The redevelopment agency is planning to issue $8 million in bonds to help finance a senior citizen housing project.
On Tuesday, the City Council approved the bonds, which will be paid off by the developer, Alhambra Regency Ltd., and will not put the city at any financial risk, said Michael A. Martin, the redevelopment agency's deputy executive director.
A public hearing must be held before the bonds are issued.
The senior citizens project is part of a $20-million development planned for the corner of 5th and Main streets, which includes a 101-unit apartment complex for seniors, part of which will be reserved for low- and moderate-income residents; 60 luxury condominiums, and 14,000 square feet of retail stores.
Construction is slated to begin later this year and will take a year to complete, Martin said.