The city council in Pomona, Calif., this week approved to issue up to $9.3 million in recovery zone facility bonds for the construction of a business center that will include a self-storage facility.
Plans for the Fairplex Business Center include converting six racing horse barns into an office, warehouse and light-industrial center. Another six barns will be converted into a self-storage facility at a cost of about $1.7 million.
The Recovery Zone Facility Bonds were allocated to the city by the state as part of the federal American Recovery and Reinvestment Act. The city is eligible to issue the tax-exempt bonds to assist in carrying out projects that result in the creation of jobs and assist in economic recovery efforts.
Two council members were concerned that self-storage facility didn’t align with the Act’s goals of creating jobs. The project will still need to go through the city’s planning and zoning channels.