SIMI VALLEY : Wood Ranch Builder Gives Land to School
The Simi Valley school board has approved an agreement with the developer of Wood Ranch that gives the school district 1,800 acres of undeveloped residential land in lieu of money for an elementary school.
The board Tuesday voted 5 to 0 to accept the deed to the land effective Jan. 10. Supt. Mary Beth Wolford has said officials plan to either develop the 680 home lots or sell the land off in pieces to raise money for a school.
Children in the sprawling community southeast of the Ronald Reagan Library now attend Madera Elementary School, which is filled to capacity with more than 700 students, officials said.
Wood Ranch developer Olympia/ Roberts had agreed to pay $6.5 million to build Wood Ranch Elementary School, which was slated to open next fall. But the company ran into financial troubles before the district was paid.
School officials have not researched the land’s marketability. In the meantime, they will consider using five existing buildings on a slice of land included in the deal for a temporary school. The converted homes and cottages could accommodate 120 students from kindergarten through third grade.
Olympia/Roberts initially ran into trouble after its parent company, Olympia & York Developments Ltd., filed for court protection under Canadian bankruptcy laws in May, 1992.
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