The city of Ventura is giving neighboring Oxnard a "gift" of about $2 million, the county Board of Supervisors is adding $17-million, and the Oxnard City Council will use the $19 million to help pay for site improvements at the TOLD Corp's $175-million Channel Islands Business Park being planned on 185 acres.
The Ventura council has approved transferring its allocation of industrial revenue bonds to Oxnard because it does not have any projects that could utilize the bonds. Oxnard's share of the county's revenue sharing bonds amounts to $17 million.
Oxnard's Acting City Manager Jim Fransden said the "Christmas presents" will enable TOLD Corp., a Newbury Park-based company, to sell the bonds to cover land acquisition costs and on- and off-site improvements for the industrial park, which is to be built in two phases, and is scheduled to be finished in about 10 years.
Fransden said that land acquisition costs will total about $10 million, and the public improvements will cost an estimated $35 million, "so the revenue bonds will help the project a lot." Plans for the business park, the largest of its kind in Ventura County, are going through the planning process following a public hearing and city council approval of the tentative tract map.
The 185-acre property was formerly owned by R. R. Donnelley & Sons Co. The Klabin Co. of Inglewood negotiated the transaction for the seller.
Construction of six of the 111 buildings proposed within a 96-acre initial phase will begin in mid-February, with completion scheduled for November, according to Matt Winegar, the city's principal planner.
Richard Maggio, Oxnard's community development director, said the business park area is zoned for light industry, and a special use permit will be needed for each building. The park site is bordered by California 1 (Pacific Coast Highway), Rose Avenue and Wooley Road. It has been estimated that 7,500 jobs will be created by the center by the time it is in full operation.
The 111 buildings will total approximately 2.5 million square feet of space, and they will be offered for sale, lease or lease option.