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Ventura to buy parking structure with ocean view
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More from Other NewsThe Ventura City Council agreed Monday to spend $6.25 million to purchase an aging and partially damaged parking structure overlooking the ocean.
By a 7-0 vote, the council will buy the parking garage at California Street and Harbor Boulevard and terminate an existing and complicated sale and lease agreement first put in place when the structure was constructed in 1983.
The sale would give the city full control over the structure, and could open the door to redevelopment at the valuable beach-facing property, city redevelopment staff said.
The sale price is consistent with an independent appraised value, staff told the council. Escrow is to open immediately and close by December.
Lexington Realty Trust, the current structure owners, told staff it wanted to sell the structure as part of a plan to liquidate properties nationwide that are not office or industrial and have long-term tenants.
The city's current lease agreement with Lexington runs through November 2013 and the city is scheduled to pay $5.72 million through the term, reports show. The city would also be required to make some $1.2 million in improvements to the aging structure during that time. Part of a concrete wall facing the beach has eroded.
To pay for the structure, the City Council agreed to refinance 1995 lease revenue bonds.
The 30-year financing plan will allow the city to cover the price of the structure and closing costs, and put $1.2 million toward park improvements, likely at Plaza Park downtown, staff said.
Posted by unclneal on October 30, 2007 at 7:18 a.m. (Suggest removal)
as usual, a day late and a dollar short
they should have bought the property years ago when the price was lower
what happened to their foresight and long range planning?
Posted by at8man on October 30, 2007 at 8:02 a.m. (Suggest removal)
Someone will obviously make money on this deal, one can reasonably deduce that it won't be the city or residents of Ventura!!!
Posted by Equitable_Enforcer on October 30, 2007 at 8:25 a.m. (Suggest removal)
Along with the upgrade, I'd suggest the installation of video surveillance equip in both the California/Harbor and Santa Clara parking structures as well as some other strategic locations in the city. Data would be fed to a monitoring console at VPD's comm center.
Ventura has an outstanding police department --- but too much territory to cover with too few officers. Would such surveillance equipment be of value?
Posted by sslocal on October 30, 2007 at 9:22 a.m. (Suggest removal)
"Would such surveillance equipment be of value?"
Only if your with the police department.
Posted by FedUp on October 30, 2007 at 11:35 a.m. (Suggest removal)
surveillance equipment is extremely necessary in a parking structure nowadays. too many idiots dealing, and doing drugs. it is not a very safe place to park anymore. video surveillance is a known deterrent to crime. not all crime, but some.
Posted by NothingButTheTruth on October 30, 2007 at 6:28 p.m. (Suggest removal)
TimeArrow, sslocal & FedUp, the City of Oxnard has video surveillance equipment monitored by Community Service Officers. Similarly, the parking structure at Pacific View Mall is monitored by Mall Security Officers. It's too bad we taxpayers have to spend money to do this, but it's the day and age we live in.... sad.
Posted by samuelbosworth on October 30, 2007 at 6:54 p.m. (Suggest removal)
The surveillance wouldn't work. The mall security is a joke with their system. They don't care! My wife and I had gotten 2 bikes within a month. I don't put much faith into it working too good for the Harbor/California garage as well.
Posted by lrgvanman on October 30, 2007 at 7:28 p.m. (Suggest removal)
Goodie! More housing? What is up?
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