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Bell Gardens : City Adds to Project Funds

February 13, 1986

The Bell Gardens City Council has approved the transfer of money from the city's general fund to the Redevelopment Agency to buy additional property in the Central City Project Area near Florence and Eastern avenues.

The city already has acquired nine parcels on Live Oak and Priory streets for a soon-to-be completed municipal parking lot south of the Bicycle Club casino. The $1.3 million to be transferred is in addition to the $1.6 million the city already lent the agency last year, said Maria Aguirre, assistant city manager. The additional money will be used to eventually acquire all the property from Eastern Avenue to the Long Beach Freeway, and from Live Oak to Priory streets, for redevelopment purposes, she said.

A staff report says the agency was unable to carry out the additional acquisitions because it does not have the money and has limited ability to issue tax-exempt bonds. The transfer would "allow the agency to purchase more rapidly," Aguirre said.

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