SIMI VALLEY : City to Help Pay for Cochran Street Work

Plans to extend Cochran Street in Simi Valley and develop the 40 acres around it are moving forward after the City Council approved an agreement this week to pay for some of the road construction.

The council voted 4 to 1 on Monday to turn over the construction to the local property owners, but the agreement must still be signed by the property owners before it is final.

Councilwoman Sandi Webb voted against the agreement, saying she did not want to spend that much city money to build the road.

A representative of the property owners said after Monday’s vote that final approval was a formality.

“We’ll have an executed agreement signed and back to the council within two weeks,” said Louis Pandolfi, a property owner who represents all but one of the 15 landowners.

The property owners had wanted the city to commit to more financial incentives to attract large retailers to the area, but were satisfied with the agreement, Pandolfi said.

If the agreement is accepted, the city would not pay for any up-front costs and would contribute no more than $1.6 million for the road work, which is expected to total about $4.8 million.

Pandolfi said the proposed commercial development could cost from $30 million to $40 million. He projected that the new retail stores there could net the city about $1.5 million in sales taxes each year and employ as many as 800 people.

The property owners are hoping that the city’s commitment to help pay for the road will lure large retailers to the area. Some of the stores that have been mentioned are Toy R Us, Circuit City and Wal-Mart.