LOS ANGELES (AP) — Highlights of the proposal to build a domed stadium that could become home for an NFL team as part of a new development:
WHAT: An 80,000-seat stadium, with a separate 6,000-seat performance venue and parking, as part of a development of 2,500 residences, office space, shops, a 300-room hotel and 25 acres of parks and playgrounds.
WHERE: The project is located in the city of Inglewood, roughly 10 miles from downtown Los Angeles, on a 298-acre site that was once home to a horse track, Hollywood Park.
WHO: The Kroenke Group, controlled by St. Louis Rams owner Stan Kroenke, and Stockbridge Capital Group.
NEW REVENUE: Developers estimate that when completed, the sprawling project will generate $44 million a year in city tax revenues, or more than $1 billion over 25 years.
REIMBURSEMENTS: If annual city revenue from property, ticket and other taxes from the development exceeds $25 million, then the developers are entitled to receive reimbursements for new roads, sewers, parks and other "public" infrastructure. The amount shall include design and construction costs, "hard costs and soft costs, direct and indirect costs, and construction financing costs including, without limitation, fees, costs, and interest."
PUBLIC SAFETY COSTS: For event days, reimbursements can also be sought for costs of police, emergency medical crews, operating public shuttles from off-site parking lots and "other expenditures of a public nature."