Builder Says Easier Access Worth Paying For

Although it would mean paying a new tax, owners of the former Esplanade mall say they are willing to share the cost of a massive revamping of the Ventura Freeway-Oxnard Boulevard interchange.

“We’re very much in support of the project,” said David Geiser, director of design and construction for M and H Realty Partners, the property’s owners and developers. “It’s going to be a major benefit.”

The 35-acre Esplanade property is one of dozens that would be included in three proposed assessment districts to help pay for the $113.5-million project. Other properties are in the Wagon Wheel area, RiverPark and adjacent neighborhoods inside and outside the city.

The project would add a 12-lane bridge on the Ventura Freeway over the Santa Clara River, a freeway interchange at Oxnard Boulevard and extra lanes to the freeway between Vineyard Avenue and the Montalvo railroad crossing.

“We want to alleviate the congestion, improve the traffic flow to the businesses and improve safety,” said Mike More, a financial analyst with the city.

Construction will take place between April 2002 and March 2006. The city of Ventura and the state will pay a combined $90 million of the cost, and Oxnard will contribute more than $8.2 million.

With additional costs added in, such as the cost of administering the districts, that leaves property owners to pick up an estimated $17.6-million tab.

The city is proposing three assessment districts to property owners in the area, with their contributions based on the amount of traffic their properties generate. Owners will cast mail-in votes to decide whether to assess themselves to help pay for the interchange upgrades.

“We’ve had a very favorable response,” More said. If the districts are rejected, the city would have to find the money elsewhere.

M and H’s contribution to the project is estimated at $1 million, Geiser said. The company supports the project because it will provide shoppers easier access to The Esplanade site.

The company wants the interchange project to get started before prices rise, Geiser said.

“They’re after us for quite a bit of money,” he said. “We’re concerned about the escalating costs.”

The council plans to discuss the districts at a meeting in late October, More said. After that, ballots will be mailed to property owners.