The Alhambra City Council, acting as the redevelopment agency board, will consider an agreement Jan. 13 with Price Co. of San Diego that would open the way for construction of a Price Club discount store, restaurants and other retail stores on 18 acres at the northwest corner of Commonwealth and Palm avenues.
The agency would buy and clear the property at a cost of $12.3 million and sell it to Price for nearly $7.5 million. Price would finance the project by lending $4.8 million to the agency to supplement its $7.5-million purchase.
The project would produce $1 million a year in revenue for the redevelopment agency and the city by 1990, according to a financial analysis by Katz, Hollis, Coren & Associates Inc. The development would consist of a 112,000-square-foot building for the Price Club, 73,250 square feet of other retail space and 12,000 square feet of restaurants. The Price Club is projecting yearly sales of $100 million, about $65 million of which is taxable.