OCEANSIDE : $20-Million Bond Offering Proposed
The city Tuesday proposed a $20-million bond program to finance downtown redevelopment projects.
Bond funds would provide affordable housing for seniors, build a fire station on Tremont Street between 7th and 8th streets to replace an old facility, build an ice skating rink at Pier Amphitheater, improve street design and building facades.
The money also would help buy property for two multimillion-dollar downtown projects. They are the 10-block Pier Plaza Project of condos, offices and retail outlets, and the Seawalk Village Project of condos, shops and restaurants at Hill Street and the San Luis Rey River.
Part of the bond program would refinance existing Oceanside redevelopment bonds to take advantage of current lower interest rates.
The proposed bonding must be approved by the city redevelopment agency and the City Council. The bond was proposed Tuesday by council members and the city redevelopment director. Bonds would be paid off by expected increases in property tax revenue.
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