CRA Loan OK Paves Way for New Ralphs
Paving the way for the construction of a new Ralphs supermarket in a depressed section of Reseda, the City Council approved a $1.3-million Community Redevelopment Agency loan for developer Reseda Marketplace Inc.
“The new Ralphs will be a great shot in the arm for Reseda,” City Councilwoman Laura Chick said. “I have strongly supported this loan because it will replace a vacant, blighted eyesore with a state-of-the-art Ralphs.”
The developer intends to build a 72,000-square-foot shopping center anchored by the supermarket at the intersection of Vanowen Street and Darby Avenue. The $10.4-million complex is slated to break ground in the spring and is expected to restore or create 150 jobs.
The site once housed a shopping center anchored by a Builders Emporium.
The CRA commercial/industrial loan program provides loans with favorable terms to developers who wish to repair earthquake-damaged buildings with the intent of preserving jobs and retail services in the community. The no-interest loans are repayable over 25 years, with the first payment deferred for five years. The loans may be used to repair or purchase damaged buildings. The funding, administered by the CRA, comes from federal Community Development Block Grant monies.
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