Gavin Newsom announced today an initiative to help rebuild Los Angeles after the recent fires. Dubbed L.A. Rises, the effort will be led by high-profile sports and entertainment leaders, including Magic Johnson, Casey Wasserman and Dodgers Chairman Mark Walter. The mandate is to create “a unified recovery initiative that brings together private sector leaders to support rebuilding efforts led by the city of Los Angeles.” That will include not only recruiting other community leaders, but also to raise money. To seed the effort, the Mark Walter Family Foundation and the Los Angeles Dodgers Foundation have provided an initial commitment of up to $100 million.
“Los Angeles will rise again — stronger, more united, and more resilient than ever,” Newsom said in a statement. “Just as California came together to fight the fires, we’ll work together to rebuild. With Mark, Earvin and Casey’s proven leadership and deep commitment to Los Angeles, we’ll tap into the enormous creativity, experience, and resources of the private sector, alongside local, state, and federal efforts, to deliver a recovery that benefits all Angelenos.”
Indeed, the effort’s goal is to “marshal the full resources of the private sector, augmenting and amplifying local and state resources, to rebuild Altadena, Pasadena, the Pacific Palisades, and all impacted communities.”
LA Rises will focus on providing access to capital and financial tools, leveraging innovation and fostering private-sector investment. It will support the broader recovery efforts by:
- Fundraising and expanding access to philanthropic and private capital
- Formulating financing strategies to close the gap between available resources and the cost to rebuild
- Collaborating with other philanthropic and community organizations to maximize the impact of ongoing rebuilding and recovery efforts
- Supporting unified communication efforts to arm Angelenos with up-to-date, factual information, timelines for rebuilding, and available resources
