The owner of Valencia Town Center mall is seeking $60 million to $75 million in taxpayer funding to build a new parking structure, but city council members are raising skepticism. The proposal has not been publicly released, and details were first reported by The Signal last week.
Centennial, a Dallas-based developer, plans to own and operate the renovated property as part of its redevelopment plan. Mayor Bill Miranda and Councilman Jason Gibbs expressed concerns about the request, while Councilwoman Patsy Ayala wants to wait for analysis on the numbers. Councilwoman Marsha McLean said the city has a history of fiscal conservatism and should negotiate with Centennial to find a mutually beneficial agreement.
McLean added that she doesn’t know what Centennial is thinking but emphasized the importance of making decisions in the best interest of the community. Councilwoman Laurene Weste expressed caution, stating it’s too early to make decisions without more information.
Staff from the city’s Planning Division have confirmed there are no official plans submitted, despite reports of discussions with developers and officials. The proposed first phase includes a Costco, Dick’s Sporting Goods Store, restaurants, senior housing units, and a hotel.
Ayala said she wants to analyze the proposal before commenting further, emphasizing her commitment to ensuring the project is feasible for future projects.
Source: https://signalscv.com/2024/12/malls-60-75m-funding-request-faces-skeptical-city-council