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SAN DIEGO-Acting on behalf of the Redevelopment Agency of the City of San Diego, the Centre City Development Corp. has sold $18.8 million worth of the Horton Plaza Redevelopment Project Tax Allocation Bonds.

The bonds, which were just recently approved for issuance, consist of three series – A, B and C. The sale of the A and B bonds has raised $9.5 million, which will be used to rehab the historic Balboa Theatre. Completed in 1924, the Balboa Theatre is located at the southwest corner of 4th and E streets, adjacent to the mammoth Horton Plaza shopping complex. The theater passed through several ownerships until it was eventually acquired by the city of San Diego in 1986 through condemnation. After several false starts to have the theater renovated by private developers, city officials decided to take the project public. It is currently slated for completion by the end of 2005. In addition to providing funding for the Balboa Theatre rehab, the bond sale has also raised money for affordable housing development in the city. The sale of the C bonds produced $7 million, which “represents the first phase of a $55-million commitment of the Redevelopment Agency and City Council to address San Diego’s need for affordable housing,” according to a statement released by the CCDC.

“These dollars enable continued redevelopment progress,” adds Frank Alessi, CCDC’s CFO. “The successful sale of these bonds indicates that there’s investor interest in Horton Plaza and Downtown,” he notes. According to CCDC officials, security for the bonds is being derived from property taxes generated by new Downtown development.

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