LOS ANGELES (KTLA) -- The Los Angeles City Council approved a proposed $1.2-billion NFL stadium plan on Friday in a 12-0 vote.
The proposal clears the way for developer Anschutz Entertainment Group to seek a team and proceed with planning for a 72,000-seat stadium downtown.
The proposal would also pave the way for an accompanying $315-million upgrade of the nearby Convention Center.
City Councilman Paul Koretz called the plan "the economic development project of our generation."
But many residents living downtown have expressed concerns that an NFL stadium would bring already congested streets in the area to a grinding halt.
Parts of the agreements were rewritten at the last minute after it was announced last week that AEG is up for sale.
The news came as a surprise to many city leaders who have worked closely with the company on projects like Staples Center and the L.A. Live entertainment complex, near the stadium site.
But last week Councilwoman Jan Perry, whose district includes L.A. Live and the proposed NFL stadium, said taxpayer interests would be "well-protected" in the event of a sale.
"Whoever steps into the shoes of the previous owner would have to fulfill all the responsibilities and obligations as the current owner," Perry said. "The city has been well-negotiated and well-protected."