L.A. Area Chamber Voices Support for NFL Stadium and Team in Los Angeles Region
Majestic Realty Co. stadium complex will create more than 6,000 jobs and add $762 million to the regional economy every year
January 14, 2009
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LOS ANGELES, CA – The Los Angeles Area Chamber of Commerce today announced that its Board of Directors has voted to support the 75,0000-seat football stadium and entertainment complex proposed for the City of Industry. The $800 million project, developed and privately-funded by Majestic Realty Co. under the leadership of its Chairman and CEO Ed Roski, will help bring a National Football League (NFL) team to the untapped Los Angeles Metropolitan market, create jobs and stimulate the regional economy.
“Bringing an NLF stadium and team to the Los Angeles area is exactly what the doctor ordered for the Southern California economy,” said Gary Toebben, President & CEO, Los Angeles Area Chamber of Commerce. “Majestic Realty’s stadium complex would be a welcome stimulus during a time when the unemployment rate in Los Angeles County is nearly 9 percent.”
The Majestic Realty stadium and entertainment complex will generate thousands of immediate construction jobs and 6,735 permanent jobs. The project is estimated to generate $323 million in annual earnings and $21 million in increased tax revenues – generating a total economic impact of $762 million to regional economy each year.
The first green stadium in the NFL, Majestic Realty’s proposed stadium complex will include training facilities and practice fields, restaurants and entertainment facilities, commercial office space and parking and a sports medical center. Intended to serve the Los Angeles, San Bernardino, Riverside and Orange County markets, the stadium will be located on a 600-acre site in the City of Industry near the 60/57 freeway junction.
The Chamber’s decision to support Majestic Realty’s stadium proposal was reached by the Chamber's Board of Directors at a meeting on Thursday, January 8, 2009.
The Los Angeles Area Chamber of Commerce represents the interests of business in L.A. County. Founded in 1888, the Chamber promotes a prosperous economy and quality of life in the Los Angeles region. For more information, visit www.lachamber.com.
Gwen Oldham, 213.580.7532