Mayor Thomas Breazeal is suggesting that the city withdraw $400,000 from Bank of America in retaliation for a bank lawsuit that he said delayed a redevelopment project for six months.
In the suit, settled in the city’s favor last week, the bank had challenged Temple City officials’ authority to take its building by eminent domain for a redevelopment project.
Community Development Director Robert Dawson said the suit held up redevelopment of the northwest corner of Rosemead Boulevard and Las Tunas Drive.
Breazeal said the delay in constructing a planned retail center at the site will cost Temple City about $100,000 in lost sales tax revenue.
Dawson said the city is still negotiating with Bank of America over the price it will pay for the bank’s building.