The Thousand Oaks Redevelopment Agency (RDA) is a legal entity separate from the City of Thousand Oaks. The Redevelopment Agency is governed by the City Council and Council members serve as the RDA Board. The RDA's general purpose is to improve physical, social and economic conditions within designated redevelopment project areas. RDA activities are governed by "Community Redevelopment Law" contained in the State Health and Safety Code. Over 385 California cities operate redevelopment programs. It is the only program of economic development within State and local government.

The City of Thousand Oaks established the RDA in 1971 and operates two redevelopment project areas and a housing program. The project areas are: Thousand Oaks Boulevard, adopted in 1979; and Newbury Road, adopted in 1986.

Project area activities are governed by a Redevelopment Plan. The RDA has focused its activities on completing public improvements and public facilities such as flood control facilities, street landscaping, water (fire flow) system, streets and utility undergrounding. The RDA has also funded specific public facilities such as auditoriums at the Civic Arts Plaza, football stadium at Westlake High School, Performing Arts Center at Thousand Oaks High School and El Parque de la Paz, a park in central Thousand Oaks.

The RDA has no taxing authority. The primary source of RDA revenue is a portion of property taxes collected within each project area. Approximately 50 percent of property tax revenue is, by agreement, passed through to taxing agencies such as the County of Ventura, Conejo Recreation and Park District and the Conejo Valley Unified School District. Each project area and the housing fund are included in the City's Biennial Budget and Comprehensive Annual Financial Statement.

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