Mall Tax-Sharing Plan Focus of Forum

Ventura residents are invited to a community workshop Wednesday on a proposed tax-sharing plan between the city and developers of the Buenaventura Mall.

The workshop is being held in advance of a Jan. 8 public hearing in which the City Council will consider a $50-million proposal to expand and improve the 30-year-old shopping center.

Part of the package that council members will be asked to vote on at that meeting is a draft development agreement between mall owners MCA Buenaventura Associates and the city.

Under the agreement, the developer would pay $12.5 million for street improvements. That money would be returned to the developer by the city, out of its increased share of sales tax revenue, over 20 years.

Factoring in interest, city officials estimate it will cost the city $32.5 million by the end of the 20 years.

The tax-sharing plan has been sharply criticized by some tax advocates and is the subject of a March 26 ballot initiative that seeks to kill the deal and prevent the city from engaging in any future tax-sharing deals.

The workshop is designed to allow residents to ask questions of city staff members.

“It gives us an opportunity to field their questions, provide answers and get ready for Jan. 8,” said Steve Chase, assistant to the city manager. “We need to hear from you folks.”

The workshop will be held in the community meeting room at City Hall at 6 p.m.

For more information about the meeting or the mall project, call 654-7755.