"City Manager Julio Fuentes said losing Edwards Cinemas will cost the city about $247,000 a year that the theater had paid in property taxes. But that funding would be offset by two new mixed-use developments being built in the city, officials said," the Pasadena Star-News reports. "The Casita de Zen project and the City Ventures project, both on Main Street, are expected to generate $700,000 in annual property tax revenue, said James Funk, the city's development services director."
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