INGLEWOOD – The Inglewood Finance department is requesting the City acknowledge the possible Community Facilities District (CFD) formation to provide financing for public improvements on the Hollywood Park property under an agreement dated March 31, 2015, a month after the council approved the SoFi Stadium project.
The accompanying staff report states the CFD’s are created through the Mello-Roos Community Facilities Act of 1982. The City has already attached the Mello-Roos designation to the newly constructed townhomes on Prairie Ave called Grace Park across from Inglewood Park Cemetery.
Typically, Mello-Roos is assessed to new home purchases to finance a newly created City, not an existing one.
It’s like an undeveloped swath of land in Antelope Valley being developed into a new city and the homeowners finance the sewer lines, public space, parks, schools, and police. All of these things already exist in Inglewood.
In fact, Inglewood isn’t building new schools, they’re closing them and infrastructure on the Hollywood Park site was financed by the City’s former redevelopment agency under the initial Hollywood Park Specific Plan before it was amended under the stadium initiative.
The documents submitted to officials in Inglewood, where the stadium would be built, say that if annual tax revenue to the city from the completed project exceeds $25 million as expected, the developers, including a company controlled by the owner of the St. Louis Rams, would be entitled to reimbursements for funds they invested in streets, sewers, parks and other projects deemed dedicated to the public.
LA-area stadium developers expect $100M in public paybacks
To pass the special assessments, CFD’s require two-thirds of the votes of property owners as long as no more than 12 registered voters live within the proposed district with one vote per acre of land owned.
It appears the action is simply a formality considering Grace Park property listings indicate the tax is already being assessed.
It is unclear why property owners will be financing the infrastructure of the public portion of the Hollywood Park site after the developer is expecting to be reimbursed for those same costs. The project was marketed to the community as “100% privately financed”.
Hollywood Park has not kept their end of the arrangement of the stadium initiative which called for them to pay for signage for the citywide permit parking program nor do they promote civic events on the many digital billboards along the perimeter of the 233 acre site.
This action is scheduled for approval on the July 26 regular city council agenda.
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3 Comments
now …by their example…. all Cali cities can do the same !!!
So… what else has changed in the last 40 years… when the Holly Park Casino was approved ?
Ya gotta wonder ….when will Residents wake up from the partying and figure out “we been sold”….?
Stan Kroenke and friends bought the Mayor’s campaign with some puddly little dollars then he spread the pennies into the campaigns of George Dotson and Alex Padilla They printed those pretty “vote for the team” mail box stuffings and with those 3 votes creating a the majority of the council. They (along with Eloy Morales and former seat warmer Ralph Franklin ) sold this community down the river as they smiled for photo ops.
Weren’t there some “obstructionists” telling us this would be happening.?……guess they were right weren’t they? Consider – In all the years that Hollywood Park Race Track was operating Inglewood taxpayers didn’t pay for their grounds keeping, and yes we could go watch the Horse races for a nominal fee even if we didn’t choose to gamble our dollars away. We don’t pay for grounds keeping at the other shopping centers.
Now all those long hard hours we spent working to buy our homes and our piece of the American Dream have been turned into the Billionaire piggy bank. James BUTTS and his 4 puppets want you to open your pocketbook wide to help their “poor Billionaire benefactor” make more and more money at our collective aka your and your neighbors- individual expense.
When they lied about the “entirely private funding” some said read that fine print, notice that “reimbursement clause”….well here we are folks looks like you will see it on your tax bill.
Yes dollars heading right out of your pockets into theirs…. Isn’t there a jingle ?
We pay, we pay, we believe the words they say. We pay, we pay, another lie every day. Big bucks for lawyers every week, We pay, we pay, let’s hope someday the truth we’ll seek. We pay, we pay, .
And what is that other agenda item …
Our elected will be tearing down small businesses and gifting those properties to their other campaign donors while we get the eminent domain bills . Why don’t the billionaires go straight to the land/business owners – oh wait almost forgot we need to finance lawyers who donated to election campaigns
…….we pay significant pensions
………we pay outrageous legal fees
……….we pay with our quality of life
…………..we pay public relations consultants fees
…………and yes we even pay when they say it is federal transportation funding
**************News flash: the state and Federal funds came from us not a money tree
Does that make us the suckers who fell for the snake oil sales pitch?…..what? the carnival barker didn’t include “ residents pay campaign donors profit” in his pitch?
Some fell for the “$ 18 million Loan” for the “church/Forum sale” lie choosing to ignore the “forgiven” word and failing to ask why the Billionaire Buyer needed our dimes, and some fell for the “residents will get to vote whether we a want a stadium in our midst” lie.
How many more of the “poisonous lies” is this community willing to swallow hook, line, and sinker?
Let’s hope unlike the frog in the beaker we haven’t been completely cooked !!
Perhaps, when we figure out that a man has no problem telling lies, we should assume he is not telling the truth whenever he speaks ….
Hmmm, how many parties will they throw hoping we will forget the impact of non-transparency and half- (or less) truths?