Advertisement
YOU ARE HERE: LAT HomeCollections

Innovative Sales Tax Agreement Leads to Building Auto Center

August 23, 1987

Construction has begun on the Oxnard Auto Center, thanks to an innovative sales tax agreement between the City of Oxnard and the businesses that will operate in the 72-acre complex.

Viggo Boserup, president of Continental Heritage Corp. and developer of the auto center, reached an agreement with city officials that calls for reimbursements to the estimated 12 businesses that will operate in the new center when it is completed later this year. The payments will be based on the amount of sales tax revenue each dealer generates over the next 30 years.

Boserup said the arrangement will benefit the city and the businesses because the reimbursements and the money needed to make public improvements for the project will be funded solely by the tax revenue the auto center generates.

Oxnard Auto Center is part of Plaza del Norte, a 165-acre commercial development between Rose and Santa Clara avenues on the north side of the Ventura (101) Freeway.

Advertisement
Los Angeles Times Articles
|
|
|