By A.J. Hazarabedian
Pacific Oaks Federal Credit Union will have more time to negotiate with the owner of Carriage Square shopping center in the city of Oxnard, in an attempt to prevent the city from having to proceed with eminent domain.
The Ventura County Star reported in their article, “Oxnard gives credit union time to avoid eminent domain,” that the property owner, Upside Oxnard LLC, and the credit union will spend this time trying to reach an agreement.
The problem involves the potential relocation of the credit union. The property owner, who is also the developer, plans to bring a Lowe’s store to the center, which would require the credit union to move out. Per the article, the credit union believes their customers will be inconvenienced and that a new location will mean higher rent for less space.
Pacific Oaks Federal Credit Union is hoping to stay in the center as part of the new development. However, Upside Oxnard LLC plans to demolish most of the older buildings which includes the credit union’s space.
The two parties have less than a week to come up with a mutually agreeable solution, as the City Council is prepared to hold a special meeting Tuesday, August 3rd.