Council OKs Consultant Fee to Explore Stadium Financing
The Inglewood City Council, acting as the city’s redevelopment agency, unanimously approved a proposal to pay $100,000 to two financial consultants to find a way to finance a $150-million-plus stadium project at Hollywood Park.
The proposed 65,000-seat stadium, city officials say, is the key to luring the Los Angeles Raiders, the UCLA Bruins and possibly the Super Bowl games--and all the money that comes with them--to the city.
Under the agreement, the city will pay $40,000 up front to stadium finance expert Nicholas G. Prassas of Smith Barney Inc. and longtime city financial adviser Charles A. Bell.
The remaining $60,000 would be paid when financing has been set. The city will also pay up to $5,000 in expenses for the pair.
According to Smith Barney documents, Prassas has helped finance arenas in Sacramento and Phoenix.
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