The Conejo Valley Recreation and Park District (CRPD) is set to acquire Fireworks Hill and the Hillcrest Center for $30 million. The purchase, which includes 60 acres of land and two historic buildings, is expected to be finalized by the end of June.

Financing the Purchase

The CRPD will use a combination of its capital reserves and a lease-leaseback financing arrangement to fund the purchase. The district’s capital reserves will contribute $13.4 million, while the Santa Monica Mountains Conservancy will provide $2 million contingent on the preservation of 30 acres of public open space at the top of Fireworks Hill.

The lease-leaseback financing arrangement will allow the district to spread payments over 20 years without requiring voter approval. Annual payments are expected to total around $1.14 million at a fixed interest rate of 4.46%.

Preservation Efforts

The acquisition of Fireworks Hill and the Hillcrest Center is seen as a significant preservation effort for the community. The Hillcrest Center, which once served as Thousand Oaks City Hall, is home to the Arts Council, the Young Artists Ensemble, and the Art Gallery.

CRPD Board Chair Nellie Cusworth reflected on the significance of the acquisition, stating, ‘We’ve saved a mountain, and two historic buildings. We would have lost the Hillcrest Center for the Arts, the Arts Council, the Young Artists Ensemble, and the Art Gallery. This could have all gone to development, but we have gained a lot for our community.’

Original reporting: Thousand Oaks Acorn — read the source article.