SIMI VALLEY : Plan Seeks to Lure Mall Developer
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Forging ahead with efforts to lure a developer for a long-sought regional mall, the Simi Valley City Council tonight will consider a plan to option a large plot set aside for the project.
The land, located north of the Simi Valley Freeway near 1st Street, is composed of two parcels totaling 80 acres and valued at about $11 million.
The option would cost $2,000 for the first six months, an additional $50,000 for the next six months and $100,000 for a third six-month period.
Under the plan, the city would pay the initial $2,000. Ideally, it would then hand the deal off to a developer who would actually purchase the property.
The plan is the city’s most recent attempt in a decades-long effort to make the property appealing to a developer.
The most recent deal fell though seven years ago when the economy soured. The city then bought 32 acres west of the mall site with the hope of drawing a developer.
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