Monrovia : Bond Note for Auto Park
The Monrovia Redevelopment Agency has issued a five-year, $15-million bond note to finance the Monrovia Auto Center, which will house five dealerships on a 20-acre parcel north of the Foothill Freeway between Mountain and Shamrock avenues.
Savage Hyundai already occupies a site on the parcel. Sierra Honda and Pontiac, Savage Mazda, Foulger Ford, Acura and a fifth dealer will move to the site.
Foulger is now located in Arcadia and the others on West Huntington Drive in Monrovia. Don Hopper, director of community development, said those sites, near Huntington Oaks Shopping Center, would be used for retail development.
Hopper said the auto center would become the city’s largest redevelopment project in terms of financial impact. He said that freeway location is expected to generate more sales and that the dealers will have more space, producing more sales-tax revenue for the city.
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