Pasadena : Developer Gets City Help
The Pasadena Board of City Directors has agreed to help Pasadena-based developer Cantwell-Anderson arrange financing for 261 rental housing units by lending its tax-exempt status to a $21.3-million rental housing revenue bond issue.
The bonds will be used to help finance construction of a 139-unit project at 416 S. Marengo Ave., a 98-unit project at 44-100 Mar Vista Ave. and a 24-unit project at 222 S. Holliston Ave.
The tax-exempt status reduces financing cost of the project, Development Director William Reynolds said. The city will benefit from the construction of rental housing, Reynolds said, adding that 53 of the units have to be designated for low- and moderate-income tenants.
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