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West Ventura County Focus

OXNARD : New Deal OKd for Ormond Beach Plan

August 19, 1993|PATRICK McCARTNEY

The Oxnard City Council has approved a new financial pact with the company that plans to develop the Ormond Beach area, after the firm was unable to continue payments under its original agreement with the city.

But officials were quick to add that the agreement does not guarantee the approval of Baldwin Co.'s proposed residential project, which will be reviewed by the council next month.

Meeting Tuesday as the Oxnard Redevelopment Agency, the council approved a new payment schedule with the Orange County-based company that is purchasing the option on 214 acres of Ormond Beach wetlands from the city. Baldwin stopped making payments last year on the $1.33-million purchase.

Under the terms of the new agreement, Baldwin has agreed to pay $228,000 to the city immediately and the remaining $780,000 by the end of 1995.

The agreement also gives the city greater leverage by allowing it to foreclose on the company's Ormond Beach property if it defaults on the new agreement.

When Baldwin stopped making payments last year, it left a balance of nearly $350,000 in principal and interest, said Deanna D. Walsh, the city's coastal planner. The company also owes the city $117,000 for expenses and $517,000 for preparation of an environmental study.

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