The agreement includes an initial capital funding of $2 million and an annual operations funding of $450,000. The shelter will be complementary to the new permanent housing project in the city, which received $26.7 million in Project Homekey Funds to convert the Quality Inn into 77 units of housing.
The County is committed to funding operations on a 50/50 cost share with local communities committed to developing emergency shelters within their communities, subject to the constraints of the County's budget. The development cost per bed for the Thousand Oaks shelter is slightly higher than the other two projects, but the ongoing operations are lower.
The County's share of development costs for the project is estimated at $2 million for development and ongoing operations of about $453,000 per year. The Board will receive annual status reports on the shelter's occupancy and success in placing people into permanent housing.
The revenue sharing agreement passed unanimously.
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