OXNARD — A progress report on a proposed Pacific Spaceport amusement park planned for Ormand Beach in Oxnard has been accepted by the City Council, which also agreed to continue negotiations with the SRE Development Corp. of Los Angeles.
SRE paid the city $100,000 for exclusive negotiating rights for the 300 acres of land needed for the project.
The city's redevelopment administrator, Dennis Matthews, said thatSRE has completed some of the city's requirements and will soon meet the rest, including a report on cost and revenue projections for each part of the project and proof that SRE has $15 million worth of financing.
John Hagen, SRE president, told the council that a hotel operator will be named in May, and that a bond issue to finance a portion of the project is being prepared.
SRE is negotiating to enter into a joint venture development agreement with the Paragon Group, one of the nation's 12th largest privately held development company, Hagen said.