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VENTURA COUNTY FOCUS | EAST COUNTY / SIMI VALLEY

Council Approves Bond for Housing

April 09, 1998|COLL METCALFE

The City Council has voted to issue a bond to help pay for a large seniors-only housing project near Wood Ranch.

In a unanimous vote this week, Simi Valley council members authorized the city to issue a tax-exempt bond worth more than $6.1 million to help pay for construction of Sorrentos Villas. The debt is to be repaid with rental revenue.

Sorrentos Villas will contain 149 units, 72 of which will be reserved for low-income households, on 5.8 acres off Country Club Drive near the Wood Ranch Parkway. Construction is scheduled to begin at the end of the month.

In August, the council approved an agreement with the developer to build the project with the stipulation that the city would incur no cost in issuing the bond. The city would instead collect $15,400 from the bond proceeds to compensate for staff time used to plan the bond issuance.

Additional funding for the project will come from state grants and tax credits.

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