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SAN DIEGO-Centre City Development Corp.’s board of directors has given its support for a series of new bonds and has also approved several new project budgets.

The board has recommended that the San Diego Redevelopment Agency approve the issuance of several new bonds in an amount not to exceed $20 million. They consist of the Horton Plaza Redevelopment Project Tax Allocation Bonds, Series 2003A; Junior Lien Tax Allocation Bonds, Series 2003B; and Tax Allocation Housing Bonds, Series 2003C. According to CCDC officials, “the proposed TA bonds will provide funds for the rehabilitation of the historic Balboa Theatre and a portion of the Notice of Funding Availability for the Comprehensive Affordable Housing Strategy.

The board has also approved the FYO4 Projects Budgets for the Centre City and Horton Plaza Redevelopment Projects, as well as CCDC’s Administrative Budget. The Projects Budgets of $96.8 million include funding for the Notice of Funding Availability, design and rehabilitation of the historic Balboa Theatre, development of a residential project at the P-1 parking site, provision for Downtown’s main library, and provision for “quality of life” projects and various public improvements in Downtown’s neighborhoods. The CCDC budget of $123.1 million consists of projects, appropriations for long-term debt service and administrative costs.

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