Pomona : Council Alters Aid for Mall
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The Redevelopment Agency will give developers $2 million to help build a shopping center on Towne Avenue near the Pomona Freeway (60), under an agreement approved by the City Council this week.
The agreement revises a redevelopment contract approved in October with Debra Kline of Rancho Cucamonga and Calvin Weikamp of Moreno Valley for construction of a $32-million center.
Originally, the city had agreed to lend the developers $2 million for two years at 20% interest, spend $847,000 to improve road access to the center and repay a $6.7-million loan for the developers over 20 years, using sales tax proceeds.
The revised pact converts the $2-million loan to a grant, and reduces the $6.7-million loan to $2.7 million.
The council approved the agreement on a 6-1 vote, with Councilman Tomas Ursua dissenting. Ursua also voted against the original plan, claiming the city’s return on its investment was inadequate.
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