FY2002 BEDI Funding Announcements - California

Anaheim will receive $650,000 of BEDI funds and $6.5 million in Section 108 loan funds for the development of a brownfield site as a 25-acre retail center and public plaza. The project will include a home improvement center, a supermarket, four retail establishments and restaurants. The City estimates the project will result in the creation of 605 new jobs. The BEDI funds will be used to fund the first two years of interest payments on the Section 108-guaranteed loan and the Section 108 funds will be used to fund property acquisition, demolition and relocation. An additional $3.3 million in other public development funds have been committed to the project. Total project costs are estimated to be more than $50 million.

Bakersfield will receive $250,000 of BEDI funds and $1 million in Section 108 loan funds to assist in the redevelopment of a brownfield site on the Old Town Kern Mixed-Use Project. The project will develop 40,000 square feet of new retail space, rehabilitation of a 23,000 square foot building, construction of 50 units of senior citizen housing, along with the construction of a public plaza area and a cultural theater. The Old Town Kern Mixed-Use Project is expected to create 106 new jobs for the community. The City will use the BEDI grant and the Section 108 loan for acquisition and clearance. The City expects this project to generate an additional $952,500 in other private investment. Total project costs are estimated to equal $13 million.

Los Angeles will receive $2 million of BEDI funds and $5,525,000 million of Section 108 loan funds to assist in the redevelopment of a brownfield site at Santa Barbara Plaza in the Crenshaw neighborhood of South Central Los Angeles. The new development, Marlton Square, will involve the demolition of Santa Barbara Plaza and the construction of new retail space, homes, senior housing and a community center. The Marlton Square development is expected to create 413 new jobs for the community, along with 140 homes for moderate-income homebuyers and 180 units of affordable senior housing. The City will use the BEDI grant for interest payments on the Section 108 loan, as well as for demolition and environmental remediation. The Section 108 loan will be used for property acquisition and the relocation of existing businesses. Total project costs are estimated at $125 million.

Los Angeles will receive $1,400,000 of BEDI funds and $7,400,000 million in Section 108 loan funds to assist in the redevelopment of a brownfield site on the Black and Decker property in the San Fernando Valley. The City will develop Pacoima Center at the site, with construction of new retail and industrial space, anchored by a Lowe's home improvement store and a Gigante supermarket. The Pacoima Center development is expected to create 622 new jobs for the community. The City will use the BEDI grant for interest payments on the Section 108 loan and for project delivery costs. The Section 108 loan will be used for property acquisition. The City expects this project to leverage an additional $3,000,000 in private investment. Total project costs are estimated at over $40 million.

Richmond will receive $1 million of BEDI funds and $1 million in Section 108 loan funds to assist in the redevelopment of a brownfield site on the 13.9-acre Sakai Nursery site located in the downtown redevelopment area. The Miraflores Housing Development Project will develop 100 low-income rental units and 100 ownership units for sale to low- and moderate-income first time homebuyers. The City will use the BEDI grant and the Section 108 loan guarantee for environmental remediation and site preparation. The City expects this project to generate an additional $1 million in other private investment. Total project costs are estimated to be $55 million.

San Jose will receive $2 million of BEDI funds and $18 million of Section 108 loan funds to assist in the construction of two retail centers at the intersection of King and Story Roads. A 183,000 square foot shopping center will be constructed on the southeast corner, which will include a Walgreens Drug Store. On the southwest corner, a 119,484 square foot retail center will include a Tropicana Market, a Mexican-style marketplace and a public plaza. The project will involve remediation of the site, where gas stations, dry cleaners and abandoned agricultural wells have been located. The BEDI funds will be used to assist in land assembly. The Section 108 loan will also be used to finance land assembly and acquisition. The City's Redevelopment Agency has committed an additional $14 million to the project and estimates the creation of more than 600 jobs. Total project costs are estimated to total $71.4 million.

Visalia will receive $244,000 of BEDI funds and $855,000 of Section 108 loan funds to assist in the development of a parking structure in conjunction with a major expansion of the Kaweah Delta Health Care District Hospital in the downtown area. The BEDI funds will be used to acquire and remediate a nearby brownfield site, relocate existing businesses and demolish existing structures. The Section 108 funds will be used for design and land assembly costs for the parking structure, which will be used both for the hospital expansion and for surrounding retail and office uses. The first phase of the hospital expansion is expected to generate 200 new jobs, with total project costs of $75 million.