TO:Andrew P. Powers, City Manager
FROM:Kelvin Parker, Community Development Director
DATE:January 27, 2026
SUBJECT:Development Agreement Status Review
RECOMMENDATION:
1. Receive and file Development Agreements status review.
2. Find that this action is not a project as defined under the California Environmental Quality Act.
LEVINE ACT ITEM: No
FINANCIAL IMPACT:
No Additional Funding Requested. Minimal staff time required to prepare the report is included in the Adopted FY 2025-26 General Budget.
BACKGROUND:
A Development Agreement (DA) is a legally binding agreement between the City and a property owner or developer that establishes the terms and conditions under which a project or area may be developed, including applicable regulations, obligations, and public benefits, and is intended to create mutually beneficial terms for both parties that help facilitate the development of the project or area. DAs are intended to provide certainty to both the City and developers regarding the timing, scope, and responsibility of a project, including infrastructure, public improvements, and other obligations.
DAs are authorized by California Government Code Sections 65864 - 65869.5.
Section 65865(b) requires cities to “establish procedures and requirements for the consideration of development agreements.” These “procedures and requirements” are codified in Title 9, Chapter 11 of the Thousand Oaks Municipal Code. Pursuant to Thousand Oaks Municipal Code Section 9-11.13 (a process required by California Government Code Section 65865.1), the Community Development Director shall review for compliance each DA every twelve (12) months from the date the agreement is entered. The applicant, or successor in interest, shall have
Development Agreement Status Review
January 27, 2026
1 4
5 5
the burden to demonstrate good faith compliance with the terms of the agreement.
The determination shall be based upon the evidence presented.
DISCUSSION/ANALYSIS:
This report documents the periodic review required by Thousand Oaks Municipal Code Section 9-11.13 and provides City Council with a progress and implementation update on the eight DAs currently in effect, including an assessment of whether developers are acting in good faith and complying with the terms of their agreements.
Staff provided a 30-day notification requiring each DA holder to submit information necessary to evaluate compliance with the terms of the DA. This information included, but was not limited to, building permit activity (preparation, permit review or issued), construction activity, payment of fees, preparation of affordable housing agreements, public improvements, undergrounding of overhead utilities, and any other terms specified in the DA.
Based on the information submitted by the applicants, the Community Development Director has determined that all eight DAs comply with the terms of their respective DAs (Table 1. Summary of Development Agreements Status).
Five DAs are actively pursuing permits and construction, making good faith efforts toward project completion, paying the required fees, and installing the necessary public improvements. The remaining three DAs are not currently in plan check but remain in compliance with the timelines stipulated in their respective DAs.
Table 1. Summary of Development Agreements Status
Project
Name/Location
Project
Description
Effective
Term
Public Benefit –
Deferred Fees
Status
2020-70273-
DAGR
Daylight
Thousand
Oaks LLC
1872 Newbury
Road
Mixed-use
development
of 218
multifamily
units
and 120-
room hotel
3/22/2022-
3/22/2029
26 low-income
units
Hotel
construction
Maintaining
Timber School
Historic
Landmark
In Compliance
Apartments are under
construction with
completion targeted for
February 2027.
Condition compliance
is occurring.
Hotel is in grading and
building plan check &
condition compliance.
Development Agreement Status Review
January 27, 2026
1 4
5 5
Project
Name/Location
Project
Description
Effective
Term
Public Benefit –
Deferred Fees
Status
2021-70399-
DAGR
Kmart/IMT
Capital V
Hampshire
LLC
325 Hampshire
Road
Mixed-use
development
with Density
Bonus for
420
residential
units, 15,000
SF of
commercial
and
5,000 square
foot two-
story
stand-alone
amenity
building
8/11/2022-
8/11/2029
50 low-income
units
4 moderate
income units
Publicly
accessible
plazas
Sustainability
features
Fee deferral 24
months
In Compliance
Final Building Plans
submitted and
reviewed
Rough/Precise Grading
and shoring
commenced
Building Plans to be
issued Q1 2026
Construction to
commence by Q3 2026
Affordable Housing
Agreement approved
Underground utility
design under SCE
review
2021-70437-
DAGR
T.O. Lakes,
LLC
2200
Thousand
Oaks
Boulevard
Multi-family
development
for 165
apartment
units
3/22/2022-
3/29/2031
Contribution of
$79,365.08 per
unit
($13,095,238.20
total) per
payment
schedule
In Compliance
Post approval
permits/applications
have not been
submitted.
