There's so much information that we've had to digest, comprehend and weed through," Gillmor said, predicting, "This is going to be the key to our financial future in Santa Clara.
Plans call for up to 5.7 million square feet of offices, 1.1 million square feet of retail space, 700 hotel rooms and from 200 to 1,680 apartments, as well as a 35-acre park.
Sitting atop what is now a golf course and BMX track, the mixed-use project's anticipated tax and other financial benefits are "staggering," Gillmor said.The city has projected that it will receive up to $16.9 million in annual tax benefits, along with $9 million to $14 million in yearly rent revenues, once the project is up and running.
The county should benefit, too: Its annual property and sales tax benefits are pegged at up to $11.6 million, while the Santa Clara Unified School District anticipates receiving as much as $22.1 million each year in property taxes.
Santa Clara's share would be a huge shot in the arm to the city's general fund, which has taken a $14 million annual hit since the dissolution in 2012 of the state's redevelopment agencies, Gillmor said.
"Construction costs are tagged at $5 billion, with more than 80 percent of the work to be handled by union labor.