The old “Field of Dreams” adage, “If you build it, they will come,” is playing out in Los Angeles.

The Oakland Raiders and San Diego Chargers are reportedly still considering joining the Los Angeles Rams here and playing at the future Inglewood stadium. The Raiders are engaged in dialogue with decision-makers in L.A. even as they work out a financing deal on a new stadium in Las Vegas. And the city of San Diego is trying to keep their Chargers from uprooting via a ballot proposal to raise local hotel taxes to fund a new downtown stadium and convention facility.

After the NFL’s 21-year absence, why the interest now in Los Angeles? A good part is likely driven by Rams owner Stan Kroenke’s and local leaders’ bold approaches to the new Inglewood stadium. As envisioned, the stadium (with 275 luxury suites, 16,000 “premium” seats, and capacity of about 70,000) will be the centerpiece of a development that includes a performance venue; retail, hotel and office space; residential units, and 25 acres of parks, playgrounds and open space. No wonder the project has been dubbed “NFL Disney World.”

In addition to being a welcome addition to our city’s professional sports assets and an architectural wonder, the new stadium could mean a billion dollars a year for the economy, plus 40,000 new jobs, according to estimates. Our civic leaders should be congratulated for their vision and taxpayer-friendly boundaries.

But business vision and good intentions don’t always translate to an effect on stakeholders. In order to achieve not only a touchdown but also the extra point with this project, our local leaders should carefully consider some additional factors:

The value and sustainability of new and existing small businesses must be equally weighted against the lure of larger chain businesses. A good chunk of the 40,000 new jobs will likely come from large chains: well-known, branded restaurants, retail businesses and other industries that will anchor the new complex.

But small businesses are the lifeblood of local communities. Research shows local businesses have a “multiplier effect” — the idea that every dollar spent at a local, independently owned business stays in the community and generates greater value in terms of jobs, incomes, taxes and other factors.

As impactful as the new stadium will be, it won’t host events every day. It’s critical that decision-makers not fall into the trap of valuing “game day economics” over “everyday economics.”

Long-time local residents must not be “developed out” of their neighborhoods. Home prices in Inglewood are about 8.9 percent lower than the regional average, but the new stadium is certain to bring a sharp increase in rents and home values, likely beginning at the onset of construction.

All contracts related to development should include provisions or stipulations that prioritize low-income and affordable, mixed-use housing. Ideally, contracts will also address local hiring and community engagement.

Let Inglewood be Inglewood. Inglewood’s struggle with crime and blight became pronounced in 1999 when the Lakers left the Forum for Staples Center. Despite these challenges, the city boasts a cadre of rich assets, including a proud history in civil rights activism, diverse residential makeup, internationally-influenced restaurants, and a thriving arts scene.

Over the past five years, Inglewood has made remarkable strides in moving past an $18 million budget deficit, luring a new casino and partnering with Madison Square Garden for a $100 million renovation of the Forum — and it has done all that without pretending to be Santa Monica.

Developers, please note: It’s possible to have an eye to the future and be respectful of the past. Let’s hope Inglewood doesn’t lose its unique character as it evolves into a world-class entertainment destination.

Will we end up with one NFL team, or two (or three)? As Los Angeles civic and business leaders continue to make ready for a championship football team, they have an opportunity to be the champions for Angeleno businesses and residents as well.

David M. Smith is dean and associate professor of economics at Pepperdine Graziadio School of Business and Management.