INGLEWOOD – The Inglewood city council approved establishing a business improvement program for its downtown corridor.
The Destination Market Street Business and Tenant Improvement Program will use state funds received under Senate Bill 170 to offer grants to qualified businesses to improve their storefronts.
Senate Bill 170 was supported by former California State Senators Steve Bradford and Sydney Kamlager-Dove and former Assembly member Autumn Burke which earmarked $8.5 million for the Market Street Streetscape Improvement Program and a Market Street Facade and Tenant Improvement Program now known as the Destination Market Street Program, according to the staff report on the Feb. 4 city council agenda.
“The City of Inglewood is incredibly grateful to Governor Newsom, Senator Steven Bradford and Assemblymember Autumn Burke for their leadership in securing 15 million dollars in state funds to revitalize Market Street and support our City’s efforts to lift up small and minority-owned businesses in this post-COVID-19 recovery,” said Inglewood Mayor James T. Butts, Jr. after the bill was signed into law in 2021.
“The funds will accelerate our City’s transformation as a vibrant economic hub for sports, entertainment, and culture. More importantly, these funds will invest much-needed dollars in our predominantly black and brown community so our entire City benefits from Inglewood’s economic renaissance.”
The staff report calls for multiple actions to take place.
The council approved a two (2)-year Agreement with PCR Business Finance Capital & Advisory Services (PCR) to administer the Destination Market Street Business and Tenant Improvement Program for a total of $488,742.55.
Directs City Manager Luis Atwell, or his designee, to oversee and implement the Program, including the execution of up to $3,350,000 in grants to qualified businesses, and authorizes them to amend Guidelines to address any non-material issues and authorizes Mayor Butts to execute Amendment No. 1 to Agreement No. 22-232 with Caltrans related to the City’s Market Street Streetscape and Market Street Façade Tenant Improvement Program for consistency with the grant requirements and the proposed Guidelines.
The Market Street Façade and Tenant Improvement Program will facilitate commercial revitalization along Market Street and encourage economic redevelopment of the City’s commercial center. The program will improve the appearance of buildings and storefronts, including $1.2 million for the historic Fox Theater, which is on the National Register of Historic Places, preserve and enhance shopfronts, create inviting surrounds, and help activate and renew the downtown corridor.
Under the Market Street Façade and Tenant Improvement program, the City will help applicants define a scope for eligible projects, prepare a design and cost estimate, obtain bids from certified contractors, and supervise construction. Funding for the Market Street Streetscape Improvement Project will fund community outreach, design, and construction of a new streetscape. The City will coordinate with the Market Street Task Force that is currently under development to help facilitate the selection of specific improvements.