The city of Inglewood is currently working torwards reclaiming its title as the "city of champions," and there are plans to improve its budget, bring jobs to the city and transition into a destination city.
According to Mayor James T. Butts Jr., "Inglewood has one of the worst budget deficits in the South Gate Region of all LA counties." According to a 2013 financial report, the city is in debt by more than 7 million dollars. Although the city has experienced a budget crisis over the course of the last few years with decreased revenue, job loss and a higher unemployment rate than the national average, the city is improving it's budget with entertainmnet venues such as the Forum, Hollywood Redevelopment Program and possibility of an NFL stadium.
Inglewood Assistant Manager & Financial Officer David Esparza said "the city's biggest issue right now is its budget deficit and the city's structural budget imbalance." The goal of the city was to bring Inglewood back on its feet. It started by first refurbishing the Forum.
The Forum has been the center piece in the city for more than 50 years. The forum has seen the best and worst of times. The Forum achieved its claim to fame as the home of the Los Angeles Lakers from the sixties through the nineties as well as the Los Angeles Kings. The Forum has been the site for the NBA All-Star Games, NHL All-Star Game, WNBA and the 1984 Summer Olympics. The stadium has seen artists such as Led Zeppelin, The Jackson 5, Elvis Presley, Queen, Diana Ross and Barbara Streisand. It was the press site for Magic Johnson, who once announced that he was HIV positive.
In 2012, the Madison Square Garden Corporation purchased The Forum for $23.5 million. Inglewood provided the MSG corporation with an $18 million redevelopment loan to improve the structure. It reopened in January this year. Councilman Ralph L. Franklin says “We welcome new quality development which would be an economic boost to our economy and additional local job opportunities to the Inglewood residents." With the joint private partnership between Inglewood and the Madison Square Garden Corporation, MSG will offset funds from ticket sales, parking tax and property tax. It will also be responsible for providing 30% in local hiring.
Since the reopening of The Forum, there has been an increase in business by 300%, according to Councilman Franklin. The sales have increased based on businesses acknowledging restaurant services. These restaurants include Sizzlers, Roscoes Chicken & Waffles and other fast food restaurants.
Besides The Forum Inglewood could possibly host a NFL team. According to an LA Times article, St. Louis Rams owner Stan Kroenke bought a 60-acre lot in Inglewood next to Hollywood Park and adjacent adjacent to The Forum. According to a Los Angeles Times article, “The Rams have been unable to work out a stadium deal in St. Louis, and, according to the terms of their lease, are able to move after the 2014 season.” The property has been dormant for over a decade. It was originally purchased at a $million dollars an acre but was sold to Kroenke for almost $100 million, after a proposal for a Walmart was turned down. The owner not only wants to move to LA, but also, he wants a $700 million improvement for the stadium.
Councilman Franklin says "the acreage can be used for onset parking and would sustantially boost the city's sales tax." According to an LA Weekly article the football field “will generate 20,000 to 30,000 jobs and 1.9 billion in economic impact and $1.9 billion in economic impact.”
These entertainment venues will bring revenue to the city, but it will also bring traffic to the city. The Department of Public Works and Caltrans is helping with the city's flow of traffic. By recalibrating the lights of the city to ensure that residents and commuters drive in and out of the city in 15 minutes
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