hollywood process. hollywood park tomorrow

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Where is the environmental review? Hollywood Park Process

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  • Agenda

    Process Overview

    Project

    Discussion Items

    Schedule

    Questions and Answers

  • Process Overview

  • Process Overview

    1. Market Research

    2. Stakeholder Meetings and Community Workshops

    3. Develop Conceptual Master Plan

    4. Draft Entitlement Package

    5. Public Review of Environmental Impacts

    6. Modify and Approve Entitlement Package

    7. Commence Development

    8. Annual Review of Development Agreement

  • Market Research

  • Market Research

    RetailResearch

    RegionalRetail CentersOver 500,000SF

    405405

    Fox Hills MallFox Hills Mall900,000 SF900,000 SF

    Baldwin Hills Crenshaw PlazaBaldwin Hills Crenshaw Plaza846,000 SF846,000 SF

    South Bay GalleriaSouth Bay Galleria1,100,000 SF1,100,000 SF

    South Bay PavilionSouth Bay Pavilion940,000 SF940,000 SF

    Inglewood

    Central City MarketplaceCentral City Marketplace810,000 SF810,000 SF

    Westside PavilionWestside Pavilion760,000 SF760,000 SF

    Del Amo Fashion CenterDel Amo Fashion Center3,000,000 SF3,000,000 SF

    LAX

    105105

    1010

    110110Area Under-Served byRegional Retail CentersArea Under-Served by

    Regional Retail Centers

    Manhattan VillageManhattan Village565,000 SF565,000 SF

    Lakewood CenterLakewood Center2,100,000 SF2,100,000 SF

    Stonewood CenterStonewood Center930,000 SF930,000 SF

  • Trade Areas

    LAX

    Primary (PTA) Population 251,907

    Total Income$3.2 billion

    Retail Spending$5,805 per capita

    Secondary (STA) Population 666,319

    Total Income$8.7 billion

    Retail Spending$6,394 per capita

  • Retail Research

    Trade Area Research Population and Trade area of 660,000 people

    Population Projected to grow 1.2% per Year

    Retail Spending Expected to Grow from $6.2Billion to $9 Billion in 10 Years

    Analysts Forecast Site Can Take 4.2% of MarketArea Retail Sales

    Capture Rate Allows 625,000 square feet ofRetail

  • Retail Research

    Site Specific Summary Good Regional and Local Access

    High Visibility from Century and Prairie

    Prevalence of Large-Format Value-OrientedRetail Today

    Opportunity to Create Hybrid Center withLifestyle Component

  • Residential Market Area

  • Residential Demand

    Hollywood Park Capture

    050

    100150200250300350400

    Under$150,000

    $150-199,999

    $200-249,999

    $250-299,999

    $300-349,999

    $350-399,999

    $400-449,999

    $450-499,999

    $500-599,999

    $600-749,999

    $750-$1Million

    $1 Million+

    CHMA DEMAND HOLLYWOOD PARK MARKET SHARE

  • Residential Research

    Residential Market Summary Older Single-Family Detached Homes are

    Dominant

    Chronic Under-Supply of Housing vs. Demand

    Fewer than 3,700 Residential Units in Planning(less than a year and a half of total demand)

    Annual Demand of 1,400 Units per Year atPrices Above $350,000

    $350,000 to $850,000 price range are themarket segments most active

  • Stakeholder Meetings

  • Stakeholder Meetings

    Retail

  • Stakeholder Meetings

    Residential

  • Stakeholder Meetings

    Open Space

  • Stakeholder Meetings Summary

    Regional outdoor retail lifestyle center fine dining restaurants movie theater grocery store shops with name brand tenants

    Public parks programmed to accommodate all age groups Residential areas to create a variety of housing types

    first-time home buyers move-up home buyers seniors and empty-nesters

    Civic site that could potentially accommodate: educational facilities

    multi-purpose community center with performing arts capabilities Hotel with meeting/banquet rooms

  • A Walkable Community

  • A Diverse and Inter-Generational Community

  • Project

  • Century and Prairie

  • Access Points

    Primary

    Secondary

  • Entry Monument

  • Public Street System

  • Public Street System

  • Lake Park

  • Lake Park

  • Arroyo Park

  • Arroyo Park

  • Bluff Park

  • Bluff Park

  • Champion Park

  • Champion Park

  • Mixed-Use Retail

  • Mixed-Use Retail

  • Casino

  • Casino Relocation

  • Hotel

  • Civic

  • Residential

  • Residential Imagery

  • Program

    A complementary mix of land uses 620,000 sf of retail/commercial 75,000 sf office 2,995 housing units 10,000 sf HOA community room 25-acres of public parks

