Irvine Bond Sale Helps Company Expand

The city of Irvine certainly is no slouch when it comes to attracting new businesses and keeping old ones.

It recently agreed to float a $7-million tax-free industrial development bond to enable Calsonic Miura Graphics to buy new equipment and add 13,000 square feet to its plant in the Irvine Spectrum industrial park. The expansion is expected to add 47 jobs at the company, which now employs 118 people.

This is Irvine’s sixth industrial development bond in 10 years. The bonds provide companies with loans of $1 million to $10 million at interest rates 2 to 3 points below conventional financing. To qualify, a manufacturer has to be located in Irvine or be expanding its manufacturing operations into the city.

John O’Dell covers major Orange County corporations, manufacturing and economic issues for The Times. He can be reached at (714) 966-5831 and at john.odell@latimes.com