Next week’s Latin Grammys may well demonstrate that the house that Jack Kent Cooke built and Jerry Buss bought is still capable of raising the roof.

Tapped Aug. 20 as a third choice to host the Latin Grammys, the Forum in Inglewood will play host to a $15 million to $20 million boost for the local economy and not insignificant tax revenue for city coffers, according to the Los Angeles Convention and Visitors Bureau.

After the Latin Recording Academy pulled out of Miami’s AmericanAirlines Arena, citing concerns about groups protesting the inclusion of Cuban nationals among the nominees, the Forum’s readiness to take on the nationally-televised Sept. 11 awards show was like manna from heaven for all parties. The Academy would have preferred Staples Center where the event was held last year but it was booked for a Madonna concert.

“We’re moving forward on what we believe will be a very profitable journey,” said Bishop Kenneth Ulmer, who leads Inglewood’s Faithful Central Bible Church that owns the venue and uses the building for worship most Sundays. “Our goal was never to put a steeple on top and put in stained glass windows and turn the building into a church. Our goal was to continue the legacy of the Forum as a quality entertainment venue.”

Forum and Academy officials declined to put a price tag on the Grammy’s use of the building, which will be higher than normal because of the short notice.

“We are thrilled about it in spite of the fact that we got it by default and it sort of fell in our lap,” Ulmer said. “The real value is the long-term relationship we are building with the Recording Academy.”

“More importantly than the money, it reinforces us as the entertainment capital,” said Kathy Schloessman, president of the Los Angeles Sports and Entertainment Commission, an affiliate of the visitors bureau. “We’re lucky to have the Forum as a backup to Staples. It demonstrates that, even when Staples is booked, we have the facilities and the people that can pull an event together like this on short notice.”

Legacy of change

Nine months after Faithful Central purchased the Forum for the bargain-basement price of $22.5 million, the former home of the Los Angeles Lakers and Los Angeles Kings remains a popular entertainment venue and appears well on its way to becoming a lucrative asset for the 10,000 member congregation.

Doubts about the commercial viability of the 34-year-old Forum abounded after the Lakers and Kings left the building for Staples Center nearly three years ago, to be followed downtown by most of the major concert acts and other events like the 2000 Democratic National Convention. Discussions about razing the structure appeared to be justified when local tax revenues from Forum events, once about $1 million annually, plummeted to $400,000 in 1999.

But with the help of Staples owner L.A. Arena Co., the church, through its for-profit arm, Forum Enterprises Inc., has been reestablishing the Inglewood landmark as the venue of choice for a wide variety of second-tier events.

Since acquiring the 17,500-seat Forum from Philip Anschutz’s L.A. Arena Co. on New Year’s Eve 2001, Forum Enterprises has hosted sold-out concerts by Elton John and Billy Joel and AC/DC, Disney on Ice, Ringling Bros. Circus and Wild Women of Wrestling.

Madonna and the Backstreet Boyz each rented the arena for a month to rehearse, and about half a dozen production companies have used the building for film shoots. L.A. Arena continues to serve as the Forum’s booking agent and the two companies have formed what Forum Enterprises Executive Vice President Gerard McCallum described as a “big brother, little brother relationship.”

“What you don’t here is the day by day coverage you got when the Lakers were here. But there is a lot going on,” McCallum said.

Pressures mount

With only a week to go, the Forum group is working practically around the clock to put on it best face for a national audience.

“There’s been a perception out there, ‘how can a church run this?’ I think staging the Latin Grammys waylays that whole notion,” McCallum said. “This really assures the community we were ready to do business.”

Michael Greene, president and chief executive of the National Academy of Recording Arts & Sciences and the Latin Recording Academy, called the Forum a “fine facility,” but he said switching from a modern venue like AmericanAirlines Arena will not come without a price.

“We had 40 luxury boxes that were selling for $30,000 each and several other private boxes we were selling for $10,000 each (in Miami),” Greene said. “We’ll probably lose $1 million when all is said and done.”

Still, Greene acknowledged the advantages of moving to Los Angeles, where much of the U.S. Latin music industry is based. Stars like singer/actress Jennifer Lopez and actor Lou Diamond Phillips who were unable to make the Miami show because of work commitments in Los Angeles now plan to serve as presenters, and their presence will almost certainly boost ratings.

“We’re definitely going to have a more star-studded show as a result of being here,” Greene said.

Jack Kyser, chief economist for the Los Angeles Economic Development Corp., said staging the Grammys is an important step for the Forum.

“In a slow economy this is a nice bauble for the L.A. economy.” Kyser said. “And for the new owners of the Forum this is really a nice bump. Aside from its fee, the it reminds people that the Forum is still there.”