Stanton

Rodeo lassos a $2.25M loan

RODEO 39 PUBLIC MARKET is a food hall on Beach Boulevard in Stanton (OC Tribune photo).

One of the biggest attractions of the booming development in the southern part of the city got a big boost from the Stanton City Council at its meeting on Tuesday night.

The council voted 4-0 (Councilmember Rigoberto Ramirez was absent) in favor of an economic subsidy loan of $2.25 million to support the development by Rodeo 39 Marketplace, a complex of eateries, stores and service along the west side of Beach Boulevard, north of Garden Grove Boulevard.

However, like many business enterprises, it took a major blow from the coronavirus pandemic. To help keep the center operational, the council backed the loan.

What was approved Tuesday is that the loan is tied to a public benefit agreement by which the developer agrees to operate the center as a commercial retail center for at least 10 years.

Rodeo will 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.

 

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