York.
Schwarzenegger explained his decision to sign the bill, saying it will create jobs and provide a new venue of entertainment in Southern California.
-- Shelby Grad
A rendering of the City of Industry site, which would contain retail and office space, practice fields and banquet facilities. Credit: Mike Amaya / Meis Architects.
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