SIMI VALLEY : Council Approves Subsidy for Condos

The Simi Valley City Council on Monday approved a nonprofit developer’s request for $50,000 and a letter supporting its plans to build 22 subsidized condominium units in the city.

The developer, Saticoy-based Cabrillo Economic Development Co., asked the council to approve a “pre-development agreement” that provides a $25,000 grant and a $25,000 unsecured loan.

Cabrillo representatives said the money was needed to pay for initial engineering and architectural services, permit processing and the agency’s staff expenses. Cabrillo wants 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 council had postponed a decision on the request Aug. 10 because of uncertainty about the state budget, which had not been adopted. In addition, council members were concerned because Cabrillo’s request for a federal grant to reduce the cost of the homes had been rejected.

Cabrillo representatives asked the council Monday to approve a letter supporting a second request for federal funding. But the developer also told city officials that the condominiums can be built even if Cabrillo does not receive the additional federal money.