In the name of transparency, USC and the Coliseum Commission released on their websites Wednesday copies of the term sheet for a modified Coliseum lease, one that would give the university operational control of the venue.
The 16-page document is nonbinding and the first step toward a lease agreement likely to be negotiated within the next two months. Under the proposed terms, USC would spend more than $50 million to bring the stadium up to campus standards and would make the venue available for community events for a minimum of eight days a year. Typically, the Coliseum has been used for such events two or three times per year.
"It's not a done deal because we still have to negotiate a lease, but assuming this works out, USC would take over the obligation to make the improvements to the venue that will enable future generations to enjoy the facility," said Tom Sayles, USC's senior vice president for university relations. "We think it's a good deal for two reasons. One, the city, community and university will get a much improved stadium. And two, the public will get more access to it."
Not everyone on the Coliseum Commission agrees. City Councilman Bernard C. Parks, a commission member, said he believed the lease would give too much control to USC.
"It's not a good deal," Parks said. He said he was pleased the public would have an opportunity to comment on the terms before a final vote.
