The county Community Development Commission on Tuesday approved a $7-million, low-interest loan to serve as seed money for a 13-acre redevelopment project in Azusa’s central business district.
The loan will be used to buy property and relocate businesses at the southwest corner of Todd Avenue and Foothill Boulevard. City officials hope that the shopping center will include a mix of businesses, including restaurants.
The term of the loan is 12 months, but the county can extend it for two years. Interest will be 2 1/2% below the prime rate.
Since 1974, dozens of cities in Los Angeles County have received loans totaling $365 million under the same program, which is funded by grants from the U.S. Department of Housing and Urban Development.