Last week, St. Louis Rams owner Stan Kroenke and the developers of the huge mixed-use project underway at Inglewood's Hollywood Park site announced a plan to build an 80,000-seat NFL stadium and 6,000-seat performance venue along with the rest of the megaproject. The developers promised at the time that the project that wouldn't suck millions of dollars from taxpayer pockets, but it turns out that claim was a generous spin on the actual truth. While the group is not requesting any taxpayer money up front, they want to recoup $100 million in reimbursements or tax breaks in the stadium's first five years, according to the AP.
The developers claim that Inglewood stands to benefit a lot from the stadium, saying the city could generate more than $1 billion in taxes over 25 years. But the developers only want to promise the first $25 million a year to the city, after which they'd like to be reimbursed for "eligible costs," and then any surplus would go back to the city. "Eligible costs" could include infrastructure around the stadium site, such as sidewalks, roads, and utilities, and landscaping.
The reimbursements would not be limited to infrastructure and other sunk costs, though: "developers can be reimbursed by the city for costs on event days for police, emergency medical crews and shuttle bus services from off-site parking." Those payments could end being as high as "$8 million annually, or $40 million for a five-year period." The developer group has good reason to downplay the reimbursement scheme, as Inglewood residents could petition to vote on the proposal, fast-tracking the entire process.
· Rams Owner Planning to Build an NFL Stadium in Inglewood [Curbed LA]
· Rams Owner Planning to Build an NFL Stadium in Inglewood [Curbed LA]
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