    22.5 acres of public parks 2.5 acres of HOA swim facility

    300-room hotel, with 20,000 sf of meeting space 100,000 to 120,000 sf Gaming Complex Casino

    Off Track Betting Facility

    Banquet Facility

    4-acre Civic site

  • Discussion Items

  • Discussion Items

    Affordable Housing

    Job Training

    Maintenance of Public Infrastructure

    Traffic Impacts/Improvements

    Police and Fire Services

    Community Facilities District (CFD)

  • Redevelopment Areas

  • Affordable Housing

    Redevelopment area requirement to produce 15% affordable housing (40%low and 60% moderate)

    Options and subsidy for creation of 450 affordable units include:For-Sale $175 million

    New Rental $110 million

    Rehab of Ext. Rental $ 35 million

    Funding of affordable housing could be provided from a combination:Housing Set-Aside $3.4 M annually $32.0 M in bond proceedsTax Increment $6.5M annually $61.3 M in bond proceeds

    General Fund $2.1 M annually $19.8 M in bond proceeds

    Location of affordable housing On-site

    Off-site

    Combination of on/off-site

  • Job Training Programs

    Hollywood Park will allocate 1% of the hardconstruction costs to be applied towards jobtraining programs. This equates toapproximately $8 M.

    Hollywood Park will implement programs withlocal community partners: South Bay Workforce Investment Board

    Century Community Training Program

    El Camino City College

    Inglewood Unified School District

    Non-Governmental Organizations

  • Maintenance of Public Infrastructure

    Three types of Public Infrastructure Streets

    Public Parks

    Road Parkways

    Proposed maintenance entities Streets [ City of Inglewood Public Works]

    Public Parks [Master Homeowners Association]

    Road Parkways [extend City Landscape &Lighting District to HP $119,000 annualrevenue.]

  • Traffic Impacts/Improvements

    Traffic Study completed which examined 65intersections in Inglewood and surroundingareas.

    Project Impacts Provide fair sharecontribution toward implementing ITS(signal synchronization) at 6 intersections.

    Cumulative Impacts Provide fair sharecontribution toward implementingintersection improvements and ITS at 27intersections.

    $4 M assumed for offsite traffic mitigationcosts borne by the project.

  • Security

    Hollywood Park master plan incorporatessecurity considerations. Limited street entry points with entry monuments and security

    cameras.

    Curvilinear streets to reduce speeds and limit cut throughtraffic and drive by activities.

    Private security for retail/entertainment center and residentialareas.

    Secure residential parking facilities and building securitysystems with nighttime security lighting.

    Police substation operated by the InglewoodPolice Department is assumed in theretail/entertainment center.

  • Community Facilities District (CFD)

    Hollywood Park assumes CFD formation to pay forconstruction of:

    On site streets and trunk line utilities

    Public Parks

    Offsite traffic mitigation

    The CFD bonds will be repaid by a propertyassessment on new construction at the HollywoodPark Site. The CFD will not effect any otherInglewood property owners.

    The CFD rate will be capped at a total property taxrate of 1.75%

  • Approval Process

  • Entitlement Package

    Specific Plan

    Fiscal Impact Report

    Environmental Impact Report

    Development Agreement

    Owners Participation Agreement

  • Specific Plan

  • Fiscal Impact Report

    Summary of Investment BenefitsDevelopment Buildout Net Increase

    City General Fund Current (2007) Initial (2014)Full (2016) Initial PhaseNet Increase

    Sales Tax 1,114,909$ 4,610,457$ 5,321,997$ 3,495,548$ 4,207,088$ Utility Tax 454,681 1,892,688 2,236,158 1,438,007 1,781,477 Gross Receipts Tax 481 319,983 423,485 319,502 423,004 Pari-Mutuel/Gaming Tax 5,826,892 6,035,959 6,410,779 209,067 583,887 Transient Occupancy Tax - - 2,163,235 - 2,163,235 Other Taxes 3,502 215,449 349,707 211,947 346,205 Total General Fund Revenues 7,400,465$ 13,074,536$ 16,905,361$ 5,674,071$ 9,504,896$ Less: Incremental City Services - (3,582,157) (3,800,310) (3,582,157) (3,800,310) Net General Fund Revenes 7,400,465$ 9,492,379$ 13,105,051$ 2,091,914$ 5,704,586$

    City Redevelopment Agency

    Property Tax Increment 1,112,391$ 17,902,816$ 20,313,684$ 16,790,425$ 19,201,293$ Less: 20% Housing Set-Aside (22

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