Builder Gets Another Year to Pay Debt
The Camarillo City Council agreed Wednesday to a yearlong delay in collecting a debt of more than $440,000 from a developer.
Council members agreed to give Ventura Farms another year to make a $444,400 payment on its share of the newly opened Carmen Drive crossing over the Ventura Freeway.
The city spent $4 million to build a new, wider freeway overpass, in part because of the increased traffic caused by the Camarillo Factory Stores, which was developed by the Ventura Farms partnership.
Before the factory outlet was constructed, Ventura Farms agreed to pay about one-tenth of the cost of replacing the aging, two-lane Carmen Drive bridge. But members of the development group earlier this year approached a council subcommittee about postponing its payment until June 1997.
After a short discussion Wednesday, the committee recommended the delay, which the council approved. There will also be no interest paid during the 12-month delay.
The partnership’s payment is guaranteed by a surety bond, which was similarly extended through next June.
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