The search is continuing to find land for a shopping centre in Carterton.
The favoured area is in the south west of the existing town centre.
The town council and West Oxfordshire District Council hope to make progress on the scheme through a partnership.
Town clerk Janet Eustace said: "We have several thousand new people coming to the town over the next few years with Carterton's north east redevelopment.
"We know where the favoured site is, but it is a question of assembling the land."
Independent commercial advice on the scheme's viability will be sought.
The partnership will also look into projects to develop an inner distributor road, and a pedestrian-only scheme for parts of Alvescot Road and Black Bourton Road.
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