2023 Fall Issue of Urban Land - 59
According to Mayor Butts, communityserving
benefits begin with a strong development
agreement. " If you don't want to be a
city where people come in, spend money, and
then go home, leaving the residents to absorb
the impact of a transient population, it starts
with the original development arrangement, "
he explains-and Inglewood's deal with the
developer was exceptional.
To start, Inglewood did not invest any
upfront tax dollars into the project and was
not obligated to reimburse the developer for
such city-related amenities as roadways and
streetlights until the development generated
$25 million in tax revenue. In addition, the
development deal included a mandate to hire
35 percent local labor and use 15 percent of
local businesses and vendors once the project
was complete.
" You have to ensure participation by
residents and local businesses, " Mayor Butts
says. Those provisions have had a substantial
impact on local employment, lowering Inglewood's
unemployment rate from 17 percent
to 4.7 percent before the pandemic. According
to Butts, Inglewood's is among the lowest
unemployment rates in the country for a
minority-majority city.
The community was rightly worried about
gentrification and displacement, though the
benefits of the stadium project largely outweighed
any apprehension. Still, to assuage
concerns, the city implemented strict rent stabilization
laws that capped rent increases at 3
percent of CPI, the strongest rent cap in the
Greater Los Angeles area, and supported the
preservation and development of affordable
housing. According to Mayor Butts, Inglewood
currently has the lowest median rents in the
South Bay and the largest number of affordable
housing units per capita there.
Community outreach was integral to ensuring
that the investment benefitted the existing
residents. Shortly after the project was
announced, UCLA did a series of educational
sessions at local and predominately Black
churches to urge homeowning residents not
to sell to speculative, all-cash investors. It was
good advice.
Total real estate values have increased from
$9 billion to $17 billion since the project was
first announced. " The people in Inglewood
Inglewood has
undergone an
influx of apartment
and residential
development in the last
decade, including this
apartment project at
the corner of Florence
and La Brea.
FALL 2023
URBAN LAND
59
FEATURES
THOMAS BUNN, CIT Y OF INGLEW OOD
2023 Fall Issue of Urban Land
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