MISSION VIEJO : City to Consider Aid for Proposed Mall
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For the second time in a month, the owners of a proposed entertainment mall have asked city officials for financial assistance in getting their project off the ground.
In closed session today, the City Council will consider a revised proposal by Pacific Development for help in building an entertainment complex off of Crown Valley Parkway and Interstate 5.
For three years, the Beverly Hills-based group has been searching for tenants and financing for the proposed mall, known as Kaleidoscope.
City officials said the developers, who built the popular Triangle Square in Costa Mesa, want the city to provide a steady source of income that could be used as collateral for a building loan.
One example of assistance could be the city leasing a Kaleidoscope parking structure from the Pacific Development.
City officials are looking for assurances that any city investment is risk-free.
Insufficient guarantees were the main reason the City Council declined to assist the project during a closed-door meeting Feb. 27.
The council has enthusiastically supported the mall concept since it was first proposed in 1992.
Kaleidoscope would feature a multiscreen cinema complex with several food outlets and space for live performances and community events.
“I love this project,” Councilwoman Susan Withrow said. “I’d like to assist them, but we are definitely not going to do anything risky.”
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