THOUSAND OAKS : Jungleland Site Plans Announced

A Los Angeles-based developer announced plans Wednesday to build a $65-million hotel and business complex next to the city’s proposed civic center on the site of the former Jungleland wild animal park.

Lowe Development Corp.’s project, which will be built partly with funds from a Japanese investor, will include a 2,000-seat movie theater, a restaurant and shops at Thousand Oaks Boulevard and Conejo School Road.

The long-awaited announcement was the first public disclosure Lowe officials have made concerning the project since they began negotiating the details with city officials two years ago.

The public will be allowed to review Lowe’s plans and comment on the project at the City Council’s July 31 meeting, when city officials are expected to sign a formal pact with the developer.

The economic details of the agreement will be presented at next week’s City Council meeting.

According to the plan, Lowe will lease an undetermined amount of land from the city. But the proposed agreement includes an escape clause, which allows Lowe to pull out of the deal if the city cannot purchase the 20-acre site--now owned by Asad Morovati--at a reasonable cost by February, 1991.

The city is expected to go to court in October because Morovati wants about $24 million for the site, which the city claims is worth only $12 million.

Also, under the proposed plan, the city will lend Lowe up to $2 million in redevelopment funds over the next five years to get the project off the ground. In addition, the city plans to finance any costs over $9 million for a four-story parking structure next to the complex.

City officials estimate that the project will give the city a generous return on its investment. Mayor Alex Fiore said the hotel, with a moderate occupancy rate, would generate $800,000 in revenue annually for the city.