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Council Approves Third Extension for The Lakes; $100,000 Option Fee to Support Navigation Center
Summary
The City Council approved amendments extending the purchase and sale agreement deadline for The Lakes mixed‑use project and extending the development agreement term; the developer will pay a nonrefundable $100,000 option fee intended to fund the navigation center's operating gap.
Thousand Oaks City Council on Oct. 7 approved amendments to the purchase and sale agreement and extended the development agreement for The Lakes mixed‑use project, a planned residential development on the city‑owned parcel at 2200 East Thousand Oaks Boulevard.
The vote cleared 4–1, with Mayor Newman voting no. Council member Adam moved to approve staff recommendations; Council members Engler, Gutierrez and Mayor Pro Tem Taylor voted yes. The amendments extend the development agreement term to March 29, 2031, and add an option to extend the closing date for the purchase of the property to June 30, 2028, in exchange for a nonrefundable $100,000 payment from the applicant. Staff recommended directing that payment to the navigation center operating expenditures for 2027–28.
Why it matters: The project was originally approved in 2021 as an up to 165‑unit apartment development tied to a community benefit obligation. The purchase price is fixed at $2,000,000 under…
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