SIMI VALLEY : Vote Delayed on Development Funds

The Simi Valley City Council on Monday postponed a vote on a nonprofit developer’s request for $50,000 to help design and secure permits to build a 22-unit subsidized condominium project for families earning up to $38,600 per year.

City planners had recommended that the council tentatively approve a “pre-development agreement” providing a $25,000 grant and a $25,000 unsecured loan to Cabrillo Economic Development Corp., based in Saticoy.

But at Monday’s meeting, City Manager Lin Koester cautioned that redevelopment funding is uncertain because a new state budget has not yet been adopted. Also, he said, Cabrillo’s application for federal housing funds had not been approved.

“There are too many issues that we can’t resolve tonight,” Councilman Bill Davis said.

Council members voted to delay consideration of the project until Oct. 19.

Cabrillo, founded more than 10 years ago, has promoted the construction of affordable housing throughout Ventura County.

In Simi Valley, Cabrillo is seeking to build 22 two-story condominiums on a 1.6-acre parcel on the south side of Apricot Road, just east of Tapo Street. The developer asked the city to provide $50,000 to cover initial engineering and architectural services, permit processing costs and Cabrillo’s own staff expenses.

The city’s Community Development Agency already has obtained an option to buy the 1.6-acre site and would help reduce the cost of the condominiums that Cabrillo wants to build on the land, city officials said. The townhouses are expected to sell for about $107,000 each.

Before it can begin building, Cabrillo must complete its design work and seek final approval from the Simi Valley Planning Commission and the City Council.