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Home » Letter: Inglewood risks its financial solvency with Transit Connector investment
Built at a cost of $650 million, the 3.9 mile monorail was privately built, owned and operated by the Las Vegas Monorail Company until their 2020 bankruptcy when it was sold to the Las Vegas Convention and Visitors Authority, a local government agency for $24 million in 2020.

Letter: Inglewood risks its financial solvency with Transit Connector investment

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By Marvin McCoy on January 25, 2024 Letter to the Editor
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I’m writing in response to Inglewood still needs $1 billion to build transit connector.

Thank you for your ongoing coverage and mission to inform the general public about the Inglewood Transit Connector project.

This project screams for transparency and I’m grateful for you providing a vehicle that promotes thoughtful dialogue as a vehicle to promote transparency while holding elected officials accountable.

Make no mistake that transparency matters, it’s the basic premise and/or foundation that fosters a working relationship between elected officials and those whom they are elected to serve. And with the Inglewood Transit Connector and multiple developments within the city of Inglewood, elected officials have shown time and time again that they lack the appreciation and/or the true essence of transparency while protecting the interest of their billion-dollar donors.

Now, more than ever, we should collectively sound the alarm, raise the red flags so to speak, because as you say often “the math ain’t mathin’” and being quiet or going along to get along is complicit and willful negligence in allowing a project to go forward despite the fact of the potential to long-term and irreparable damage to Inglewood’s financial well-being for years and decades to come.

What are the dangers of ignoring the red flags you may ask?

Well based on the history of projects of this magnitude, despite glowing claims of the benefits of these transit projects, the results have the potential to cause financial ruin as we would be remised not to examine a similar project with the Las Vegas monorail system that arguably was positioned in the best case scenario for success.

  • Las Vegas Monorail Project Revenue Bonds Drop to Junk Status

it was built on the notion as a viable option a quicker, and more convenient option to travel along the historic Las Vegas strip, therefore enhancing the experience of the average tourist visiting the popular destination city.

What’s different between Las Vegas and Inglewood? Well, it’s important to note that Las Vegas was primed for its success in operating its doomed monorail and despite its best effort to keep its cost in line and ensure its financial feasibility, this project like many other transit projects tends to overstate its potential to be self-sufficient while ultimately in the end with the taxpayers absorbing the costs that had little chance for success to begin with.

  • Las Vegas Monorail files for bankruptcy as part of sale

Sure we’ve heard about the endless possibilities of the Inglewood Transit Connector but outside of this monorail making traveling to the various entertainment venues within the “sports and entertainment district’ Inglewood hasn’t successfully or remotely reached its potential as a “destination” city.

Outside of Sofi Stadium, the Kia Forum, or the pending opening of the Los Angeles Clippers Intuit dome, the City has failed to attract top-tier restaurants or retailers as promised debunking its claim in principle as a destination city.

In contemplating all of this, Inglewood residents should resist the temptation of ignoring the elephant” in the room because if the Inglewood Transit Connector fails it will be the residents holding the proverbial bag, for decades to come.

After all, the Mayor and Council along with their highly compensated consultants have designed it this way, while limiting developers like Steve Ballmer and Stan Kroenke from the financial risks of investing in projects like the Inglewood Transit Connector. Mayor Butts knows, like many others, that investing in projects like these is the equivalent of chasing good money after bad money.

Marvin McCoy

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