FAIRWAY BONDS OK'D $5.7 MILLION WILL COVER BUSINESS PARK UPGRADES.Byline: Daily News PALMDALE Palmdale, city (1990 pop. 68,842), Los Angeles co., S Calif., in the irrigated Antelope Valley; a growing residential suburb of Los Angeles near Little Rock Creek where it forms Lake Palmdale Reservoir, inc. 1962. - The city will issue $5.7 million in bonds to finance streets, utilities and other improvements for land the city is using to attract industrial businesses. The improvements will go into the 120-acre Fairway Business Park, where construction crews are already at work on a channel for Amargosa Creek, freeing up land for development. ``I've been under the impression the Amargosa Creek is a big inhibitor'' to businesses moving into the area, Mayor Jim Ledford said. ``That's almost done.'' The bond issue was approved unanimously Wednesday night by the City Council. Tax free, the bonds will carry an interest rate lower than prime rate, but the exact amount won't be known until the bonds are sold. A contract for the work is expected to be awarded in late May or early June. The Fairway Business Park is located south of Avenue O between Seventh Street West and Division Street. The area was acquired by the city's redevelopment agency in 1999 for the purpose of attracting large employers. The business park has one company, U.S. Pole, that began operating last year, creating over 200 jobs, and a Valencia company that makes security gates has announced it will build a plant. City officials said several other companies have expressed an interest in the business park. The bonds will be what the city calls short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. bond anticipation notes Bond anticipation note (BAN) A short-term debt instrument issued by a state or municipality to borrow against the proceeds of an upcoming bond issue. . The city's redevelopment agency will pay interest only on the loan for six years, then will refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. it. By then, officials expect enough businesses to have located in the park for their property taxes to support traditional bond financing. The $3.4 million flood-control channel to contain usually dry Amargosa Creek will free up land in the business park for industrial development. Granite Construction Granite Construction is a member of the S&P 400 Index, and is the parent company of Granite Construction Company, one of the nation's largest heavy civil contractors and construction materials producers. is building the channel along the western border of the Antelope Valley This article is about the Los Angeles County region. For the census-designated place in Wyoming, see Antelope Valley-Crestview, Wyoming. The Antelope Valley Country Club golf course, diverting di·vert v. di·vert·ed, di·vert·ing, di·verts v.tr. 1. To turn aside from a course or direction: Traffic was diverted around the scene of the accident. 2. Amargosa Creek away from the land targeted for development. The channel will run from the Antelope Valley Freeway The Antelope Valley Freeway is a freeway in Los Angeles and Kern counties in southern California. It is signed as California State Highway 14 along its length. It connects Greater Los Angeles to the rapidly developing Antelope Valley. , where an existing drain ends, to Avenue O. The channel, expected to be completed this summer, will eliminate the need for companies to raise buildings above the flood plain, city officials said. The officials said issuing the bonds will also reduce the amount of money the state government could try to take away from Palmdale in any plan emerging from the Legislature to deal with California's multibillion-dollar budget deficit. U.S. Pole Co. relocated re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. from Sun Valley to a new $4 million, 100,000- square-foot manufacturing plant on 11.5 acres at Avenue O and Seventh Street West. Valencia-based Delta Scientific Corp., which manufactures security gates in use at the U.S. Capitol Capitol, seat of the U.S. Congress Capitol, seat of the U.S. government at Washington, D.C. It is the city's dominating monument, built on an elevated site that was chosen by George Washington in consultation with Major Pierre L'Enfant. and at embassies around the world, plans to build an $8 million manufacturing plant in the business park. Delta Scientific Corp.'s plant, covering 100,000-125,000 square feet, is to be built on 8.73 acres along Avenue O just west of Division Street. The plant is expected to employ at least 100 people within the first two years of operation. CAPTION(S): 2 photos Photo: (1 -- color) An equipment crew is at work digging a channel for Amargosa Creek, which will free up land for development at the Fairway Business Park. (2 -- color) A spray of water is released from a truck during construction work last week on a flood-control channel for Amargosa Creek in Palmdale. Jeff Goldwater/Staff Photographer |
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