An economic subsidy loan worth $2.25 million to support the Rodeo 39 Marketplace Center on Beach Boulevard will be considered by the Stanton City Council when it meets on Tuesday.
The project, located at Beach and Garden Grove boulevards is a long-awaited development to replace an empty retail development known as Village Center. When the Rodeo 39 project – stores, services and eateries – opened in 2020, it was quickly struck by the shutdowns prompted by the coronavirus pandemic.
Rodeo would get a credit of 50 percent of the city tax revenue generated by the businesses on the site for a term running from Oct. 1, 2022 to Oct. 1, 2030. If the property owner sells all or any part of the center, or declares bankruptcy, the agreement states, the balance of the loan must be paid.
The center, also known as 22 & Beach (referring to the center’s proximity to the Garden Grove Freeway, or State Route 22) has been touted as a catalyst for economic development in that southern portion of Stanton, and is expected to generate about $200,000 in tax revenue to city coffers.
So far, its Rodeo 39 Public Market, along with an In N Out drive-through hamburger eatery and the Raising Cane’s chicken finger eatery, has drawn heavy consumer traffic.
The council will meet virtually Tuesday starting at 6:30 p.m.