SIMI VALLEY : Council Moves to Save Housing Project

Moving to salvage the financially crippled Wood Ranch housing development, the Simi Valley City Council on Monday agreed to rescue the project from default by allowing developers five more years to pay $250,000 for a road-widening project.

City officials earlier this year sought to sever ties to developer Olympia/Roberts after the company failed to pay its share of the road project.

But in a deal ironed out by the developer and city officials, Olympia/Roberts agreed to repay the debt within five years.

The agreement also allows the developer to construct 1,500 houses that were part of its initial agreement with the city.

The 3,000-acre development now consists of about 2,400 luxury houses, condominiums and apartments.

“If we went ahead and canceled the agreement, the project would probably never be completed,” Councilman Bill Davis said. “That wouldn’t be fair to the people who have bought in good faith, thinking that it would someday be a complete community.

The agreement also relieves Olympia/Roberts of a promise to build an elementary school on the property. Instead, the developer will give the school district the site intended for the facility along with additional property that school officials said they plan to sell to pay for a school’s construction.

Speaking during a public hearing, about a dozen Wood Ranch residents stressed the need for a school in the development. “We are very concerned about this school,” Ron Robinson said. “We are committed to seeing it built.”