We're hearing (and Inglewood City Council meeting minutes confirm) that last night Inglewood approved a deal for MSG Forum, LLC, an entity of the group that owns Madison Square Garden in New York, to buy the Inglewood Forum. The beautiful 1968 building, designed by Charles Luckman, has been owned by the Faithful Central Bible Church since 2000. The City Council yesterday approved a Sign Overlay Zone that will allow "signage in the public right-of-way," a zoning change, and a development agreement between the city and MSG that "provides for vested rights with respect to the use and operation of the Forum in exchange for specified commitments on annual ticket sales for the events at the Forum." According to a May 8 staff report on the matter, MSG "intends to use the venue primarily for music and concert events" (the company also owns Radio City Music Hall, the Beacon Theatre, and the Chicago Theatre, but this will be its first West Coast property).
The staff report says that MSG will have to spend at least $50 million rehabbing the Forum and guarantee 300,000 ticket sales per year. MSG is "expected to enter into sponsorship agreements with various commercial enterprises, including most prominently food, beverage and consumer products, in order to finance the Forum’s rehabilitation, restoration and ongoing operation." That ties in with its petition for extra signage--it'll be allowed a 100 foot tall sign "with internally illuminated graphics" at the corner of Manchester and Prairie (where there's already a marquee); light pole banners along Prairie, manchester, and Pincay; building banners between the Forum's columns; rooftop signs; a sign for a new terrace that MSG will be building; and various parking lot, wayfinding, and entry signs.
· New York Group Looks to Bring Stadium Rock to Inglewood [Curbed LA]