The Ventura City Council last night approved a partnership with a Santa Barbara venture capital firm to offer startup money to technology-related companies.

The city agreed to spend $5 million in an effort to bring new high-wage jobs to the community.

Most of the money will go to a partnership with DFJ Frontier, a veteran private investment firm based in Santa Barbara.

DFJ will be given $3 million for investment in companies outside Silicon Valley with DFJ contractually obligated to use its "best efforts" to invest in companies located in Ventura.

An additional $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.

Council members said DJF's proven track record and the potential rewards offset the risk of the money being spent on failed ventures or on companies outside the city. The council added a requirement that proceeds of the investments be put back into the partnership and help fund future start-ups or other job-increasing efforts.

In other action, the council unanimously approved new development guidelines for the Thompson Boulevard and Main Street corridors in midtown. In the works for months, the new development standards will lower height limits to three stories or roughly 45 feet along more than 75 percent of the two corridors.

The council also instructed city staff to examine potential impacts of a building-height initiative that has enough signatures to qualify for the ballot. The impact report must return to the council in January, under election law.

During that time, the City Clerk also will contact the county elections division to review alleged descrepancies raised by the initiative's backers.

Signature-gatherers for the measure claim they submitted 2,419 sheets containing signatures, while a county report notified the city it counted 2,318 petition sheets, officials said. Supporters contend the uncounted petitions could provide enough signatures for the initiative to qualify for a special election, which would have to be held next year. Otherwise, the initiative would go on the city's next regular 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.