The Community Redevelopment Agency has authorized negotiations with a developer to build a 103-acre business park in the southern part of the city.
The project, estimated to cost more than $78 million, would be built just north of Brackett Field and would eventually house more than 200 businesses, said Ken Farfsing, the city's director of community development.
The developer, Koll Co. of Los Angeles, will also provide about $9.5 million in public improvements, such as street construction and installation of traffic lights, Farfsing said. Koll has also agreed to pay the cost of additional police and fire protection the city will provide to the area, he said.
In return, the developer is asking for half of the $594,000 a year in additional property tax revenue the city would receive when the business park is completed. Koll is also negotiating with county officials to share in the more than $800,000 a year the project is expected to generate for the county.