Hawaiian Gardens : City Will Issue New Bonds to Cover Debt, Fund Projects
The city will issue $26 million in bonds in December to pay off previous bonds with higher interest rates and to finance commercial development and low-income housing projects in run-down sections of town.
The City Council, acting as the city’s Redevelopment Agency, unanimously approved the plan Tuesday. Most of the money generated by the bonds will pay off other bonds that the city Redevelopment Agency issued in 1988 and 1992. It will also generate about $6.7 million of new money that will pay for redevelopment projects planned for the next decade.
City Administrator Nelson Oliva said more than $30 million in commercial and residential projects have been proposed for Hawaiian Gardens.
The most ambitious is a plan to move the PlowBoys Market and 11 other businesses from a site on Carson Street and redevelop the land into other retail stores, he said. The city also wants to develop 40 vacant lots throughout town and to construct nine houses for low-income buyers, Councilwoman Kathleen M. Navejas said.
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