THOUSAND OAKS : City to Help Park Officials Buy Land

Thousand Oaks has agreed to help the Santa Monica Mountains Conservancy in a last-minute effort to purchase 231 acres of undeveloped land from a federal agency in charge of selling assets seized from failed savings and loans.

The City Council unanimously agreed Tuesday night to ask the Resolution Trust Corp. for a 180-day extension so the conservancy could arrange the purchase before bidding is opened to private developers.

Without an extension, the conservancy and the city have only one week left to finalize a deal.

By law, the property must be offered first to public agencies.

After Feb. 27, the land can be sold to private developers.

“Open-space conservation is our No. 1 council goal,” Councilwoman Elois Zeanah said.

Council members also agreed to explore helping the conservancy obtain financing so it could purchase the property, which is south of the Ventura Freeway.

Chuck Cohen, a Thousand Oaks attorney representing the Resolution Trust Corp., told the council it is unlikely the government would grant the extension.

The T-shaped parcel was owned by the Linfin Corp., the development arm of the failed Lincoln Savings and Loan. Linfin was planning to build 45 custom houses on the property until it was taken over by the trust agency.

Although the conservancy has no money to buy the rolling hillside property, conservancy Assistant Executive Officer Peter Ireland said his organization hopes the time extension would give officials time to find the money. The land has been appraised at $1.7 million.

The Santa Monica Mountains Conservancy oversees more than 17,000 acres of open space in Los Angeles and Ventura counties.