Home › News › County News
Ventura mulls venture capital deal
City Council wants to lure tech companies
Download this story as a podcast!
STORY TOOLS 
More from County NewsThe Ventura City Council tonight will consider entering into a partnership with a venture capital firm to offer startup money to technology-related companies to bring new high-wage jobs to the community.
In two separate actions, city leaders also are expected to address a building-height initiative and approve development guidelines for the Thompson Boulevard and Main Street corridors in midtown.
The city has set aside $5 million to establish a job-investment fund. City staff members are recommending the city partner with DFJ Frontier, a veteran private investment firm based in Santa Barbara.
Critics have cast the money as a gamble because initially there were no guarantees the money would be spent inside the city under a proposal that first surfaced this summer. A revised program under consideration tonight earmarks the money in three ways:
- $3 million would be used by DFJ for investment in companies outside Silicon Valley with DFJ contractually obligated to use its "best efforts" to invest in companies located in Ventura.
- $1.6 million would be dedicated to investments inside the city limits.
- The remaining $400,000 would be reserved for a proposed job incubator program.
Ventura's economy is growing slowly when compared with the county as a whole, punctuated by stagnant job growth and little new housing, UC Santa Barbara economists said this summer.
The council set aside the $5 million a few years ago, pledging it would be used to provide high-wage, high-value jobs.
The council also will consider final revisions to development standards that lower height limits to three stories or roughly 45 feet along more than 75 percent of the Thompson Boulevard and Main Street corridors in the city's midtown area.
The new code also includes detailed regulations to protect views and clarify the design of future development there.
Last, the city clerk will ask the council to certify a building-height initiative that had enough signatures to make a local ballot but not enough for a special election.
The council can adopt it as is, or agree to put it on the ballot for the next regular city election in November 2009.
The proposed measure seeks to limit the height of future buildings in much of the city to 26 feet for up to two years while a view-protection ordinance can be written by a special committee appointed by authors of the measure.
The City Council meets at 7 p.m. at City Hall, 501 Poli St.
Posted by Tom_Johnston on December 17, 2007 at 5:27 a.m. (Suggest removal)
Wait....$3 million for companies outside Silicon Valley? Huh? How does this help Ventura?
Promotion of jobs within the City is a worthy goal, but investments of this sort don't make sense towards that goal.
Is this yet another "Bus to Home" boondoggle??
As far as the "view" initiative...if they are going to allow a "special" committee (read exclusive here) write this law, maybe we don't need a City Council.
Let this bad initiative go to a vote. That's fair, it's they way the process has been designed to work and if the people of this city want to cede the right to set building heights to an exclusive committee of like-minded activists then so be it.
I'll be voting no by the way.
Posted by bbbdugout on December 17, 2007 at 11:57 a.m. (Suggest removal)
So much BS - sending more of our hard earned money elsewhere - but with this city council it doesn't surprise me - remember I warned you - the voters of ventura - that these decisions when made will not really be beneficial to the citizens of Ventura - maybe to the city councils pockets - who cares if we are slow or no growth - it's not always about the almighty dollar - or is it !!!???
Posted by Equitable_Enforcer on December 17, 2007 at 1:17 p.m. (Suggest removal)
"best efforts" is not good enough for this tax payer. The city council needs to get experienced executives from successful manufacturing companies involved in the process if they are to be successful in attracting the right kinds of business to Ventura.
My limited experience has been to go to venture capital folks for funding of a start-up or expansion --- not to give them the money. What our council needs to do is to provide inducements for companies to locate in Ventura. We could facilitate the connection between the idea people and investment capitalists but in no way should we enter in an agreement such as we see noted above where tax dollars are placed at risk.
Posted by NothingButTheTruth on December 19, 2007 at 8:44 a.m. (Suggest removal)
Come on now folks... our City Council is just having fun playing... with "our" money. A shell game. Remember when they said we didn't have enough tax money for police/fire? P-6? Now they have $5 million to GIVE away... most likely to people who've funded their campaigns or stuffed envelopes of money in their pockets. Hey it's a great way to pay off political debts. And Tom, do you really think their building height committee ISN'T going to consist of hillside property owners? What you folks have to understand is that our voters are under the influence of stupid... they just love those BIG $$ election signs... paid for by, well ventura capital companies in a round about way....
Posted by bbbdugout on December 20, 2007 at 9:29 a.m. (Suggest removal)
we have no business entering into ventura capitol with anyone - infact I can't believe the voters would even approved wasting our hard earned tax dollars in this fashion and is it even legal under our city rules of governing - why in the world would we have to do anything to attract anyone to come to Ventura - Look around - this is a beautiful town - if someone wants to bring a business here let them pay - we should give NO Tax or otherwise any other incentive other then it's Ventura - land of sunshine, sand and surf - quit giving the land away to companies who care nothing about our town - only if they can make a profit - To the city council - grow up - and act like Venturians
(Requires free registration.)
Article discussions on this site are to support community debates of issues related to our stories and editorials.
Discussions should not stray from the subject of the story or editorial.
We do not allow the following:
We reserve the right to delete threads and/or ban users for these or other reasons we deem necessary.
Opinions are the sole responsibility of the person posting them. You agree not to post comments that are off topic, defamatory, obscene, abusive, threatening or an invasion of privacy. Violators may be banned. Click here for our full user agreement.