Topline:
The Rose Bowl Stadium, the Hollywood Bowl and other historic entertainment venues across California will soon be able to invest some sales tax revenue back into their properties thanks to a new state law.
Why it matters: It allows designated venues to reinvest a portion of sales and use taxes into their own infrastructure improvements.
Why now: State Sen. Anthony Portantino told LAist these attractions have generated millions of dollars for the economy, but many are struggling to maintain their own infrastructure.
The backstory: The bill soared through Sacramento earlier this year without a single lawmaker voting against it in the State Senate, Assembly, or in committee.
What's next: The historic venues will be able to start collecting the new revenue when the law goes into effect on Jan. 1.
Go deeper: ...to learn more about this year's performances at the Hollywood Bowl
The Rose Bowl Stadium, the Hollywood Bowl and other historic entertainment venues across California will soon be able to invest some sales tax revenue back into their properties thanks to a new state law.
The Historic Venue Restoration and Resiliency Act was introduced by State Sen. Anthony Portantino, who represents the Rose Bowl Stadium. It allows designated venues to reinvest a portion of sales and use taxes into their own infrastructure improvements.
Portantino, Pasadena Mayor Victor Gordo, L.A. County Supervisor Kathryn Barger and Rose Bowl representatives celebrated the new law at a news conference at the stadium on Monday.
Portantino told LAist these attractions have generated millions of dollars for the economy, but many are struggling to maintain their own infrastructure. A big fan of live music, he said venues are dealing with intense competition.
Under the new law, some of the money generated through live events at the venues will be directed into a special fund instead of the state collecting all of the tax revenue. Each relevant city or county would then be required to distribute the money back to the venues for safety, preservation, or maintenance projects.
Portantino expects much of the new money to go towards modernization projects that have been put on the back burner.
“It’s not jazzy stuff, but it’s important stuff,” he said. “It’s plumbing, electrical, making things more green and efficient.”
Barger said the Hollywood Bowl in her district is looking at using some of the revenue to make ADA upgrades it didn’t have the funding for previously.
“Undeniably, time and use take their toll on our historic venues,” she said in a statement. “We must be intentional about keeping them well-maintained, secure, and safe for all. I couldn’t be more pleased.”
The new law will only apply to venues that meet specific criteria. The property must contain a structure built before 1940, it must be officially designated a National Historic Landmark by the National Park Service or the United States Department of the Interior, and it must be used for live, ticketed events for more than 50 years.
The bill soared through Sacramento earlier this year without a single lawmaker voting against it in the State Senate, Assembly, or in committee. The historic venues will be able to start collecting the new revenue when the law goes into effect on Jan. 1.
