USC, Coliseum Commission on verge of long-term deal

Lawyers for USC and the Coliseum Commission have completed a long-term lease agreement that will be presented Wednesday to both parties for final approval and signing, school officials confirmed.

The 25-year deal, which can be extended to 47 years, is the first long-term contract in a relationship that has lasted more than eight decades.

“The fact that we could get such a complicated transaction done in 90 days shows the commitment on both sides to make this happen,” said Kristina Raspe, USC’s associate senior vice president for real estate and asset management.

The document could be approved as early as Wednesday, at the monthly Coliseum meeting, although the nine-member commission probably will need more time to review it before voting on a definitive agreement.

At least six commissioners must vote in favor of the agreement for approval. The school has a one-year lease option at the stadium in case the agreement is not approved. USC’s home football opener is Sept. 13 against Ohio State.

The proposed pact gives USC veto power over an NFL team returning to the Coliseum and provides the school seats on both the California Science Center Board and the Coliseum Commission.

In exchange, USC will allow the commission to use the school’s name and logos as the centerpiece of a future naming-rights deal. The money generated would be earmarked for stadium improvements, including new video displays, concession areas, seating, drainage systems, locker rooms, elevators and escalators.

The document also says that if the commission fails to make the promised improvements in a timely and satisfactory manner, the school can opt out of the agreement after two years. USC also would have the right to pay for the improvements itself and be repaid with interest.

The structure of the proposed deal was announced in mid-February as part of a celebratory news conference that included the Trojans marching band and Coach Pete Carroll.

 sam.farmer@latimes.com