Business & Beaches: El Segundo: the Little City that Did
Lakers coach Luke Walton, of Manhattan Beach, lent his star power last September to the Lakers and UCLA Health announcement that they are partnering in a 120,000-square-foot medical and training facility at the Elevon hotel, restaurant and retail development, just east of Sepulveda Boulevard in El Segundo. Photo El Segundo may not be a large population city, but when it comes to business, this city cranks out big numbers while continuously redefining itself. The city General Fund revenues match those of adjacent Manhattan Beach, which has double the number of residents. Of course, there is a big difference in how the revenues come in, providing an interesting study in contrasts. Recent retail developments such as the Point, Elevon, and the upcoming Apollo Landing are a precursor to a number of other projects in the works that will ensure continued revenue growth in El Segundo for years to come. For both cities, 60 percent to 70 percent of the general fund revenues are found on just four line items: property taxes, business license fees, sales taxes, and transient occupancy taxes. For Manhattan Beach, a disproportionate amount comes from property taxes. This is not surprising…
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