Redevelopment Agency directors have approved a 1985-86 budget that calls for spending $26.3 million to acquire sites for planned downtown hotel, office and residential projects.
About 70% of the expenditures downtown, or $18.2 million, will be advanced by developers of eight major projects expected to move forward during the fiscal year beginning July 1.
The agency’s $65-million budget projects total expenditures of $43.4 million for work in its four redevelopment areas and to service debts, a $13-million increase in spending from the current fiscal year. A $21.7-million balance is projected for July 1, 1986.
Income includes $27 million carried over from this fiscal year and $38 million from property taxes, interest income and advances from developers.
Foremost among the new downtown projects is a Sheraton Hotel and office tower proposed for a block north of Ocean Boulevard and east of Long Beach Boulevard near the Convention Center. Developers have agreed to put $12 million up front if the project is approved by the City Council and agency board July 16.
Other major projects on which millions are expected to be spent in 1985-86 to buy and clear land and relocate residents and businesses are:
- An office high-rise north of Ocean and east of Pacific Avenue next to City Hall.
- A condominium project on half a block east of Pacific between 6th and 7th streets.
- A half-block office project east of Pacific between Broadway and 3rd Street.
- A luxury condominium project south of Ocean and east of the Convention Center.
- An office project on and around the old Buffums department store site on the southwest corner of Pine and Broadway.
- An apartment complex south of 6th Street between Pacific and Pine.
- Completion of the Ramada Renaissance Hotel on a block north of Ocean and east of Pine.