SANTA ANA : Building Renovation on Redevelopment Agency Agenda

The Community Redevelopment Agency today will consider spending $4 million to purchase and renovate the historic Grand Central Building.

The City Council, which doubles as the Redevelopment Agency, is hoping that the planned Artists Village, anchored in part by the Grand Central Building, will revitalize the area.

But officials said they cannot quantify the extra sales tax revenue they may receive by restoring the building, which already contains a handful of businesses.

Cal State Fullerton would rent the building for $1 a year for 10 years and would operate classrooms, an art gallery and a restaurant in the 45,000-square-foot building.

As many as 45 students and faculty members from the university’s art department would live in the building, which was built in 1923.

Renovations are expected to be completed by July, 1997.

The Artists Village would be bounded by Birch, Bush, 1st and 4th streets.

The purchase price of the building is $1.34 million, and the city would spend another $2.5 million restoring it. The city would also spend as much as $257,000 over four years to subsidize Grand Central Building operations.