CC Resolution No. 06-158
06-158
NOT
ADOPTED
RESOLUTION NO 06-158 (Not Adopted)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO
APPROVING GENERAL PLAN POLICY 2-42: REVENUE ANALYSIS
OF OFFICE DEVELOPMENTS
WHEREAS, General Plan Policy 2-42, Revenue Analysis of the Office Development,
requires new office developments greater than 50,000 square feet to provide revenue benefits to
the city;
NOW, THEREFORE, BE IT RESOLVED that:
1. For properties currently generating sales tax, an assessment would equal ten
years of an average sales tax generated from Cupertino retail business
establishments set at $2/square foot. This assessment shall be applied to the
total square footage of the project. This amount could be paid annually or as a
lump sum, with the present value of the payment stream calculated using a 6%
interest rate.
2. For properties not currently generating sales tax, an assessment would equal
ten years of an average sales tax generated from Cupertino Business-to-
Business establishments set at $l/square foot. This assessment shall be
applied to the total square footage of the project. This amount could be paid
annually or as a lump sum, with the present value of the payment stream
calculated using a 6% interest rate.
3. Fees shall be adjusted each year based on the CPI index.
PASSED AND ADOPTED at a regular meeting of the City Council of the City of
Cupertino this 19th day of September, 2006 by the following vote:
Vote
Members of the City Council
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
APPROVED:
City Clerk
Mayor, City of Cupertino