Pasadena : Parking Structure Advances
The Community Development Commission has approved $15.9 million in certifi-cates of participation for construction of an 850-space parking facility beneath the proposed Plaza Las Fuentes luxury hotel project.
The project, which will be anchored by a 350-room hotel and include offices and shops, is proposed for the corner of Los Robles Avenue and Walnut Street, a commission-owned site. The city will construct the parking garage and operate it under a lease agreement with the commission, according to Development Director William Reynolds. The certificates of participation are similar to bonds but are secured by the commission’s lease of the parking facility to the city, he said.
The City Board of Directors will consider the overall development agreement with Maguire/Thomas Partners of Los Angeles at its Dec. 16 meeting.
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