VENTURA : Redevelopment Plan May Add $90 Million

With the lure of more than $90 million in new tax revenue before them, Ventura City Council members have unanimously approved expanding a redevelopment district to raise money for public improvement projects.

“We’re back in business and we’ll be able to do some projects,” Councilman Gregory L. Carson said.

The larger downtown redevelopment area is expected to raise more than $180 million over 30 years and will allow the city to participate in several proposals that planners hope will regenerate the city’s aging commercial core.

About 50% of the expected revenue will go to the county government, schools and special districts throughout the county, planner Patrick Richardson said.

Adopted in 1978, the city’s original downtown redevelopment area stretches from California 33 to Palm Street and from the Southern Pacific Railroad tracks to Poli Street.

The expanded area adds another 135 acres, reaching east to Ash Street and including a dogleg-shaped parcel between Harbor Boulevard and San Jon Road.

The original redevelopment area raised about $25 million in tax-increment funding over the past 17 years--money generated from the increased taxes received when property values within the area increased.

All but about $1 million of the funds have been spent on downtown projects such as the state Court of Appeal building and the Vons shopping center.

The larger redevelopment area will allow the city to invest more than $90 million in special projects downtown--money that could help fund a parking garage, new retail centers and a multiplex theater.

“The first payment will be in August, 1996,” Richardson said. “But that’s assuming our property values will rise.”