Agency OKs Funding New Housing Projects

Acting as the city’s Redevelopment Agency, the Thousand Oaks City Council has decided to issue as much as $17 million in bonds to refinance two old bonds and pay for several new affordable housing projects.

City finance officials want to refinance bond issues--from 1985 and 1992--totaling almost $13.4 million that were dedicated to affordable housing. The bonds were used for construction of the Schillo Gardens apartments and a loan to affordable housing group Many Mansions to rehabilitate the Shadow Hills Apartments, among other projects.

City officials would also like to raise money for a series of new housing and redevelopment projects. The bonds would provide:

* $1.3 million to convert the old Goebel Senior Center on Conejo School Road into a child-care center for 101 children.

* $2.2 million to lend to Many Mansions to purchase and rehabilitate the Island Village Apartments near Thousand Oaks Boulevard.

* $2.5 million to acquire some of the land at the former Thousand Oaks City Hall for affordable housing to be built at a later date.

* $600,000 to pay off the loan used to build the city’s Human Services Center.

Councilwomen Elois Zeanah and Linda Parks said they supported a bond issue for all the proposed projects except housing at the old city hall. At their request, the City Council separated the item, voting 5 to 0 to issue bonds for the other projects and 3 to 2 to issue bonds for the housing at the old city hall.

The City Council also voted to hire Mark Young of Dillon Reed & Co. as underwriter of the bond issue. Dillon was underwriter of the 1992 financing.