THOUSAND OAKS : City to Help Buy 231 Hillside Acres
The Thousand Oaks City Council will contribute $850,000 toward the preservation of 231 acres of hillside property that was once slated for development.
The unanimous vote by the council Tuesday will allow most of the property known as Rolling Oaks Canyon to be preserved as open space.
Located south of the Ventura Freeway at the northern end of Rancho Road, the property will be held by the Mountains Recreation Conservation Authority, an agency that represents the Santa Monica Mountains Conservancy and park districts based in Thousand Oaks and Simi Valley.
Thousand Oaks and the Santa Monica Mountains Conservancy will pay equal shares of the land’s $1.7-million purchase price. The city will recoup its contribution through the sale of 12 acres on the northern portion, made up of five lots that are zoned for housing.
The property, once owned by a division of the failed Lincoln Savings & Loan, was placed on the market by officials at the Resolution Trust Corp., the federal agency charged with selling assets seized from failed institutions.
Before that, the land had been slated to be developed with 45 estate homes.
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