Pasadena : City Aid for Ailing Mall
The owner of Hen’s Teeth Square was saved from foreclosure on the 27,500-square-foot shopping center when the Board of Directors approved more financial aid Tuesday.
The city, which leases space at the Woodbury Road center for $10,920 monthly, will extend the lease for three years with a $131,040 advance payment of one year. It will also guarantee for a year to meet owner Jeanette Henderson’s mortgage payment to Heartland Savings & Loan Assn. if she falls behind.
In addition, the city will extend for three years an outstanding $176,000 in city loans to Henderson and will defer installment payments on it until July 1, 1995.
The city loan in 1981 was to promote business in Northwest Pasadena, the city’s largest minority neighborhood. But after Henderson fell behind in her mortgage payments, she asked the city for help.