Bristol Street freeway offramp closes today...
Bristol Street freeway offramp closes today
The Bristol Street exit off the northbound San Diego Freeway will
be closed today until Nov. 15. Officials recommend MacArthur
Boulevard as a detour for the northbound San Diego Freeway and
southbound Costa Mesa Freeway motorists.
The new Bristol exit opening Nov. 15 will split into a new Avenue
of the Arts offramp as well as a Bristol exit. Motorists will exit
off the San Diego Freeway before it meets the Costa Mesa Freeway,
greatly reducing congestion.
The Bristol exit will reopen before the heaviest holiday shopping
season around Thanksgiving and will benefit South Coast Plaza
businesses as well as the Orange County Performing Arts Center.
The closure is part of the San Diego and Costa Mesa freeways
improvement project developed by the Orange County Transportation
Authority (OCTA), the California Department of Transportation
(Caltrans) and the city of Costa Mesa.
The entire project, begun in October 1999, will include carpool
lanes that connect directly from the San Diego to the Costa Mesa
Freeway, a new Avenue of the Arts offramp and a new Anton Boulevard
onramp. Construction will continue until 2004.
A transportation hotline has been set up with current status,
closures and opening schedules. For information, call (800) 724-0353.
Mortgage company to sell $3 billion in bonds
A subsidiary of Impac Mortgage Holdings Inc., a Newport Beach
mortgage company, has filed to sell as much as $3 billion in bonds.
IMH Assets Corp. submitted the filing to the Securities and
Exchange Commission on Thursday. Once approved, IMH Assets can begin
selling the bonds on the open market.
The securities, which are known as collateralized asset-backed
bonds, are sold using mortgages the company buys as collateral.
The terms of the bonds will be decided later, but none can extend
beyond a 30-year time limit, according to the filing, which was
posted on the SEC Web site.
Impac is a mortgage finance company that buys what are known as
nonconforming loans -- mortgages that require less documentation of
income to be approved. IMH closed Thursday at $10.88 in American
Stock Exchange trading, off 11 cents from Wednesday’s close.
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