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.