City Lends $400,000 to Development Panel
Camarillo officials have agreed to lend $400,000 of city money to the Community Development Commission, a newborn panel that will oversee redevelopment activities in the city.
The five members of the City Council will also serve on the panel, which promised to repay the money at 10% interest on or before June 30, 1998.
The resolution, approved unanimously Wednesday, was the latest in the city’s effort to help rehabilitate some of the older parts of the city.
Merchants along Ventura Boulevard have long complained that not enough is being done to stimulate business in their neighborhood. So the council decided earlier this year to establish a redevelopment zone, although its boundaries have not yet been approved.
State law allows tax money generated by new investment within redevelopment districts to be directed to special public improvement projects.
Redevelopment agencies--or, in Camarillo’s case, the Community Development Commission--are allowed to borrow against those tax revenues and issue bonds to pay for the projects in advance of receiving the taxes.
The commission Wednesday also adopted its official bylaws and a conflict-of-interest code, and directed staff to continue planning for the district.
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