Accord Ends Fight Over Redevelopment
A long-running fight over Thousand Oaks’ downtown Redevelopment Agency has officially ended, as both the Board of Supervisors and the Thousand Oaks City Council have approved a contract that allocates some tax money to the county and reserves some for city improvement projects.
Under the agreement accepted last week, the city will send a certain percentage of its redevelopment funds to the county each year. That percentage will increase as the Redevelopment Agency collects more money from property taxes along Thousand Oaks Boulevard, jumping in stages from 20% to 36%.
While sending money to the county, Thousand Oaks will get to keep substantial sums for its own improvement projects.
Plans call for building an auditorium at Newbury Park High School, a stadium at Westlake High School and affordable housing throughout the city. The city also hopes to spruce up landscaping along Thousand Oaks Boulevard.
To raise quick cash for the redevelopment projects, the city will issue up to $120 million in bonds, to be repaid by the property tax revenue increases.
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