UA-40932197-1

City of Inglewood prepares to receive a windfall

city of inglewoodSav-on Drugs has enjoyed a long and lucrative business arrangement, in the City of Inglewood, dating back to 1970.  Then Chairman of the Inglewood Redevelopment Agency Merle Mergell arranged for a 40 year lease on the property located at Market and Regent Streets to the tune of $1,000 per month.  That agreement is scheduled to expire in August 2016.  Terms have been modified and Inglewood stands to make millions.  

The modified arrangement increased the rent to $2,500 a month for 40,800 square feet of property and the property can only be sold for fair market value, not the $206k originally negotiated.  With redevelopment now closed, where does the rent go?

The highly anticipated Crenshaw/LAX transit line is scheduled to have a stop directly across from the parcel in question.  It is our belief city officials are fielding multiple proposals to develop that property.

 

 

 

 

 

 

 


About Melissa

I am a lifelong Inglewood resident living in District 4. I serve on PTA and School Site Council as Vice-President, for the last 8 years with Inglewood Unified School District. I volunteer on the Wellness Committee for ICEF Public Schools. I am an alumni of California State University, Dominguez Hills with a degree in Political Science. You can find me on Twitter under @CreoleMommie

Copyright © 2011 - 2017 Urban Girl Media All Rights Reserved.