La Mirada OKs bond issues

first_imgLA MIRADA – The City Council Tuesday approved two bond issues totaling $26 million – nearly all of which will help pay for a new aquatics center and expansion of the La Mirada Community Sheriff’s Station. The two bond issues – a city one for $16 million and a Redevelopment Agency one for $10 million – are expected to help pay for the estimated $30 million cost for the two projects. Other money will come from the city’s reserve, fund raising and the La Mirada Armada, formerly the Industry Hills Aquatics Club. Some of the club’s money comes from the city of Industry, which gave it about $1.3 million in order to get the club to leave the pool a year earlier than its lease expired. Taxpayers won’t be paying for either bond. The city bond is expected to cost about $1 million annually and will be paid for out of its general fund. The redevelopment bond will be paid for from a property tax increment that is generated by rising property tax values. “This is an aggressive step we have taken,” Councilman Steve Jones said. “It may be a little different than conservative old La Mirada, but it’s necessary.” City Manager Andrea Travis said this was a good time to build an aquatics center because of low interest rates and the fact that it has a partner, the Industry Hills Aquatics Club, willing to put up $1.2 million for the construction and money for its operation. Borrowing money also will allow the city to protect its more than $30 million reserve for other uses, including other community needs, Travis said. Travis said that the community has indicated in surveys that it wants a new aquatics center. The proposed $24 million aquatics center would include a family-fun area with slides, play structures and a flow channel area, a 25-yard pool for swimming lessons, a 50-meter competition pool and a spa. The project would include a 300-space parking lot. The aquatics center would be built on 11 acres within La Mirada County Regional Park. The $6 million sheriff’s station project would be a 2,765- square-foot expansion and a new parking lot Construction is expected to begin in April. [email protected] (562) 698-0955, Ext. 3022 AD Quality Auto 360p 720p 1080p Top articles1/5READ MORECasino Insider: Here’s a look at San Manuel’s new high limit rooms, Asian restaurant160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img

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