PALMDALE : Loan to Be Forgiven if Mall Attracts Store
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The Palmdale City Council has agreed to forgive a $2-million loan the city made to the developer of the Antelope Valley Mall if the company lures a Robinsons-May store to the shopping center by the end of 1996.
In return, the developer has agreed to give Palmdale’s redevelopment agency four more years to build a flood control basin it was obligated to construct this year under a 1989 agreement with the developer of the 3-year-old mall.
Councilwoman TeriJones cast the lone opposing vote, saying the city should not subsidize large shopping projects. Some business leaders also argued that the city should not pay to attract large stores that sometimes put smaller ones out of business.
Al McCord, Palmdale’s deputy city administrator, recommended the action, saying a Robinsons-May store could generate about $8.6 million in sales tax revenue for the city.
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