INGLEWOOD – The city of Inglewood will create a Business Interruption Fund (BIF) to assist Inglewood “mom and pop” businesses who will be forced to relocate should the City secure 100% of the funding needed to build the Inglewood Transit Connector.
The project is currently 50% funded with the City receiving grants totaling $300 million and another $200 million pledged under the Los Angeles County Metropolitan Transit Authority’s (LACMTA) FY 2022-2023 budget.
During the May 24 regular city council meeting the consulting firm acknowledged the project isn’t fully funded by they continue to move forward as if it is to ensure certain activities take place in the event it is fully funded.
The fund will be used to compensate businesses who are able to detail how much revenue they generate and will potentially lose due to the construction scheduled to take place along the proposed route.
The route will commence at the intersection of Florence and Market which would wipe out every business in the shopping center where CVS and Fiesta Martin’s is located.
The City will look to acquire the parcels under eminent domain.
Other businesses which will be affected are those on the North end of Market Street and countless businesses down Manchester and Prairie.
It is crucial for the businesses to have accounting of their revenue to be awarded any available funding under the BIF.
Quickbooks is an online accounting software that connects directly to your business bank account and costs $25 per month to access. The software will also generate profit and loss statements which will need to be produced for verification.
Many small businesses were interrupted with construction of the Crenshaw/LAX line with many not having the ability to prove losses to the vendor hired by Metro to work with those businesses.
It is unclear if Del Richardson & Associates will get “the call” to administer the process, as her company assisted with relocation of countless residents who lived off LaCienega and Arbor Vitae for the LAX expansion, and the businesses interrupted for the Crenshaw rail line.
The City’s goal is to have the transit connector project up and running in time for the 2028 Summer Olympics which are scheduled to have some activity at SoFi Stadium and the proposed Intuit Dome.
Construction of the Intuit Dome continues to move at a snail’s pace leading to more speculation that it won’t be built unless the City is able to have the transit project 100% financed.
Continue to monitor updates on https://envisioninglewood.org/transportation-solutions/itc/