Coastal Panel Delays Harbor Housing Vote

The California Coastal Commission postponed a vote Thursday on whether to allow the cash-strapped Ventura Port District to develop land adjacent to the harbor for residential use.

Meeting in Carmel, the commission put off the vote to allow panel members more time to study the Ventura Port District’s proposal to build more than 300 apartment units on the vacant parcels of land.

The panel will take up the issue at its May or July meeting.

The Ventura Port District, which filed for bankruptcy in August 1993, would like to zone the property for residential development to help pay off more than $22 million in overdue loans and debts.

Ed Wohlenburg, the district’s general manager, estimated the district could collect more than $600,000 a year in lease payments if the project is approved.

“This is a key element in our long-term plan to pay off out creditors,” Wohlenburg said.

“Without it, we’ll probably have to restructure the whole plan.”

While it is unclear whether the commission will approve the proposal, Wohlenburg hoped that the appointment of new panel members may bode well for the ailing port district.

However, the commission’s role is to interpret and enforce the California Coastal Act, which places greater emphasis on developing land for public rather than private use.

Currently, the port district owes $4 million to the California Department of Boating and Waterways and $18 million to a number of other creditors including Ventura Group Venture Inc., which won a $15.7-million judgment against the port district in 1991 after the district bowed out of a development project.

Wohlenburg said the district has been trying to develop the land for commercial use for 10 years, but has had difficulty finding investors.

In addition to the proposed residential development, the port district is planning to restructure its financing and loan payments and generate more income through rent from the Harbor Village.

The district would also like to borrow money from the district’s annual $3-million dredging program, a plan that some residents have vehemently opposed.