The city has agreed to spend $150,000 on an $8-million senior citizens condominium development to be built by a private developer at Dolan Avenue and Iowa Street.
The City Council, sitting as the Community Development Commission, voted 4 to 1 Tuesday night to spend city money on landscaping, sidewalks, curbs, gutters and other improvements at the 1.5-acre site, which will have 127 units.
The development, to be built by Zellner Communities Inc. of Irvine, will consist of one- and two-bedroom condominiums for persons 62 years old or older, with preference given to Downey residents, officials said. The condos will sell for about $60,000 each.
City Manager Robert G. (Bud) Ovrom said he believed the $150,000 was an investment that will provide "good quality housing" for senior citizens and supply the city $80,000 in annual property taxes.
Ovrom said it was his opinion that the proposed development was the best available use for the property.