Development team is
working on an updated
design in substantial
conformance with the
approved entitlements.
2022-70822-
DAGR
88 Long Court
– SJG Long
Investment
Project
88 Long Court
Multi-family
development
with Density
Bonus for 73
apartment
units
5/25/2023 -
5/25/2030
6 very low-
income units
2 moderate
income units
Fee deferral 24
months with
option for 6-
month extension
In Compliance
Post approval
permits/applications
have not been
submitted.
Construction to
commence by June 30,
2027, or the agreement
is terminated.
Development Agreement Status Review
January 27, 2026
1 4
5 5
Project
Name/Location
Project
Description
Effective
Term
Public Benefit –
Deferred Fees
Status
2022-70511-
DAGR
Shapell SoCal
Rental
Properties LLC
1300 Rancho
Conejo Blvd.
Multi-family
development
with 27
apartment
units
6/20/2023 -
6/20/2028
4 moderate
income units
Completes new
wing of larger
apartment
complex
In Compliance
Estoppel Certificate
issued in November
2025.
Actively in plan check
(Grading, Building, &
MEPs) & condition
compliance.
Lot merger recorded,
and Wastewater fees
paid, and Grading
Bond approved.
Owner shall commence
apartment extension on
or before 04/25/2026
(termination date if no
construction at all).
2022-70777
DAGR
Latigo
Hillcrest LLC
2150 West
Hillcrest Dr.
Mixed-use
development
with Density
Bonus for
333
apartment
units, 5,300
SF of
commercial,
and 1,050
SF of
work/share
space
8/17/2023-
8/17/2030
30 very low-
income
units
3 moderate
income units
Sustainability
features (EV
charging, solar,
all electric
utilities, E-bike
stations)
In Compliance
Grading and Building
Permits have been
issued or have
significantly progressed
through review.
Rough grading and
foundation construction
have begun.
Affordable Housing
Agreement approved.
Owner submitted plans
for remaining building
permits on 9/27/24.
Development Agreement Status Review
January 27, 2026
1 4
5 5
Project
Name/Location
Project
Description
Effective
Term
Public Benefit –
Deferred Fees
Status
2023-70001-
DAGR
Cherry Tree
Development
LLC
Mixed-use
development
with Density
Bonus for
328
apartment
units and
8,500 SF of
commercial
10/15/2024–
10/15/2031
44 low-income
units
Publicly
accessible
plazas
Underground
66Kv overhead
electrical lines
Sustainability
features (EV
charging, solar,
all electric
utilities)
Fee deferral 24
months with
possible 6-month
extension
In Compliance
Grading and Building
Permits have been
issued or have
significantly progressed
through review.
Grading to commence
Q1 of 2026
2022-70052-
DAGR
One Baxter
Way, LP
1 Baxter Way
Multi-family
development
of 264 units
and parking
structure
8/11/2022 -
8/11/2029
16 very low-
income units
18 low-income
units
Sustainability
features (EV
charging, solar,
all electric
utilities, car
sharing)
In Compliance
Post approval
permits/applications
have not been
submitted.
The project is currently
on hold due to
construction cost
volatility and capital
market constraints
affecting podium style
development.
COUNCIL GOAL COMPLIANCE:
Meets the following City Council goal:
J. Implement high quality revitalization projects within Thousand Oaks Boulevard and Newbury Road Areas; develop a pedestrian-oriented, viable, and self- sustaining "Downtown;” and continue to support production of long-term affordable housing.
PREPARED BY: Iain Holt, Senior Planner
CDD: 440-20\ih\H:\COMMON\City Council\CC Agenda Items\2026\01272026\Periodic Review of Development Agreements\Staff Report