"a $480-million seaside luxury resort"

When the owners of a $480-million seaside luxury resort said they needed more money to ensure it would open, they turned to Rancho Palos Verdes.

The City Council last week unanimously agreed to give Terranea Resort what amounted to an $8-million loan by allowing Lowe Enterprises to defer payment of its hotel tax for several years. The vote came despite concerns from city staff members who said the loan was "not fiscally prudent."

The 102-acre resort is scheduled to open June 12 where the Marineland of the Pacific oceanarium once stood. It will include three restaurants, a nine-hole golf course, a 360-room hotel and 20 bungalows. Also on the grounds are 82 casitas and villas that range in price from $2 million to $4 million.