"We are making good progress on a final development agreement with the developer," said Moy, adding that needed upgrades to surrounding streets and intersections still must be approved and added to the developer's cost. But even then, the project is three to seven years from completion, Moy said, and based on current designs would cost between $500 million and $700 million to complete. "We are negotiating for a project that will stand on its own (financially) as much as possible," said Moy.
The city would go after state grants or loans to help with other infrastructure improvements that might be needed around the project. The city is also in discussions with Caltrans and MTA on the details of ultimately transferring the properties to the developer. "There will be some land swaps involved so that a developable parcel can then be sold to the developer," Moy said.
"Each agency will get some revenues." El Monte would also reap tax increment, a portion of property taxes collected in redevelopment areas that stay in the city instead of being shunted out to the county and state for later redistribution. That is in addition to taxes generated from the retail stores, restaurants, movie theater, offices and hotel planned for the village.
Plans also call for additional green space to join Fletcher and Pioneer parks, and officials are examining the option of using some of the four- to six-story condominium and apartment units for affordable housing, which would also bring in federal funds. The city also has secured $2.45 million in federal funds for an ecological technology center as part of the development, where students and researchers from Cal State Los Angeles and Cal Poly Pomona would showcase the latest in "green" building and development techniques, Moy said.
"We want to be a shining beacon of planning for the Valley," said Moy, adding that the project would go a long way toward coming up with the estimated 2,000 housing units needed in the next 10 years to keep up with the city's projected population growth. Mayor Ernie Gutierrez described the project as not only "very doable," but a first step in dealing with the growing congestion of Southern California. "We have a quagmire here, and this is only a beginning for dealing with how to move people efficiently between where they work and where they live.
" Bart Doyle, chief operating officer for the Titan Group, said he is "very positive" about getting agreements finalized within the next couple of months. "We believe that working with the city we have been able to solve the issue of up-front public investment from infrastructure," said Doyle. "We are making good progress on a final development agreement with the developer," said Moy, adding that needed upgrades to surrounding streets and intersections still must be approved and added to the developer's cost.
News RSS