Inglewood Gets Charged Up
City Council from front page Hollywood Park from front page
citywide revenues, including general funds
restricted to proprietary or enterprise funds.
“All of our general fund revenues have
experienced some sort of an increase,” said
Buckhanon. Citing an LA Times story indicating
growth in property tax revenues in the
city, Buckhanon added that property taxes
are estimated to be $22.9 million, or 25.7
percent higher than last year. “In addition
to that, the City is also experiencing a net
taxable value increase for all properties in
the City of Inglewood due to the recreational
category of the assessed value, which is attributable
to the stadium.”
Mayor Butts elaborated. “The increase in
assessed value means that…the value of your
property on the average, and the average
median, has increased almost 26 percent.”
Butts reiterated that property taxes can
only increase by a maximum of 2 percent,
unless a new property is bought or in the
case of refinancing. “And that’s by law,” he
said. “That means that those who own their
properties are seeing an increase in their
ability to amass generational wealth.”
“And that 2 percent only equated to $278,000
for the City,” said Buckhanon.
Economic Development Manager Sharon
Mann Garrett presented the strategic plan for
economic development. The report provides
a snapshot of the City’s financial pathway
for the next several years. “Inglewood has
always been diverse and inclusive,” said
Garrett, “but what’s happened over the past
eight years of this administration is we’ve
become very, very desirable. And we’re
absolutely destined for growth.”
Citing Inglewood’s expansion as “an
emerging mecca for sports and entertainment,”
Garrett said, “Our economic mission
is that we will drive economic growth.
We’ve become a visitor destination with
national and international exposure.” To that
end, said Garrett, the City has implemented
a business attraction and assistance strategy
that includes workshops, access to expansion
loans and a host of other engagement
strategies to make Inglewood a businessfriendly
environment.
“Another strategy is to influence policy,”
said Garrett.. “We participate in the regional
advocacy community, address trends in the
shared economy, monitor legislative actions,
and more and more we’ll be influencing the
California tourism agenda and facilitating
business districting.”
Garrett presented an action timeline, showing
the City is currently actively pitching and
providing support for retail businesses. In 2020
the focus will turn to fostering new business
development in downtown Inglewood, as the
stadium and Metro stations open. Projections
for 2021 include expanding visitor information
programs, and a focus on business and
property-based improvement districts. The
meeting adjourned to enthusiastic applause.
The Inglewood City Council meets every
Tuesday, unless otherwise noted, at 2 p.m.
in the council chambers on the 9th floor,
Inglewood City Hall. •
a play that hadn’t worked in an NFL game
since 1940.
SoFi will be the only Silicon Valley startup in
the NFL stadium ranks, according to published
reports. The still-new financial service provider
reportedly spends up to $200 million per year
on marketing and branding as a lender and bank
for high-earning, college-educated millennials.
According to a Gallup poll, millennials are
2.5 times more likely than Baby Boomers
and 1.5 times more likely than Gen Xers to
switch banks.
What does SoFi stand to gain from its sizable
investment at Hollywood Park? Plenty of name
recognition among their target demographic
of 18-to-34-year-olds, according to a global
marketing firm that studied the costs-vs.-returns
of being affiliated with a sporting venue. GMR
marketing asked 1,600 fans across the country
if stadium branding matters.
The advertising that comes from being
associated with a major league team works
in two ways, the GMR folks learned. People
reported feeling more positive about a company
and being trusting of its product and services
because the stadium bears the name. If GMR’s
poll is accurate, SoFi’s target audience could
grow rapidly over the next two decades as
NFL fans see the lender’s name on the indooroutdoor
domed stadium’s roof.
“Younger sports fans (18-34) are even more
receptive to this category of sports sponsorships
than older sports fans (35+), so it seems
unlikely that overall positivity will decline any
time soon,” reported GMR, which says long-term
deals are most effective.
SoFi’s selection as the Hollywood Park
stadium corporate partner triggered Google
searches about the company and what is sells.
SoFi, which is short for Social Finance, won’t
become known overnight, based on GMR’s
fan research. Staples Center is an example
of what a successful naming deal looks like:
long-term, stable and multipurpose. The Lakers
and Clippers of the NBA, the Sparks of the
WNBA, and the Kings of the National Hockey
League all play there. More home teams equal
greater exposure.
Staples Center opened 20 years ago with a
concert by Bruce Springsteen & The E Street
Band. Longevity hasn’t been the case with the
former Home Depot Center in Carson, though
it currently fills up its 27,000 seats with NFL
and pro soccer fans.
The stadium was completed in 2003 and has
been the home to the L.A. Galaxy the entire
time. The venue, which featured international
superstar David Beckham on the pitch for the
Galaxy, became the epicenter of the Major
League Soccer action. The stadium opened as
The Home Depot Center, which had a 10-year
deal for the rights. Ticket reseller StubHub
followed with a shorter six-year contract that
ended in 2018. This year, the field became
the Dignity Health Sports Park with a 10-year
commitment from the healthcare provider
that runs clinics and six hospitals between
Long Beach and Northridge. The financial
terms of the Dignity Health stadium deal were
not disclosed. •
This week, the City of Inglewood and EVgo unveiled the first ever electric vehicle charging station in town. Photo: City of Inglewood
The Weekly Newspaper of Inglewood
Herald Publications - El Segundo, Hawthorne, Lawndale & Inglewood Community Newspapers Since 1911 - (310) 322-1830 - Vol. 68, No. 39 - September 26, 2019