The City Council unanimously approved a loan agreement Monday night with a Newport Beach developer for the construction of a 10-acre shopping center.
Hopkins Development Co. will receive $1,725,000 in Community Development Block Grant funds for the project, which will include a supermarket and drugstore, according to Mike Sakamoto, assistant city administrator.
The site, at Artesia Boulevard and Downey Avenue, is the last large parcel of developable commercial land in the city, according to city officials.
Jeffrey B. Armour, project manager for the company, said the center will generate about $250,000 in annual sales tax revenue.
Construction is expected to begin by March, 1987, Armour said.