Sylmar : Council OKs Studies for Silver Oaks Plan
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The Los Angeles City Council gave a preliminary go-ahead for the use of special financing to help a private developer build a business park, residential development and 18-hole golf course in Sylmar.
The council voted Tuesday to allow the developer of the so-called Silver Oaks project near the intersection of the Golden State and Foothill freeways to conduct studies needed to set up a Mello-Roos assessment district.
A Mello-Roos district allows the developer to finance the project with tax-free municipal bonds, which would then be paid off by levies assessed on the property owners. The land is used as collateral for the bonds.
The 262-acre project--once known as the Sunset Farms Business Park--calls for the construction of 1.9 million square feet of office space, a golf course, a clubhouse and 46 single-family homes on rural, vacant land off Foothill Boulevard.
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