Josh Dulaney, Staff Writer
Created: 10/28/2009 03:40:03 PM PDT
RIALTO – Officials here hope an injection of taxpayer dollars can help prevent the city’s biggest redevelopment bet from going bust.
The City Council, acting as the Redevelopment Agency, has approved a $10.9 million interim agreement with developers while they renegotiate the price of land critical to Renaissance Rialto, a proposed mixed-use project along the 210 Freeway.
It’s a move that could eliminate funding for new projects in the foreseeable future, said Robb Steel, economic development director for the city.
“We’re buying a little bit of breathing room,” Steel said. “It’s not a situation we want to be in, obviously.”