Following a public hearing a few days ago, the California Science Center board unanimously approved to adopt the lease agreement, which gives USC most of the benefits of the stadium without actually buying it.
The vote, which had a 7-0 outcome, was pushed back a few weeks ago due to the fact that the lease agreement terms permitted USC to control the revenues from parking in Exposition Park. Traditionally, the money raised from parking funded the museums.
The opposition to this lease argued that this deal would take money away from the museum, while dissuading the public from visiting places like the California Science center on game days.
A compromise was finally reached, as USC will give more parking spots and revenue to the museums than was previously agreed.
Here are some of the key points to the Trojans' new lease agreement.
First off, USC will invest $70-million in the next decade, finishing with a total of $100-million worth of renovations by twenty-fifty-four.
Second, the Trojans will pay $1 million in rent. Although the price to take to the field on Saturdays will increase to $1.3million in 2016 due to inflation. These rent payments will help fund the Science Center.
Third, the renovations, which include new exterior paint, seats and suite boxes, also include the right to sell a title sponsorship. While 5% of the money from the naming rights will go to the Coliseum, the rest goes directly to USC. And at an estimated $4 to $6 million dollars…that could be a pretty penny in the Trojans pocket.
Finally, the Trojans have the rights to develop a soccer stadium at the Sports Arena site.
Although a final vote is still needed to add the approved terms to the Coliseum lease, the Trojans are looking forward to renovating the stadium back to its former glory.