PIRU : County May Create Redevelopment Zone

Earthquake ravaged Piru could receive $4.6 million for rebuilding under a plan being considered by the Ventura County Board of Supervisors.

The board on Tuesday will decide whether to approve the formation of a Piru redevelopment agency, which would direct most property tax increments back to the tiny community of 1,200.

In a redevelopment zone, property taxes from new or expanded residential or commercial construction are set aside for capital improvements, said Mary Walsh, a county administrative analyst. Piru suffered about $3 million in damage during the Northridge earthquake in January, 1994.

Proposed redevelopment projects would include everything from new sidewalks and storm drains to the restoration and improvement of downtown buildings. Housing repairs would also be included.

The primary source of new property taxes to fund these projects would be generated by the planned construction of 113 single-family houses, Walsh said.

If the redevelopment agency is approved, however, she said the $4.6 million could be borrowed outright from the county’s general fund or other sources.

The money would then be paid back over the 20-year life of the redevelopment agency, she said.