Pomona : Retail Center Loan Approved

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.