SBD/December 8, 2010/Facilities

USC In Talks To Buy L.A. Memorial Coliseum Property From State

Deal To Buy Land On Which L.A. Memorial Coliseum Sits Should Be Complete Soon
USC Associate Senior VP/Real Estate & Asset Management Kristina Raspe yesterday confirmed that the university is in “negotiations with the state to buy the land on which the Los Angeles Memorial Coliseum and Sport Arena sit, essentially making the university the landlord of the Coliseum Commission,” according to Sam Farmer of the L.A. TIMES. Raspe said that the school is also “in negotiations to buy several parking lots in Exposition Park, although the museums and the surrounding lots are not part of the talks.” She “declined to discuss the terms of the negotiations, but said the deal will be solidified within the month.” The Coliseum and Sports Arena are owned by the city, county and state. The state would “still be part of the Coliseum Commission, which would have the same ground lease it currently has on the land, which is roughly $600,000 per year” (L.A. TIMES, 12/8). WEARESC.com's Garry Paskwietz noted it “remains to be seen exactly what changes would be made although an improvement to the available parking is sure to be a primary concern.” With USC running the Coliseum as a business, spectators would “see more of an effort to attract new events with the potential of an NFL team being top of mind” (WEARESC.com, 12/7).
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