Saturday, August 22, 2015

Civic Center Will Cost Tax Payers $70 Million Dollars, Financed by a 30-Year Loan

Our facebook and blog has the most up-to-date information. Our website is not updated as often.

This is a special news update on the Civic Center project with a new City Hall.

We will send another update on growth issues later. The developer for Oaks Shopping Center has started their outreach. We hope to write up a trip summary on their open house. Stay tuned.

  • : Measure A in 2000 asked voters whether a new library with a budget of $22 should be funded even when the city has cash reserves to pay for it. In 2015, with 2 Council members strongly against the building of a new City Hall, should the Council put the question on the ballot and let the voters decide. The $70-million project will be mostly financed by a 30-year loan with $4.5 million annual debt payment. And Cupertino is already paying $3.2 million annually for another loan, which ends in 2030.
  • : The contracts for consultants to implement the Civic Center were denied because Council Member Savita would like a financial plan before spending. However, she did not change her original position that a new City Hall is necessary. During July 7th meeting, Savita even proposed to drop the library expansion and reduce the size of underground garage to save money. This petition update also include a list of questions that the City should provide answers to the residents.
  • : San Jose Civic Center project cost $705 million 10 years ago. With a population of 900,000, the per capita spending of San Jose City Hall after adjusted for 20% inflation is $676 per person. They are still paying $20 million annual debt payment for that. The Civic Center project will cost $1,167 per person in Cupertino. Twice as much as San Jose's luxurious Civic Center.
  • : The Civic Center Master Plan was approved on July 7th, 2014. The estimated cost would be $70 million and the City will have to finance $65 million with a 30-year loan. The potential cost of the project and fiscal impact are never mentioned on the City's web page for Civic Center. The potential cost is not even mention on the meeting agenda. Many residents who just learned about this project and its cost signed the petition. In one day, the petition collected close to 300 signatures. The petition now has 374 signatures.


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