PIRU : New Agency to Help Finance Rebuilding

Paving the way for more than $1 million to rebuild the earthquake-damaged downtown in tiny Piru, the Ventura County Board of Supervisors have agreed to establish a county redevelopment agency.

Worried that the state Legislature would amend its redevelopment law next year, the board on Tuesday opted to establish the agency now so it can qualify as an agency even if the law is changed later.

“It’s important that we move ahead today establishing this ordinance,” said Supervisor Maggie Kildee, who represents Piru on the Board of Supervisors.

A redevelopment agency allows local governments to designate a blighted area and establish a baseline for property taxes within that area. Any increased revenues over the years can be diverted to a special account to finance certain improvements.

County officials will begin mapping out that area for the agency, which is expected to generate enough tax revenues to repay a bond worth between $1.3 million and $1.5 million.

That money would help rebuild downtown Piru, which suffered severe damage in the Jan. 17 Northridge earthquake.

Members of the Piru Neighborhood Council, which approved the plan last week, were pleased that supervisors agreed to establish the agency.

“We still have fences up from the earthquake, and we need to get some new businesses going,” neighborhood council member Jeanne Warren said.

The ordinance, which received virtually no discussion among members of the board, is scheduled to go into effect next month.