Council agreed to proceed with development of the site by taking a targeted industry development approach.
The report said the landholding would generate over 8000 jobs, and recommended six precincts � intensive employment, two for general industry, secondary intensive employment, raceway expansion and energy provider.
�The residual land value is estimated at $34.5 million, however the sale of the land �as is� is considered the least preferred option,� it said.
Instead, the report said the business plan could generate almost $400 million development revenue based on a 30-year project life by combining freehold and leasehold development.
It said development of the area would cost about $180 million over the first 10 years. �A significant benefit in the developing the land and �selling� ground leases is the City retains ownership of the land, and control over what development occurs,� it said.
The report said the City needed to continue advocacy discussions with the State Government to provide road and rail infrastructure to the area and relieve existing traffic congestion.
Councillor Brett Treby said the report recognised the importance of an industrial area that would rival Canning Vale in size.
Referring to a story in the Weekender on August 6, Cr Treby said the City�s population would grow to about 600,000 people by 2050 while the City of Joondalup would peak around 200,000.
The article included comments from Joondalup elected members suggesting the draft Perth-Peel strategy placed too much emphasis on Yanchep as a future strategic centre, and did not predict high enough growth for the Joondalup city centre.
�Many comments made in that article really overplayed the importance of Joondalup,� Cr Treby said.
He likened Joondalup to a �spoilt kid at a birthday party� based on comments about the lack of public transport proposed within its boundaries as it already had six train stations compared to two in Wanneroo.
Cr Treby said while Joondalup would have a service economy, the Neerabup industrial area would provide opportunities for highly skilled and innovative jobs.
�That�s going to be the major employment base within the northern suburbs,� he said.
Cr Frank Cvitan said the timing of the case could encourage larger investors to develop in Neerabup because Wangara�s industrial area was �full�.
Crs Linda Aitken and Dianne Guise said the City had a responsibility to provide employment opportunities.
�It will be a major future employment hub. Wanneroo will emerge as an economic giant,� Cr Guise said.
Cr Domenic Zappa said Neerabup �could be the next silicon valley�.
�The City will determine the industry of employment and types of industries that would set Wanneroo up for the future,� he said.