Pomona : Price Club to Get City Lot
The Pomona Redevelopment Agency, which paid $518,000 for a half-acre lot at the northwest corner of Garey Avenue and Philadelphia Street, will resell it to the owners of the nearby Price Club for $66,648 under an agreement made four years ago.
The agreement approved this week by the City Council, acting as the Redevelopment Agency, carries out a commitment made in 1985 when the Price Co. agreed to open an outlet in Pomona.
The company will use the lot and adjoining property to develop a commercial center, Price Club Plaza, with at least 35,000 square feet of space. The agreement calls for the plaza to be completed in 22 months.
City officials said that, although the property is being sold at a discount, the city expects to profit from sales and property taxes and business license fees for the new stores and from increases in taxable sales at the existing Price Club.
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