Agoura Hills happy with selling price of land at Oak Creek
By Stephanie Bertholdo
Acorn Staff Writer

It’s either more confusion over the Oak Creek development in Agoura Hills or political posturing is continuing to occur during another municipal election.

Louis Masry, campaign manager and spokesman for Alex Soteras, a challenger in the Agoura Hills City Council race, has said the city shortchanged itself by basing the sale of the 5½-acre city parcel that’s part of the 40-acre Oak Creek project on a five-year-old appraisal. Several writers of letters to the editor have made similar claims.

According to the development agreement, the city sold the parcel on Canwood Street to SL Agoura Hills, LLC, for $550,000. The appraisal was dated May 21, 1997. Masry added that since the property was up-zoned for high density housing, its value was far greater than the $550,000 that Snyder Co. paid.

Dave Adams, Agoura Hills city manager, readily admitted that the property was sold at the appraised value of $550,000. The project data report, however, outlined that the purchase of the city-owned property was part of the land exchange agreement for the new city library. As part of the land exchange, the city would also save an estimated $2 million after the dedication of the 2.4 acres of land for the Kanan Road/101 Freeway interchange project, according to Adams. The development firm also designated 14.32 acres of open space to the city.

Other project impact fees incurred by the developer overshadowed the cost of the city-owned parcel, according to the project data report.

Initial negotiations for the land acquisition began several years before the development agreement was signed, but more importantly, Snyder Co. was responsible for other expenses, according to Adams.

Project impact fees, including the "Low-Moderate Income Housing In-Lieu Fee" totaled more than $1.6 million, while traffic improvement fund (TIF) fees for traffic that will be created by 336 residential units, two office buildings and three restaurants, amounted to nearly $1.5 million.

Street improvements that included the widening of Canwood Street in addition to a new access road totaled $3.15 million and more than $800,000 was paid to Las Virgenes Unified School District for new student enrollment.

Snyder Co. also paid more than $70,000 for oak tree habitat replacement, and since the site is located on lava rock, the grading was expensive. The development firm also saved the city substantial money by removing two billboards and condemning and demolishing the Denny’s restaurant and three small buildings, according to Adams.