YORBA LINDA : Investment Crisis May Hinder Improvements
Plans to give Main Street a half-million-dollar face lift may be scaled back because money for the project is in the county’s beleaguered investment pool, officials have said.
“(That) money was invested in the pool and was obviously impacted negatively,” City Manager Arthur C. Simonian told a business owner at a City Council meeting last week. “Where that (loss) is going to (be made up) is a fair question, one we are looking at.”
Louie Scull, a plumber whose business is on Main Street, asked the council at its meeting last week when it would be spending the $500,000 approved last December to improve lighting, install a fountain, clock tower, benches and signs and expand parking on the street.
“Are the funds forthcoming?” Scull asked. “If not, explain why.”
The city invested $13.5 million in the pool, with most of the funds slated for capital improvements such as a new gymnasium, sports park and the improvements to Main Street.
The estimated 27% loss of the city’s investment will not come out of one project, Simonian said, but would probably be distributed among several projects.
Simonian said his staff would be studying funding for those and other projects set to begin next year to determine where the city would make up the loss.
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