He continued to point out that that stark reality in California is that “we cannot count on our city or state to create jobs. We cannot count on them to create visions in order to drive this economy going forward. And we cannot cut our way out of the deficit like we continue to do within the state, county and city.”

Privatizing a billion dollar stadium is a big bold idea, Leiweke continued. He pointed out that there won’t be one dollar on the taxpayers even if it ends up costing $2 billion instead of $1 billion. “It will still be private even if I am selling hot dogs,” he said. “We will take the risk.”

Leiweke touched on how the No. 1 economic driver in L.A. is tourism and events, and “if we can take L.A. and build upon the amenities that we have, as one of the great points of destination in the world, then we have an opportunity where the private sector can drive the vision and the focus to drive the economy, create the jobs, that will keep our city churning for generations.”

He did point out that the vision needs infrastructure and needs to be designed in a way that takes the convention center to the next level. “If we are going to compete with Vegas, San Diego, New York and Atlanta, we need to upgrade the old West Hall of the Convention Center,” he said. “The second problem is hotel rooms. In order for hotels to be built, we have to show them the bookings. It will drive the future of our economy, our future, and our downtown for a very long time.”

Carol Schatz, president and CEO of the Central City Association of L.A. and Downtown Center Business Improvement District, tells GlobeSt.com that if “it moves forward, it will add thousands of jobs, millions in tax revenue, a sharp increase in tourism dollars, and will establish Downtown as the premier destination for sports and entertainment.”

In supporting the project, CCA acknowledged the massive local and regional economic impact of the Event Center and the overwhelmingly positive effect it will have in building on Downtown’s successful renaissance of the past decade, according to a prepared statement. “The stadium project would leverage the city’s existing Convention Center and make Los Angeles truly competitive among the nation’s major convention cities.”

CCA believes the project will add to the substantial progress already made in bringing Downtown’s vast residential, entertainment, retail, arts and cultural amenities in line with its status as the nation’s tourist and entertainment capital, according to the statement.

Earlier in January, L.A. City Councilwoman Janice Hahn, who serves as Chair of the Trade, Commerce and Tourism Committee, called for a status update report from the Convention Center and L.A. Inc. on possible impacts that may occur to the Convention Center with the development of a downtown NFL stadium. “Recently, plans have been proposed for a new football stadium in downtown Los Angeles that would involve demolishing the West Hall of the Convention Center. I think it’s a great idea to bring a football stadium to our City; however since the Convention Center is a City asset, we need to know the potential impacts that these plans may have on it,” Councilwoman Hahn said. In the report, Councilwoman Hahn requested updates on all negotiations and possible recommendations that may include private management of the Convention Center and how a football stadium may affect ongoing prospects for privatizing the Convention Center.

Steve Bram, principal managing director in the L.A. office of George Smith Partners, tells GlobeSt.com that the proposed project, which will be totally privately financed, “would result in five new hotels,” which he says AEG is already in contact with.

If the politics move along, the stadium would be open by 2015, but of course there are many hurdles to cross and many pros and cons, but so far, the commercial real estate industry and Downtown government seems to be on board.