Council to Discuss Bond Agency Creation

The City Council on Monday will consider establishing an agency to sell $1.92 million in bonds for a redevelopment project.

The proposed Mission Viejo Community Development Financing Authority, composed of the five council members, would be able to authorize the sale of bonds to pay for the city’s share of the Kaleidoscope entertainment mall being built at Crown Valley Parkway off Interstate 5.

“This is just another entity being created to actually take care of the financing for Kaleidoscope,” Assistant City Manager Dennis Wilberg said.

The bonds would be authorized at the June 16 council meeting, Wilberg said.

Kaleidoscope’s developers had asked for the city’s help, saying that the investment would be returned in sales tax revenue. City officials agreed last year to support the project with redevelopment funds.

The city’s finance staff had planned to include another $1 million in the bond issue to help pay for a Capistrano Unified School District project.

Some details of that plan have yet to be worked out, though, so it will not be included in the Kaleidoscope financing, officials said.

The council will meet at 6 p.m. Monday at City Hall, 25909 Pala. Information: (714) 470-3000.