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