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Industry OKs sale of bonds with an eye on NFL stadium

Bonds could raise up to $500 million for building infrastructure that would support pro football arena.

January 21, 2009|Cara Mia DiMassa

Voters in Industry approved the sale of up to $500 million in bonds for infrastructure improvements in their city, including some that would support a planned $800-million NFL stadium.

The stadium, which was proposed last year by billionaire Ed Roski, would be built by Roski on 600 acres of city-owned land as part of a massive development that would also include retail and office space, as well as practice fields and banquet facilities.

Industry residents approved selling bonds to build streets in the development, add sewer and other utility connections and fund civic improvement projects not related to the stadium. Additional projects could be identified as needs arose, Industry Mayor David Perez said. The preliminary vote count was 60 to 1.

Industry last authorized an infrastructure bond, for $250 million, in 1978, according to Perez, and that money has funded improvements throughout the city for the last three decades. The new bond had to be approved by two-thirds of the voters and would be repaid by property taxes.

The vote Tuesday was one of two signs expected this week that the city, which has fewer than 800 residents and more than 2,500 businesses, is marching in support of the proposed stadium. On Thursday, the Industry City Council is expected to ratify a supplemental environmental impact report that would describe the stadium's effect on the area.

Although some local cities have supported the stadium plan, its closest neighbors, Walnut and Diamond Bar, have mounted opposition to the proposal, saying that traffic and other adverse effects on their cities could be dire.

Perez and John Semcken, a vice president of Majestic Realty, said they expected a lawsuit seeking to block the project from moving forward if the Industry City Council approves the supplemental environmental impact report. But they also vowed that they would ultimately succeed.

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cara.dimassa@latimes.com

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