Pomona Council to consider agreement for trade, conference center

POMONA - A proposal that could help the Los Angeles County Fair Association build a long awaited trade and conference center at the Fairplex will go before the City Council Monday evening.

The proposal would involve the city, through its redevelopment agency, providing the Fair Association with $6 million that would be used for the construction of the center.

In exchange Fairplex would double the portion of parking income it turns over to the city. That share is currently $74,500 annually and would increase to about $149,000 a year, according to a city staff report.

The city would also acquire housing covenants for 50 very low, low and moderate income rental spaces at the Fairplex trailer park for 55 years, the report said.

The Fair Association would have the option to buy the covenants back after one year from the time a certificate of occupancy is issued for the center.

Another option would be to purchase the covenants back at a later time but the Fair Association would receive less than the full value, the report said.

The money, $2.7 million of which would come from bond proceeds and $3.3 million from bonds proceeds set aside for low and moderate income housing, would help Fairplex raise the financing needed to build the $28 million trade and conference center, the report said.