Board OKs Agency for Piru Recovery

Ventura County supervisors Tuesday approved the formation of a Piru Redevelopment Agency, which is expected to generate $4.6 million to rebuild the earthquake-ravaged community.

The agency will use property taxes from new or expanded residential or commercial construction to pay for capital improvements, officials said. Piru, a community of 1,200, suffered about $3 million damage in the Northridge earthquake.

Proposed redevelopment projects include construction of new sidewalks and storm drains, as well as the restoration of downtown buildings, officials said. Housing repairs will also be included.

Although the primary source of the new property taxes will come from a planned housing project, the Redevelopment Agency will probably borrow the $4.6 million from the county’s general fund or other sources in the meantime, officials said. The money will then be paid back over the 20-year life of the agency.