The San Jose City (California) Council Tuesday unanimously approved Apple’s plans to develop up to 4.15 million square feet of office space over 15 years in North San Jose, “fueling hope among some leaders that one day the tech giant will be headquartered there,” reports the SF Gate (http://tinyurl.com/jln3ll9). Apple is currently based in Cupertino, California.
Apple hasn’t revealed its plans for the property or the total number of employees there, but San Jose city officials say the jobs will be related to research and development. Or, as the rumor mill is already speculating, it could be a place to build the rumored “Apple Car.”
According to the SF Gate, Apple has already invested about one- third of a billion dollars in San Jose. The council’s actions allow Apple to add 43 acres of land it acquired last year for $138 million to an existing development agreement approved by the city years ago. The office space to be developed sits on Orchard Parkway on both sides of Atmel Way and east of Orchard Parkway on both sides of Component Drive.
At Tuesday’s meeting, Kristina Raspe,, Apple’s senior director of real estate and development, said the company plans to move employees to San Jose as early as July. City council members estimated the move would involve more than 1,000 employees, notes the SF Gate.
Over time, Apple’s San Jose project will bring about $15 million in annual property tax revenue to the successor agency, and once those obligations are met after about 20 years, the city’s general fund will get up to $2 million in property tax revenue from the Apple development, officials told the publication. In addition, the city of San Jose will get $300,000 in annual business and utility tax revenue.