Glendora Will Issue Bonds for Nine-Acre Shopping Mart

The city of Glendora has gotten the state’s go-ahead to issue tax-exempt certifications of participation, commonly known as industrial development bonds, for construction of a nine-acre, 90,000-square-foot shopping center on the northwest corner of Grand Avenue and Gladstone Street in Glendora.

Community Systems Associates Inc. of Brea, obtained approval for the transfer of $19 million in state bonds to be issued by the redevelopment agencies of Glendora and San Dimas for projects to be developed by Gary Kanter & Associates of Huntington Beach.

Besides the Glendora project, the Kanter firm expects to develop two centers in San Dimas, one on 12 acres and the other on eight, for a total development cost of $28 million. The difference between the state’s allocation and the total will be made by using conventional financing obtained by the developer.