Fountain Valley : $30-Million Bond Sale for Redevelopment OKd

Hoping to lure businesses to their bedroom community, Fountain Valley city officials Tuesday earmarked $30 million for redevelopment.

Under the long-range plan approved by the City Council, the city will sell $30 million in bonds and use the money for such things as land purchases, public improvements and relocation of displaced tenants.

City Manager Judy Kelsey said half of the cash will be immediately available for redevelopment while the rest will be put into escrow until enough redevelopment income is raised to pay off the first half of the bonds.

The plan involves two redevelopment areas. The first encompasses a zone around the Civic Center, generally north of the San Diego Freeway, south of La Alameda Street and east of Brookhurst Street. The second, a larger, industrially planned area, is south of the freeway, north of Ellis Avenue and between Brookhurst Street and the Santa Ana River.

Kelsey said the plan recommends that the city concentrate on several non-residential types of development, including industrial; multi-tenant, small-business facilities; hotels and commercial.