|
|
Article: Diamond Bar gets $60 million to punt its NFL stadium fight: Majestic Realty hopes Walnut open to similar agreement.(DEVELOPMENT)(National Football League)
- Article from:
- Los Angeles Business Journal
- Article date:
- April 13, 2009
- Author:
CopyrightCOPYRIGHT 2009 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
The San Gabriel Valley city of Diamond Bar has agreed not to challenge a proposed 75,000-seat National Football League stadium in the neighboring City of Industry in exchange for up to $60 million over the next 30 years.
Stadium developer Majestic Realty Co. hopes the April 7 settlement between Diamond Bar and Industry will inspire other project opponents--including the city of Walnut, which has filed a lawsuit--also to step aside.
"Diamond Bar's strategy is a textbook example that any city faced with a major project should follow," said John Semcken, project executive for Majestic, a City of Industry real estate developer owned by billionaire Ed Roski ...