After negotiating with the county over the financing and size of the Washington Boulevard redevelopment project, the Santa Fe Springs City Council last week adopted an ordinance to establish the project.
The council, acting as the Redevelopment Agency, was able to reach an agreement with the county, which had originally objected to the scope and financial provisions of the project. First reading of the ordinance was delayed last month until an agreement could be reached.
The size of the $10.7-million project will remain intact, but the city will share a portion of the tax increment with the county during the life of the project. All revenues in the project will be frozen at the existing level, and increases in tax revenues that result from further development will go to the agency.
The agency will give the county 60% of the increased tax revenue on the Southern California Edison Co. property and a block of commercial stores across the street from Whittier Downs Mall. After project costs are paid back to the agency, the county will receive 60% of the increment on the entire project, which is expected to last 35 years.