The Lakes shopping center becoming another revenue producer for T.O.
By Sophia Fischer sfischer@theacorn.com

It's been nearly a year since The Lakes opened in Thousand Oaks. Off-site improvements are almost complete, and the city is realizing sales tax revenue from the $40-million dining/retail project.

During the last quarter of 2005, the city received $55,607 in sales tax revenue from The Lakes. Updated figures were not yet available but Thousand Oaks will collect about $250,000 annually, according to city Economic Development Manager Gary Wartik.

That revenue will help offset the money the city spent on the project. As part of an agreement with Caruso Affiliated, developer of The Lakes, the city agreed to construct related off-site improvements at its own expense. These include widening of Conejo School Road, installation of an equestrian trail and a new traffic signal, and construction of a bus loading area, landscaping and irrigation adjacent to the Civic Arts Plaza.

The agreement also included about $1.17 million in police, flood, school and water connection fees for Caruso. Total cost to the city was $3.7 million offset by $1 million from state gas tax fund earnings and $400,000 from development funds.

Improvement fees went about $170,000 over budget, according to senior planner Haider Alawami.

"The project was approved four or five years ago. At the time nobody anticipated what the cost would be," Alawami said. "The city set aside money but the cost of things has gone up."

Alawami says the agreement between Caruso and the city has accomplished what was expected.

"We have tax revenue and you get a project that benefits the community overall with a lake, park and amenities," Alawami said.

A Tommy Bahama clothing store opened recently in the center, joining Brighton Collectibles, Claim Jumper and PF Chang's.

"The restaurants seem to be doing quite well and the other retailers in there are doing quite nicely," Wartik said.