Monterey Park : Way Cleared for Project Bids
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The City Council ended a nine-month exclusive negotiating agreement with the owner of a site proposed for a senior citizen housing project, clearing the way for other developers to offer bids.
Hong-Teh Yang, who owns the 0.8-acre site at 1014 W. Garvey Ave., won exclusive negotiating rights for the proposed project in December. The city’s Department of Economic Development had recommended a Monterey Park developer, Gene-Jac Inc., for the job.
Yang, who is not a developer, had promised that he could complete the project without a city subsidy, officials said. Keith Breskin, director of economic development, said Yang recently wrote the city saying the project could not be done without a subsidy and asked for $320,000.
The council voted to begin negotiations to buy Yang’s property and to look for other potential sites as well.
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