Pasadena : One Colorado Financing

Doug Stitzel, developer of the One Colorado project, received permission Tuesday from the Board of Directors to ask project investors to cash in $9.9 million in bonds issued by the city to finance an 850-space parking garage across the street from his $70-million retail development.

Stitzel would redeem the investors’ bonds, thus ending the city’s connection to the garage financing. The garage, part of the One Colorado project, is being refinanced now that Stitzel has obtained a construction loan of more than $67 million from Yasuda Trust & Banking Co., Ltd., a subsidiary of Toshoku, a Japanese trading company.

Stitzel has said he wanted to refinance the garage to eliminate restrictions on building modifications imposed by the city as part of its financing conditions.