West Covina : Renovation Loan Approved
A developer will get a $1.37-million loan from the city’s Redevelopment Agency to renovate a 16-year-old shopping center.
The City Council, acting as the agency, unanimously approved the 11-year loan to Orange County-based developer Burnham USA Equities to renovate the Country Mart Center on West Covina Parkway, now 46% vacant. The new shopping center will be called Parkway Plaza.
Burnham, which bought the Country Mart Center in February, expects to repay the loan through sales and other taxes generated by the Parkway Plaza project. City redevelopment manager Chester Yoshizaki said the project will bring in major stores and an additional $270,000 in revenue.