Pasadena : Marketplace Loan Sought

Developers of the $75-million Marketplace project in Old Pasadena are negotiating with the city for a loan of up to $5 million to help pay for construction and demonstrate to private lenders that the city is committed to the project.

Bruce Phillips, vice president in charge of the project for CMC Capital Corp., said the $5 million would put the company in a stronger position to secure complete financing for the project from lending institutions.