Camarillo : Planners to Weigh Builder Tax Break
The Camarillo Planning Commission will decide tonight whether to recommend that the city refund up to $500,000 in taxes every year to a developer of a proposed retail outlet center.
The panel will meet at 7:30 p.m. at City Hall.
It will consider a proposed development agreement between the city and developer Tom Leonard, who wants to build a factory outlet mall on 23 acres along Camarillo Center Drive, south of the Ventura Freeway between the Las Posas Road and Carmen Drive exits.
The mall would have an estimated 60 to 80 stores covering 256,000 square feet.
City officials said they want to encourage the developer to build the mall quickly so the city can reap the sales taxes generated by the stores.
Under the proposed agreement, the developer would build the mall in two phases, with the first half to be complete by Nov. 1, 1993. The second half would have to be finished three years later.
If the city approves the development agreement, it would refund to the developer 50% of the sales taxes from the mall or 50% of the special district taxes on the property, whichever is lower.
Total sales taxes from the project are expected to range from $700,000 to $1 million annually. The city would pay the annual tax rebates for 20 years, until Dec. 31, 2013.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
