The Ventura County Community College District Board of Trustees approved Chancellor Bernard Luskin’s and the Board Committee on Finance and Capitol Resources recommendation to the Board of Trustees to purchase a 40,000 square feet office building in Camarillo, CA, to relocate the District Administrative Center. The building is situated on 3.53 acres of land located at 730 Paseo Camarillo Road. The asking price is $5.1 million.

Action item 13.04 on the January 19 Board agenda recommended the district purchase and renovate the building using unallocated reserves of $6.6 million and a 1998 Certificate of Participation of $1.2 million for a total of $7.5 million. In addition to the purchase, renovations are estimated at $2.3 million.

The District has leased its current offices at 255 West Stanley Avenue, Ventura, CA, from the Ventura Unified School District since 2006. They occupy 24,000 square feet for $33,645 per month or approximately $400,000 per year – the equivalent of purchasing a $7.5 million property and making $400,000 annual payments for 30 years. The lease agreement ends on January 31, 2017.

“This is both an economic and need-based decision,” said Larry Kennedy, Chair of the Board of Trustees. “The cost is in alignment with what the District is currently paying for space, and the building is the appropriate size for long-term growth and sustainability. We will save a great deal of money over time.”

At the June 16, 2015, Board meeting, the Chancellor was authorized to enter into negotiations to purchase property for the relocation of the DAC and enter into a Real Estate Agreement with Center Commercial Realty Advisors to assist with the property search. Vice Chancellor Dave Keebler and Board Trustee Arturo Hernández have been chairing the sub-committee and toured several properties in Camarillo and Oxnard.

“In addition to being centrally located and convenient to all of our employees and stakeholders, the total benefits outweigh the costs,” said Bernardo Perez, Vice Chair of the Board of Trustees. “According to our preliminary budget, we should realize a $150,000 to $300,000 operating savings per year beginning in the second year while maintaining a prudent reserve balance consistent with board policy.”

Escrow is anticipated to open immediately with a $75,000 deposit required within seven days of execution of the Purchase and Sale Agreement.

The Ventura County Community College District is a member of the 113-campus California Community College system, and serves more than 50,000 students annually. The District’s three colleges- Moorpark, Oxnard, and Ventura- offer programs in general education for degrees and certificates, transfer to four-year colleges and universities, career technical education, and provide opportunities to engage in co-curricular campus activities. For more information, please visit www.vcccd.edu.