Council to Consider Refinancing Bonds

The City Council, acting as the city’s Redevelopment Agency, on Tuesday will consider a plan to issue as much as $17 million in bonds to refinance two old bonds and pay for several affordable-housing projects.

Thousand Oaks finance officials would like to refinance two bonds that were issued in 1985 and 1992, totaling almost $13.4 million. The bonds were used for construction of the Schillo Gardens Apartments and to provide a loan to the affordable-housing group Many Mansions to rehabilitate the Shadow Hills Apartments, among other projects.

City officials would like to raise money for a series of new housing and redevelopment projects. The bonds would provide:

* $1.3 million to convert the Goebel Senior Center on Conejo School Road into a child-care center for 101 children.

* $2.2 million to lend to Many Mansions to purchase and rehabilitate the Island Village Apartments near Thousand Oaks Boulevard.

* $2.5 million to acquire some of the land at the former Thousand Oaks Civic Center for affordable housing to be built at a later date.

* $600,000 to pay off the loan used to build the city’s Human Services Center.

Council members will consider a recommendation by city staff to hire Mark Young of Dillon Reed & Co. as the underwriter of the bond issue. Dillon Reed was the underwriter of the 1992 financing.