Sierra Madre : Renovation Loans OKd
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The City Council, doubling as the Community Redevelopment Agency, agreed Tuesday to loan up to $250,000 to help three downtown property owners reconstruct buildings destroyed by fire in December, 1989.
Under the plan, the city will provide Fred Crocket, Helen Elliott and Berge Yeghiaian, who own the land at 14-22 W. Sierra Madre Blvd., with low-interest loans to help finance the construction of three two-story buildings.
The city has already spent $20,000 on design drawings, City Manager James McRea said. But the property owners have agreed to reimburse the city for the drawings.
McRea said Crocket, Elliott and Yeghiaian qualify for CRA assistance because their property is located in an area that has been declared a redevelopment zone since 1972.
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