THOUSAND OAKS : Consultant to Study Mall Bond Issuance

The Thousand Oaks City Council on Tuesday voted to study the feasibility of financing part of the Janss Mall expansion by issuing bonds worth $35 million.

The Janss Corp. agreed to pay $75,000 for a consultant to study the bond issue, which would generate quick cash for projects such as a multistory parking garage, new landscaping and street widening.

Those improvements are part of a long-planned mall expansion. Although the renovations are expected to cost only about $18 million, the Janss Corp. asked the city to set the maximum bond issue at $35 million, in case of unexpected cost overruns.

To pay back the bonds, the Janss Corp. has proposed forming a special assessment district--in effect, taxing itself and its tenants for the next three decades.

Council members said they supported the bond-and-tax plan because the Janss Mall renovations deserve city support. The expansion should bring in more sales tax revenue, they said, and rejuvenate one of the city’s oldest shopping plazas.