LOS ANGELES, CA – The Los Angeles Area Chamber of Commerce applauds Governor Arnold Schwarzenegger, Senate President Pro Tem Darrell Steinberg and Assembly Speaker Karen Bass for their efforts to exempt the 75,0000-seat football stadium and entertainment complex proposed for the City of Industry from California Environmental Quality Act (CEQA) requirements that would have added years to the project’s development and cost the region thousands of jobs. Privately financed and developed by Majestic Realty, Co., the project is estimated to create more than 6,000 jobs and add more than $762 million to the regional economy every year.
“Bringing an NLF stadium and team to the Los Angeles area is exactly what our economy needs and needs now,” 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 has climbed above 12 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 received development approval on its Environmental Impact Report (EIR) in February 2009 and the City of Industry approved the final EIR in January 2009. The new stadium 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 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.