LOS ANGELES -- Voters in Industry City have approved selling up to $500 million in infrastructure bonds that includes money for a planned $800-million NFL stadium, the Los Angeles Times reported Wednesday.
The stadium, proposed last year by billionaire Ed Roski, is slated to be built on 600 acres of city-owned land as part of a massive redevelopment project that includes retail, office space, practice fields and banquet facilities, the newspaper reported.
Industry residents approved selling bonds to build streets, add sewers and other utility connections as well as added city improvements unrelated to the stadium, Industry Mayor David Perez told The Times.
The preliminary vote count was 60 to 1. Industry last authorized an infrastructure bond issue for $250 million in 1978, Perez told the newspaper. That money, he explained, has funded projects in the city over the last 30 years.
The city, which has fewer than 800 residents and more than 2,500 businesses is strongly supporting the proposed stadium, the newspaper reported.