Ahead of a deadline to submit a project agreement for the modernization of the Los Angeles Convention Center, a City Council panel today will weigh in on a menu of cost reductions in the overall $2.2 billion plan, which could save the city at least $124 million.

The five-member Economic Development and Jobs Committee is expected to receive an update from the city administrative officer regarding the modernization project, which calls for 190,000 square feet of contiguous hall space, up to 55,000 square feet of additional meeting room space and up to 95,000 square feet of multi-purpose space.

It would also provide 750,000 square feet of contiguous hall space and more than 1.2 million square feet of total usable space across the Convention Center campus.

In a 14-1 vote in April, the City Council authorized staff to continue negotiations with APCLA, or AEG Plenary Conventions Los Angeles, the joint venture that would oversee construction of the project. The city is working on finalizing an agreement under a so-called “phased delivery.”

Under this approach and with further direction from the council, the city would be expected to submit a project agreement and other documents by Friday. APCLA would then submit a firm, fixed price for the project by July 14.

If the contract is finalized, construction would be expected to begin in September with completion slated for early 2029. City officials have discussed a plan to pause construction during the 2028 Olympics, ensuring that it does not impede the Games.

With the city facing a roughly $1 billion deficit in the coming fiscal year and other economic challenges, elected officials requested staff to identify potential cost-cutting measures in the proposal, such as reducing the scope of work where possible.

According to a report from the CAO’s office, city staff selected 56 ideas, totaling $124 million in project costs, that could be saved with an additional $27 million that requires further review.

For example, the initial project proposal called for a redesign of Gilbert Lindsay Plaza with more public amenities, among other things. Under this reduced work plan, that redesign would be pulled, saving about $52.5 million.

Another item that may be removed from the project is a $19 million kitchen and concessions space, and other items are under review.

“Based on current market interest rates, a reduction of approximately $144.0 million in overall project costs… would reduce the amount of bonds issued and therefore reduce annual debt service by approximately $10.2 million,” according to the CAO’s report.

The CAO is expected to provide updated figures on the cost of the project, short-term and long-term, as well as potential revenue that it would generate.