Not really.
It is true that there really is zero upfront cost for taxpayers for the development of the the nearly 80,000 seat football stadium plus all the surrounding development. It is estimated that $1 billion in local taxes will be generated in the first 25 years of the project on property, tickets, parking, utilities and other sources. The first $25 million each year would be guaranteed for the city of Inglewood.However,after the $25 million mark each year, Inglewood would be obligated to pay back the developers on two fronts: a)money for the upfront costs of infrastructure (in the range of $50 – $60 million) and b)about $40 million for costs on event days for police, emergency medical crews and shuttle bus services from off-site parking. This $40 million figure would be paid out a clip of $8 million per year over a 5 year period.
Now this doesn't mean its not a good deal for Inglewood as compared to most other tax payer funded stadiums but the idea that it is a tax free venture is absurd.
Edited 1 time(s). Last edit at 11/30/2017 04:42PM by waterfield.
