Project FAQ - City of Champions Revitalization Initiative

City of Champions
Revitalization Project
frequently asked questions
In a nutshell, what does the project mean for the
City of Inglewood and its residents?
The City of Champions Revitalization Project would include the
construction of a world-class, energy efficient stadium alongside
the long-planned residential, commercial and entertainment district
being developed at Hollywood Park. The project provides the
opportunity to create thousands of new jobs and tens of millions
in additional revenues for the city each year. With this project,
our city will once again be the leading sports and entertainment
destination for the greater L.A. area. And it is being built at no
cost to the taxpayers and without any city subsidies.
Will the project create new job opportunities for Inglewood?
Yes, the City of Champions Revitalization Project will create
thousands of construction and permanent jobs, with a focus on
creating meaningful employment opportunities for Inglewood
residents and businesses. Specifically, the project adheres to the
provisions from the City of Inglewood’s 2009 approval of the
Hollywood Park Tomorrow plan, which established a goal of
at least 30% participation of minority/disadvantaged business
enterprises in the construction of the project, and it adds a goal
of hiring qualified Inglewood residents for at least 35% of longterm, post-construction jobs at the stadium. The new project will
fund and provide job-training programs and local job fairs to
prepare Inglewood residents to fill these exciting new employment
opportunities.
How will the project affect the local economy?
The City of Champions Revitalization Project will create a new
sports and entertainment destination for the greater L.A. region
that research estimates will generate hundreds of millions in new
annual economic activity for Inglewood. The new shopping, dining
and entertainment options at the revitalized Hollywood Park
location will increase tourism to the area and patronage of local
restaurants and retail stores, benefitting local businesses across
Inglewood and securing a revitalized future for the entire city.
How will the project enhance city government resources
and help the city provide vital public services?
Once the stadium is open, the Inglewood city government is
projected to receive tens of millions in new general fund revenues
each year from the City of Champions Revitalization Project. This
infusion of funds will help to balance the budget, improve and
expand city services, and enhance public safety. Revenues from the
project can also fund new after-school activities, such as mentoring
and anti-gang programs.
Will local schools benefit from the project?
Yes, they will. The project is advancing $4 million to the
Inglewood Unified School District to assist in long-term planning
for school improvements. In the years to come, the project will
also pay millions more to the District. The City of Champions
Revitalization Project developers have also made a commitment to
fund at least $1 million over five years for after-school programs to
benefit children in Inglewood.
What does the project include?
The City of Champions Revitalization Project builds on the
momentum of the long-planned residential, commercial and
retail development at Hollywood Park, which after years of
community engagement and the approval of the Inglewood City
Council in 2009, is currently underway. The project will transform
underutilized asphalt lots and the former racetrack into an exciting
community in which folks can live, work and play. The project will
create a vibrant new city center complete with:
• World-class stadium
• Performance venue
• Restaurants
• Retail shops
• High-quality office space
• Residential units
The project will also include over 25 acres of public parks,
playgrounds, open space and pedestrian and bicycle access.
How will the project improve local infrastructure
and fund public services?
As part of the City of Champions Revitalization Project, significant
public infrastructure improvements will be made, including
modernizing traffic systems, upgrading streets and creating new
public parks. All infrastructure improvement costs will be paid in
advance by the project developers. All ongoing park maintenance
and event-related public costs will also be paid in advance by
the project developers. Each year, only after the city first receives
$25 million in tax revenues from the project, will the project
developers be permitted to apply for reimbursement of these public
costs. Reimbursements are subject to review and approval by the
city, and may only be granted from project revenues in excess of
$25 million each year. There is no cap on the annual revenues the
city can receive from the project, and over time the city’s revenues
are expected to exceed $25 million each year.
Why is Inglewood ideally suited for this project?
Locating a new, world-class stadium and other uses within
an expanded Hollywood Park project will create a sports and
entertainment destination that stands out not just in the region,
but throughout the United States. Inglewood is superbly positioned
for this role, with a longtime passion for professional sports and an
attractive Southern California location.
The expansion of Metro’s light rail transit system through
Inglewood, the availability of acres of parking for tailgating, and
the area’s proximity to several major freeways all bode well for
future fans and visitors. The Crenshaw/LAX Transit Project and
the nearby Green Line, which connect to our regional transit
system, will enable visitors from all over Southern California
and beyond to access the stadium and other uses at the site. This
proposal is well-placed, well-timed, and in the best interests of our
city and our entire region.
Who will develop and pay for this project?
