Thousand Oaks will have its third redevelopment zone along a strip of offices and shops in Newbury Park that is expected to generate $55 million to $75 million in property taxes over 35 years.
The plan was given final approval Tuesday night by a unanimous vote of the City Council.
The city's redevelopment agency will garner property tax proceeds from increases in the total value of property produced by new construction within the zone.
After passing along about $30 million over the project's life to local schools, Ventura County and other government agencies, the city will keep the rest for road and utility projects.
The 273-acre district runs along Newbury Road between Borchard and Haigh roads.
Two Other Zones
The city's other two redevelopment zones include a 10-acre parcel east of the Moorpark Freeway in central Thousand Oaks that remains undeveloped, and a five-mile stretch of Thousand Oaks Boulevard that is expected to yield $265 million through the year 2022.
The Thousand Oaks Boulevard district has been assailed by critics as an unfair tax diversion that hurts the county and the state financially. Those same opponents have said they may file a lawsuit to stymie the Newbury Road zone.
Supporters, however, say the area is run-down and needs public improvements to spur commercial growth. Council members say city residents pay more in property taxes to Ventura County than they receive back in services, making the Newbury Road zone a fair effort to finance projects in Thousand Oaks.