The Monterey Park City Council, acting as the city redevelopment agency, will hold a hearing at 7 p.m. March 25 on an agreement to lease six acres at the southwest corner of the Long Beach and San Bernardino freeways to a company that plans to build a high-rise hotel with 250 rooms. The proposed agreement is with Corporate Architecture Ltd. of Los Angeles and Dallas. The hotel would pay 5% of its gross revenue for the lease. City Manager Lloyd de Llamas said lease payments and other revenue would produce $500,000 a year for the city.
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