The City Council has approved an agreement with Pioneer Electronics Technology Inc. for the construction of a manufacturing plant in the city, to be supported by funds from the Redevelopment Agency.
Redevelopment Coordinator Rose B. Ash said the approval culminates about a year of negotiations with the firm, which is expected to relocate its operations from Duarte to Pomona within a a few months.
The firm plans to use the Pomona plant to build stereo components and expects to employ about 285 people, some of them possibly from Pomona, said City Councilman Mark Nymeyer.
The councilman said the agreement will mean a significant revenue boost for the city, both in terms of business tax revenues and drawing employees who may patronize firms in Pomona.
Ash said the project will cost $9 million, $5 million of which will come from the Redevelopment Agency and which should be recovered when the city sells the 12-acre site to the firm. To do so, however, the city must first conclude eminent-domain proceedings involving three businesses and relocate one family.
Ash said there has been "a lot of pressure" on the agency to conclude the proceedings so that construction can begin in the next two months.