PIRU : Redevelopment Zone to Be Considered

The Ventura County Board of Supervisors has agreed to study formation of a redevelopment zone in Piru, a move that could generate millions of dollars in revenues to help rebuild the earthquake-ravaged community.

The board voted this week to approve a $24,000 contract with a private consultant to work with Piru officials in completing a redevelopment plan.

Based on a 2% growth rate, a 20-year redevelopment zone in Piru could generate $4.6 million in net revenues that could be used for rebuilding, a preliminary study has found. Piru, a community of 1,200 residents, incurred $3 million worth of damage in the Northridge earthquake.

The redevelopment study area includes about 70 acres of residential and commercial parcels in the community, said Mary Walsh, a county administrative analyst. In a redevelopment zone, property taxes from new residential or commercial construction would go to pay for capital improvements, Walsh said.

The primary source of new property taxes would be generated from the construction of 113 single-family houses ranging in cost from $159,000 to $170,000, she said.