The Office of the City Administrative Officer (CAO) has confirmed that, following the approval of the Exclusive Negotiating Agreement by the city council and mayor, the city will begin to meet with Anschutz Entertainment Group (AEG) and Plenary Group to finalize plans to expand the Los Angeles Convention Center (LACC).
Under the plans, the partners will finalize a mutually agreeable definitive design, the total “all-inclusive” cost, and a mutually agreeable definitive plan as to the financing of the development, as well as maintenance and operation of the LACC Expansion.
To assist with its efforts, the city plans to undergo a procurement process for P3 financial advisors, which are to be on board within the next quarter.
The CAO expects AEG and Plenary will begin to undertake site due diligence review and evaluate the existing condition of the West and South Halls to determine the optimal level of refurbishment work. AEG and Plenary are also expected to pursue additional regulatory entitlements that may be required.
As previously reported, the council authorizes city staff to procure financial advisory, legal, construction management and review, and other consulting services as necessary up to an aggregate amount of $5m.
The City Attorney has identified the need for outside counsel, while the Bureau of Engineering has indicated that it requires support preparing technical design guidelines.
Details emerge on LACC next steps
The City of Los Angeles would like to have advisors on board within the next quarter for its convention center project, P3 Bulletin understands.
