The council voted to invest up to $1.9 million in the project over 15 years. The redevelopment agency will oversee ownership and operation of the dealership to be built at the former Poway Honda site in the 14000 block of Poway Road.
The council is contributing $900,000 toward of the project of the $1.1 million it received in a settlement from the company that failed to find a developer for a planned water park in the South Poway Business Park.
Developer George Millay and his company, Poway Partners, paid the money in October. The company had signed an agreement to build a water park in 1998, but opted to build industrial buildings instead. Poway Partners had promisedto pay the city $1 million if another developer did not open a water park by Oct. 1, 2001.
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