LOS ANGELES-The City Council has voted to move forward on a request for a tax break for the Westfield Group to construct a massive mixed-use complex in Woodland Hills in the San Fernando Valley.
The vote taken last week by the Council now sends the plan to the Council's Budget and Finance committee for review. The tax break plan would allow Westfield Group LLC to keep 42% of net new tax revenue generated by its Village at Westfield Topanga project, estimated to cost $750 million. The break would amount to $59 million over a 25-year period. The project is estimated to generate some $140 million in tax revenues.
The project, which has not started construction, is located at Topanga Canyon and Victory Blvd. It will connect Westfield's existing Topanga and Promenade malls and includes a 158-room hotel, a Costco and office buildings.
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