THOUSAND OAKS : County, City Ready to Extend Redevelopment

With last-minute glitches finally resolved, the Ventura County Board of Supervisors and Thousand Oaks City Council are poised to approve a contract that allows the city to extend the life of its downtown Redevelopment Agency until 2023.

The supervisors and council will vote on the contract Tuesday.

The agreement calls for the Redevelopment Agency to give the county some of the property tax dollars it collects from businesses along Thousand Oaks Boulevard. The county’s receipts will increase steadily as the Redevelopment Agency takes in more money, jumping in stages from 20% to 36%.

The Redevelopment Agency will also send some money to the local school and park districts. The rest will pay for city improvement projects, including a stadium at Westlake High School and a theater at Newbury Park High School.

County officials had objected to the city’s plans because they feared the Redevelopment Agency would divert scarce tax dollars from flood control, fire protection and other vital services. But they agreed in principle to the contract granting them a certain percentage of the Redevelopment Agency’s receipts.

“No one thought we could do it, but we did,” Councilwoman Judy Lazar said. “We were able to reach an agreement. It’s just wonderful, because it allows us to start working on the theater and stadium immediately.”

The Redevelopment Agency is set to expire in 2008, but it will be extended an extra 15 years.