Alhambra Seeks Higher Bond Limit
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Alhambra’s Redevelopment Agency wants to increase its capacity to sell bonds from $40 million to up to $500 million to finance development.
City Finance Director Derek Hanway said the agency has reached its $40-million bond limit with existing developments and wants to upgrade the city’s commercial sector.
The agency is seeking two residents to join an advisory committee on increasing the bond limit and possibly extending condemnation powers for 12 years, said Mary Kelly, Alhambra’s spokeswoman.
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