The Bellflower City Council has approved a loan of $1.6 million to a car dealer for construction of a new auto dealership in the city. The council voted unanimously for the city staff to negotiate with Peter Ellis and Leonard Raynor, a California limited partnership, to work out details of an agreement.
The money would be used to build an automobile sales and service center on five acres at the northwest corner of Artesia Boulevard and Passage Avenue. The proposed dealership would be next door to the former Hensley Anderson Ford and Toyota business recently purchased by Ellis.
Bellflower will use federal Community Development Block Grant funds to make the loan, which is to be repaid over eight years at a rate of 3% simple interest. The city will receive $200,000 a year.