At the Council directed City staff to issue bonds for redevelopment as sooon as possible, in order to have a shot at beating the state's upcoming legislation which might wipe out municipal redevelopment agencies and their funds.
It was reported Tuesday night that the City of Santee received just under $24 million in bond proceeds for redevelopment projects and just under $4 million for affordable housing apartment complex at Olive Lane, according to City Manager Keith Till.
"In what our underwriters termed 'a stupendous' response by the bond market, Santee's tax exempt and taxable series bonds were bought up today under terms that were even a bit better than what was discussed last night [at the Council meeting]," wrote Till.
He added that Santee's helped generate considerable interest in the bond market.
"The projects this enables us to commence will create many good and . We expect increased private investment in the area to follow," he said.
The Council decided on Monday that the bond proceeds would be put towards , improving up to 127 acres that fall between Mission Gorge Road, Cuyamaca Street, Gillespie Field and Magnolia Avenue.
The affordable housing project will be discussed at the .