Ventura School Panel Votes to Buy Business Park

The Ventura school board on Tuesday approved spending nearly $5.7 million to purchase a large business park on Valentine Road near Victoria Avenue for its adult school program.

Board members voted unanimously to buy the Ventura Business Campus, two large office buildings at 5200 and 5280 Valentine Road.

The Ventura Unified School District’s adult school plans to move its administrative offices and Technology Development Center, which has 300 students, to the office complex in September, 1995. The school district is getting a deal on the property, officials said, because they are purchasing it from a realty group that foreclosed on the previous owner.

“It seems like a lot of money, “ board member John Walker said. “But we’re really getting a very, very good deal, not only for people right now in the district but also for their children in the years ahead.”

The district will buy the office park for only $3.75 million, which officials said amounts to three-quarters of its current market value. In addition, the district will spend about $1.9 million on improvements.

The entire $5.7 million cost will be financed through privately issued bonds, called certificates of participation. The district will repay the bonds from adult-school tuition and lease payments from other tenants in the buildings.

The Technology Development Center, now split between two buildings on Dean and Palma drives, will occupy only part of the 5200 building. All of the tenants at 5280 will be allowed to remain.

The entire adult school has about 8,500 students, most of whom attend classes at the Dean Drive campus.