Pleasant Hill council to vote on development loan for former water park site
The Pleasant Hill City Council will have a public hearing when it meets at 6:30 p.m. Tuesday on an agreement for the commercial and residential redevelopment of White Water University. Christensen Development plans to buy and demolish the former water park at 5401 University Ave., sell a portion of the property to a Minnesota-based company that plans an apartment building, and redevelop the remainder of the property for retail and office uses. The city is proposing a $2.25 million loan that would be forgiven once the property reaches a total assessed value of $4 million, according to a staff report to the City Council. The loan would be released in portions as the redevelopment project meets demolition and development thresholds. Christensen has placed the value of the project at a minimum of $15 million. Read more about the project at BusinessRecord.com.