Bonds may finance interchange
Springville housing development slated for 1,350 homes
By Daniel Wolowicz camarillo@theacorn.com

A group of landowners are inching closer to the development of a 1,350-unit housing community to stretch along the north side of the 101 Freeway between Las Posas Road and Central Avenue in Camarillo.

Financial consultants representing the four families who own the 170-acres of farmland met with the Camarillo City Council last week to discuss a plan that would finance the $30 million Springville Drive freeway interchange needed to make the housing development a reality.

The interchange project would provide on- and off-ramps between Las Posas and Central Avenue to the property bordered to the north by the base of Spanish Hills and to the south by the 101 Freeway.

City Manager Jerry Bankston said the landowners want to form a special assessment district in order to finance bonds to pay for the interchange.

In addition to the four landowners that make up the housing development-- Rancho Associates, Laro Inc., Ran Associates and the Borchard family-- Fred Ferro, who owns 75-acres zoned for light manufacturing and industrial on the south side of the freeway, would also be part of the special assessment district.

A special assessment district, which must be approved by a city council, is sometimes created to assist a private developer to raise money for major public projects.

According to city officials, in order to finance the interchange, the developers will assess each home a certain amount-- between $18,000 to $25,000-- which will be the responsibility of the landowners and the developers to pay.

Whether the additional cost makes its way back to the eventual sale of the home is unknown, however, the City Council has told the developers that they cannot expect the homebuyers to pay a second deed on the property.

The interchange, Burrow said, will be financed over 30 years.

Bankston said the city and the landowners have been in negotiations to develop the land for nearly five years- the time it's taken Caltrans to approve construction permits for the interchange.

Caltrans gave their okay to the interchange earlier in April.

Now, Bankstson said, the city is expected to move forward and certify the environmental reports, approve the rezoning of the property and have the City Council vote on the landowners' request to create a special assessment district.

The landowners will then vote amongst themselves whether or not to become a special assessment district.

The city manager said all those requirements should be done by April 2008 so construction can begin on the interchange before the state permit expires.

In a best case scenario, Bankston said, the city will break ground on the interchange by July 2008.

Officials said the city has approved a $7 million project to underground utility lines and storm drains along Ventura Boulevard in preparation of the interchange. In total, the city will use some $19 million to help finance the project.

Also in conjunction with the interchange, Westlake Village-based Selleck Properties will pay for a $9 million four-lane extension of Ventura Boulevard on the south side of the freeway that will connect the roadway from behind Home Depot's parking lot to Bajo Agua Avenue.

The boulevard's extension is needed for the interchange and will border a 45-acre shopping center to be developed by Selleck Properties.

If construction of the interchange goes as planned, it will be completed by 2010, he said, when construction on the homes can begin.

Most of the homes will be multi-unit housing, similar to the 330acre Village at the Park development on the opposite side of the freeway, Bankston said.

The completion date for the housing development is slated to be around 2017.

It will include 10acres of commercial property and a 12-acre park.

Bankston said most of the children from the development would probably attend Las Posas Elementary School.

According to Bankston, Ferro-- owner of the 75 acres on the south side of the freeway-- plans to develop his property as it is currently zoned for 800,000 square feet of research and development and light industrial space.

"Quite honestly, he has no interest and we're certainly not pursuing anymore commercial," Bankston said. "We feel that job creation and job placement is an important value that can come from that land."