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Oxnard OKs Financing Deal for Hotel to House L. A. Raiders

December 01, 1985|From a Times Staff Writer

OXNARD — The City Council has approved a $10.6-million, bond-financing plan for land purchase and improvements to the site of the hotel that is to house the Los Angeles Raiders while in summer training camp.

The first 70 of the 250 rooms in what is tentatively named the River Ridge Radisson Hotel, are to be completed by July 1, in time for the Raiders to open the training facility on 4.5 acres adjacent to the hotel. The Raiders will allow the city use of the field when the team is not using the practice site. Construction of the hotel near Ventura Road and Vineyard Avenue is expected to begin in January.

The city will own the land that the hotel project will occupy, and in return, will initially lease the land for 55 years to the hotel operators who will also pay the city $679,000 a year toward retirement of the bonds.

The hotel is being developed by Inner Cities Equities of Beverly Hills, which expects to complete the remaining 180 rooms and other facilities by July, 1987.

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