LOS ANGELES (KTLA) -- Anschutz Entertainment Group is releasing plans Thursday for a new convention center in downtown Los Angeles.

The sports and entertainment company plans to build a new NFL football stadium where the existing one stands.

The Los Angeles Convention Center was built in 1971 and expanded in 1993.

Many people say the structure is obsolete, and that the city could make more in the lucrative convention business if it had a better space.

It's divided into two halls -- which makes it difficult to schedule shows that require large amounts of contiguous space.

Under the terms of an agreement reached last summer, AEG will knock down the existing West Hall and then build a new one.

The city plans to issue $275 million in bonds to pay for the new convention hall, while AEG pays for the stadium.

Revenue generated by the two projects would be used to pay off that debt.

The new convention hall, which was designed by the firm Populous, is expected to be more spacious to accommodate larger conventions.

It would stretch from the stadium to the existing south hall.

The bigger space could help Los Angeles compete with convention centers in cities like Anaheim, San Diego and Las Vegas.

The new hall is expected to resemble the South Hall, which was designed by architect Charles Luckman.

The design is described as "light" and "airy," with references to L.A.'s film history, as well as light columns outside similar to those at LAX.

Renderings also show restaurants and patios outside the base of the hall.

AEG owns the nearby Staples Center and the L.A. Live entertainment complex.

The company has stated that the stadium project, which will be called "Farmer's Field," will be privately financed.

NFL Commissioner Roger Goodell has expressed optimism about an NFL team returning to Los Angeles, but so far no team has been secured.

Los Angeles has been without a professional football team since 1994 when Georgia Frontiere moved the Rams to St. Louis.