The City of Champions Revitalization Project will be funded
entirely with private funds provided by the Hollywood Park Land
Company – that means Inglewood residents and the city will pay
no taxes or subsidies for stadium construction. Hollywood Park
Land Company (HPLC) is a joint venture between Stockbridge
Capital Group and The Kroenke Group. Stockbridge, a real estate
investment management firm, purchased the original 238-acre
Hollywood Park site in 2005. The Kroenke Group (TKG), a leader
in commercial real estate and development, purchased an adjacent
60-acre parcel in 2013. Stockbridge and TKG joined efforts
through the HPLC venture in 2014 with a proposal to expand the
long-approved Hollywood Park redevelopment plan by adding a
sports and entertainment zone featuring a world-class stadium and
performance venue to the mixed-use development plan consisting
of more than 4 million square feet of retail, office, hotel and
residential space that is currently under construction.
What is Stockbridge Capital?
Stockbridge Capital Group, LLC is a real estate investment
management firm which, together with its affiliates, manages more
than $9 billion in real estate and real estate-related assets. The
firm invests across the risk spectrum with core, value-added and
opportunistic strategies, including significant expertise in largescale development and redevelopment projects. Stockbridge’s
investment portfolio comprises nearly 35 million square feet
of existing office, industrial, retail, hospitality and residential
properties throughout the United States, as well as a development
pipeline of more than 6 million square feet of space. Stockbridge
is headquartered in San Francisco with offices in Los Angeles,
Chicago, New York and Atlanta.
What is The Kroenke Group?
The Kroenke Group (TKG) was founded in 1985 by E. Stanley
Kroenke and has been a leader in commercial real estate
investment and development. TKG and its affiliates now own,
manage, and operate more than 60 million square feet, including
shopping centers, residential housing developments, warehouse
facilities, and entertainment venues in the United States, Canada,
and the United Kingdom. TKG is responsible for all aspects of
managing the various properties in its portfolio. In addition to
its real estate development activities, TKG’s holdings include
ranching, professional sports, media, and wine production
ventures throughout North America, the United Kingdom,
and Europe. Mr. Kroenke owns the St. Louis Rams (NFL) and
Kroenke Sports & Entertainment (KSE) and KSE, UK, whose
holdings include the Colorado Avalanche (NHL), Denver Nuggets
(NBA), Colorado Rapids (MLS), Pepsi Center, Dick’s Sporting
Goods Park, Altitude Sports & Entertainment and Arsenal
Football Club (EPL).
Why should Inglewood go forward with the City of
Champions Revitalization Project as opposed to the
original Hollywood Park Tomorrow plan?
The new City of Champions Revitalization Project will build on
the momentum of the mixed-use district currently being developed
at Hollywood Park after years of community engagement and
the approval of the Inglewood City Council in 2009. The revised
project is expected to create a long-term revenue source for the
city that is substantially larger than estimates from the prior plan.
The city’s general fund is expected to receive tens of millions
in revenue annually from the project once the stadium is open,
which is many times more than the original Hollywood Park plan
anticipated. It also presents an opportunity to create thousands of
new construction and permanent jobs, and hundreds of millions
in new economic activity for Inglewood on an annual basis. That
makes this a game-changer for Inglewood.
What are the specific elements of the Revitalization Project?
The 298-acre project will include a stadium of up to 80,000 seats
and a performance venue of up to 6,000 seats, while reconfiguring
the previously approved Hollywood Park plan for up to 890,000
square feet of retail, 780,000 square feet of office space, 2,500
new residential units, a 300-room hotel, and 25 acres of public
parks, playgrounds, open space and pedestrian and bicycle access.
When the project is completed, what types of events could be
hosted at the new stadium in Inglewood?
Once completed, the beautiful new stadium could host football
games, soccer matches and other major events, as well as
graduation ceremonies and high school sports championship
games. The stadium will be designed by HKS, Inc., one of the
world’s leading firms for the design of sports and entertainment
complexes. The new world-class stadium may be ready to host
professional sports as early as 2018.
Where can I learn more about this project?
We have the opportunity to seize this chance to create thousands
of jobs and hundreds of millions of dollars in new economic
activity for our city. To learn more about the project and to sign
up in support, please visit ChampionsInitiative.com or call us at
424-205-1830.
Paid for by Citizens for Revitalizing the City of Champions, sponsored and funded by The Kroenke Group
and Hollywood Park Land Company. P.O. Box 8098, Inglewood, CA 90308-8098.