The City Council, acting as the Redevelopment Agency, approved a development agreement Tuesday for a $9-million, 141-unit apartment project downtown. The deal, which caps two years' work by agency staff, calls for the city to spend $1.8 million to buy land and relocate tenants.
The agreement with CoastFed Properties Inc. of Beverly Hills will cover 4.5 acres at the intersection of Foothill Boulevard and San Gabriel Avenue. Agency staff said the project will eventually bring in as much as $100,000 a year in taxes.
Construction is expected to begin late this year and be completed within two years.