The Glendale City Council this week endorsed the concept of issuing tax-exempt bonds to pay for streets, utilities and other public improvements in the proposed Rancho San Rafael subdivision.
City Manager James Rez said he asked for the council's vote because extensive paper work and staff time would be required to prepare the bond issue. Council members unanimously approved the concept.
Marlene T. Roth, consultant for the developers, said streets and other improvements in the subdivision would cost $25 million to $50 million. The funds will be raised by selling tax-free bonds.
The bonds would be repaid over a period of years by the developers and home buyers in the proposed 542-unit residential subdivision.