VENTURA : Panel OKs Doubling Redevelopment Area

The Ventura Planning Commission has approved a tentative plan to roughly double the size of the city’s redevelopment area to generate up to $95 million for city projects over the next 30 years.

But the recommendation must win approval from the City Council before the agency is expanded.

Under the resolution approved by planning commissioners late Tuesday, the existing redevelopment project in downtown Ventura would be expanded by 20 square blocks.

State redevelopment laws allow cities to target specific areas deemed blighted, then direct any extra property taxes from development to new projects.

“I’m very much in favor of it,” Planning Commissioner Ingrid Elsel said. “It will simplify development of the downtown area, and it allows us to spend some redevelopment money and spread it further over the city.”

Patrick Richardson, the city’s redevelopment project manager, said adding the new acreage to the area could generate up to $95 million over the next 30 years.

“That’s based on looking at property values and making assumptions about property value increases,” he said.

The city would probably issue bonds against the expected tax revenues and build projects downtown to benefit the area, Richardson said.

Most of the city’s $20 million generated by the initial redevelopment zone already has been spent on other improvements, he said.

The existing redevelopment zone stretches from California 33 to Palm Avenue and from Thompson Boulevard to just north of Main Street.

The new area would include the 20 square blocks between Poli and Front streets and Palm and Ash streets.