VENTURA : Firm Seeks Deal to Construct 2 Buildings

If the city of Ventura can come up with an incentive package, a developer said Wednesday that his firm will construct two Victorian-style office buildings on a city-owned lot downtown.

The city’s economic opportunity and revitalization committee, a panel made up of three council members, suggested that the Redevelopment Agency negotiate a deal to build the offices at Figueroa Street and Thompson Boulevard.

The development company said Wednesday that it would need more than $140,000 worth of economic incentives to make the project feasible.

Chris Byk of the Carl M. Buck Co. said his firm would need to purchase the 25,900-square-foot lot for $1. He also said his company would need a $100,000 loan and $40,000 in fee waivers or deferrals to turn a profit on the investment.

“This is really not a rich opportunity for us,” Byk said. “It’s more of an opportunity to start a relationship with the city of Ventura.”

While recommending that the proposal be pursued, committee members were cautious about the proposed incentives.

“It is a bitter pill,” Councilman Gary Tuttle said of the offer. “The goal was to buy [the property] and make money on it.”

But “as long as the bottom line is fair to everybody, I can support it,” Tuttle said.

The Redevelopment Agency will consider signing a formal negotiating agreement later this month, Community Services Director Everett Millais said.

The two buildings would be constructed on “Victorian Row,” a one-block stretch of Figueroa Street that already features several refurbished homes as office buildings.