Hearing Set on Torrance Project
A Torrance city proposal to change the financing and timetable for a major redevelopment project will be reviewed at a hearing later this month.
The City Council, acting as the Redevelopment Agency, on Tuesday scheduled the hearing for Aug. 28. There was no discussion of the proposal, which would amend the city’s industrial redevelopment plan.
State law requires a hearing before the plan can be changed. The city will notify property owners in the redevelopment area, as well as others who live within 300 feet of it, about the hearing date, said Mike Bihn, senior principal planner.
The city had set a ceiling of $90 million to rehabilitate 292 acres on its east side. But the project--due to be completed in 2013--has proven more costly than planned.
The proposed amendment would allow the city to spend another $90 million on the project and extend the timetable 20 years, to 2033. Los Angeles County officials have said they would be entitled to a larger share of property taxes from the amended project.
The hearing was set for 7 p.m. in the City Council chambers. Council members could take action on the plan that night, Bihn said.
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