August 2008 Archives

When this paper prints stories about an NFL stadium/retail center possibly coming to Industry, we get snide Internet postings about how the NFL and Los Angeles will never let Roski build a stadium way out here.

I laugh. People don't know Industry.

For years, Roski and Industry -- all 777 residents -- have had a very close relationship.

City officials commonly lease Roski and his subsidiary companies huge swaths of city-owned land without giving other developers a chance to bid for the property, which is perfectly legal. It is no secret, either.

Ask any city official, and they'll come right out and say how the relationship with Roski has helped Industry. The say he is a good businessman and they can trust him. The leases are public documents. Anyone can go to City Hall and look at them.

Contrary to statements by one employee working for Roski, he or Majestic Realty do not own the 600 acres near the 57 and 60 freeways slated for the stadium/retail center development.

The land, which experts say is probably worth about $700 million, is actually publicly owned by Industry's redevelopment agency. The acreage was leased to Roski's company for 60 years. In return, Roski agreed to split profits from any development 50/50 with the city's redevelopment agency.

The city is doing all the utility work, including grading, which will likely cost million and millions of dollars.

So when Majestic representatives say the stadium will be built tax free, they are technically telling the truth.

So, keep making the snide comments if you want. But with a City Council willing to spend millions of dollars on the stadium/retail project, I have a feeling that Roski will have the last laugh.