  We consider higher derivative CP(N) model in 2+1 dimensions with the
Wess-Zumino-Witten term and the topological current density squared term. We
quantize the theory by using the auxiliary gauge field formulation in the path
integral method and prove that the extended model remains renormalizable in the
large N limit. We find that the Maxwell-Chern-Simons theory is dynamically
induced in the large N effective action at a nontrivial UV fixed point. The
quantization of the Chern-Simons term is also discussed.
