Pomona : Retail Center Loan Approved
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The City Council, acting for the city redevelopment agency, has agreed to lend a developer $9.3 million to clear the way for construction of a shopping center whose tenants will include Toys R Us and Kids R Us outlets.
The agreement will give the agency a 75% partnership interest in the project with developer Calvin & Kline. The loan will be used to complete the purchase of the property on Towne Avenue, south of the Pomona Freeway, and demolish a warehouse.
The agreement contains a provision that would allow the developer to buy out the city’s interest in the first five years of the partnership. Construction of the center is scheduled to begin in February.
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