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County OKs $160M Bond Financing for Continuing Care Community in Altadena

The Board of Supervisors on Tuesday authorized up to $160 million in bond financing for a continuing care retirement community in unincorporated Altadena.

Interest and principal payback of the tax-exempt bonds will be the responsibility of the developer, MonteCedro Inc., which will own and operate the facility.

Located on 8.26 acres once occupied by The Scripps Home, the 331,000- square-foot project will include 206 units.

The Scripps Home stood on the site for 100 years, according to the Altadena Historical Society. A 1914 craftsman cottage that served as a small hospital is being renovated as guest rooms.

Construction on the retirement community is scheduled to be completed in late 2015.

—City News Service



Linda R May 22, 2014 at 09:43 PM
Exactly what does this mean? Could someone explain to me what a 160 million bond financing of Monte Cendro means.......this money comes out of our tax money?
Monica Hubbard May 26, 2014 at 07:30 PM
Linda R, here is some general information about bond financing from the Legislative Analysts Office: http://www.lao.ca.gov/2007/bond_financing/bond_financing_020507.aspx

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