Politics & Government
SJ Mercury: Blockbuster Foster City Land Deal a Boon for Local Economy
Council's approval of $30 million land deal should help put city on solid financial footing.
The City Council’s approval of a $30 million land deal earlier this week figures to be a boon for Foster City’s economic outlook according to a San Jose Mercury News report.
The council on Monday night approved the sale of a 15-acre parcel slated for development of senior housing and 30,000-40,000 square feet of retail space to Foster City Community Partners, a consortium of local businesses.
The deal includes a $3.2 million park-in-lieu payout for the city and $1 million in compensation for previous work, the Mercury reports.
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And from a budgetary standpoint, the deal looks to be the gift that keeps giving.
In addition $450,000 annual interest the city will earn off the $30 million deal, the development will yield about $600,000 in property taxes and more revenue once the retail space gets going, the Mercury reported.
Find out what's happening in Foster Citywith free, real-time updates from Patch.
The council’s approval of the deal marked the end of more than five months of negotiations with the group that began when the to iron out the fine print on the blockbuster development in October. The council picked the local group, made up of Urban Community Partners, Campus Properties and The New Home Co., ahead of the Sares Regis Group, a Northern California-based development partnership.
