By unanimous vote, City Council members this week approved an owner participation agreement between the city, its redevelopment agency and OMA Redondo Beach Associates in connection with the development of Aviation High School property.
The agreement incorporates a previously approved development agreement with OMA (an affiliate of the Carson-based Overton, Moore & Associates development firm) for construction of an office park on 24 acres of the closed school site. It also enables bond financing for improvements to the 11 acres of the school property that is zoned for recreational purposes.
Under this arrangement, the city will lease the property from the South Bay Union High School district at $1 a year. The city will then lease the property to the redevelopment agency, which will issue bonds to finance the refurbishing of recreational facilities on those 11 acres.