Obtaining Redevelopment Assistance

Successful Redevelopment Project: The Plaza on Main accomplished several objectives: creation of much needed retail space, affordable housing for seniors, and elimination of existing slum and blight conditions. The housing units are designed to include numerous recreational and other amenities to enhance the senior's living experience at the Plaza. The developer's financing strategy included utilizing tax credits and tax-exempt housing bonds to construct the project.

The City of Alhambra Redevelopment Agency provides financial assistance in targeted redevelopment areas to commercial businesses and property owners who meet specified criteria. As required by the Agency’s adopted rules, current owners and tenants are given preference. The extent of the Agency’s assistance to a developer is based on the following criteria, plus any additional enhancements deemed necessary. For more information, call the Alhambra Redevelopment Agency at (626) 570-5030.

Requirements for Agency Assistance:

• Quality of the project and strength of the developer
• Project could not proceed without assistance
• Level of assistance has been verified as necessary and appropriate by performa analysis of the project with respect to tax increment and sales tax projections balanced with business projections
• Project is unique in the type of use and/or the level of quality and design
• Project has demonstrated social and/or financial benefits to the city beyond that of a similar non-assisted project
• Project is appropriate to the site and area of the city