The Los Angeles City Council voted 12-0 today to approve the building of an NFL stadium in Downtown Los Angeles, adjacent to The Ritz-Carlton Residences at L.A. LIVE.

The unanimous vote clears the way for an NFL team to relocate to Los Angeles and allows AEG to proceed with planning for the $1.2-billion, 78,000-seat Farmers Field and $315-million upgrade of the L.A. Convention Center.

“This is probably the most important decision that any of us will make in our political careers,” said City Councilman Paul Koretz, who called the plan “the economic development project of our generation.”

Read more about today’s vote here and here.