City, developer extend negotiations

DOWNEY - The City Council on Tuesday extended an exclusive negotiating agreement with National Community Renaissance as preliminary work continues on redevelopment of the Avenue Theatre and Verizon properties downtown.Downey and National Community Renaissance have been in exclusive negotiations since April 14, 2009 and are finalizing the terms of a disposition and redevelopment agreement. The exclusive negotiating window was scheduled to end Oct. 14 but Tuesday's action extended the time frame another 180 days. The city has focused on the Verizon property and plans to redevelop the building into a 50-unit affordable housing complex. More details are expected when the Planning Commission reviews the project Oct. 10. Barring any setbacks, the City Council, sitting as the community development commission, will vote on the project Nov. 9.

********** Published: September 30, 2010 - Volume 9 - Issue 24