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Presented on Behalf of Gary Jones by Jean Bedord:
Vallco needs mixed-use a shopping center like Stanford, Valley Fair or Santana Row in lieu of The Hills at Vallco will simply not get financing without a balance of mixed use. Why? It boils down to risk management. Without a reasonable allocation for mixed use, a lesser Vallco vision without a sizable portion for housing and commerce is not financially feasible.
What a community wishes for is not of concern in a financial model for a reasonable return on investment. Capitalism is driven by return on investment through market forces and not shopper sympathy. The Vallco property is driven by Silicon Valley’s market and not Cupertino citizens’ vision for a 1.2 million-square-foot mall.
The push against Vallco’s mixed-use formula for success is only wasting everyone’s money and time. No amount of citizen pushback can force a property owner to make a serious financial mistake. This includes The Oaks, the Goodyear hotel site, and any other zone in our city available for mixed use.
It is undeniable there will be traffic. The question is: Do we shut down economic prosperity for the common good when it is the transit agencies that have failed us when it comes to dealing with traffic in the region?
By voting down Measure D, the things accomplished were to lose community benefits and city revenues that could have been used for the common good of our community. The defeat of Measure C sent a message that voters favor good governance over the initiative process.
The City Council should pass a resolution encouraging The Hills at Vallco property owners to proceed with their application through the normal process. I respectfully encourage the city to move forward with The Hills at Vallco EIR and for a “citizens advisory committee” such as the Lynbrook attendance boundary model to move Vallco forward.
In the interest of full disclosure I personally have no financial or other interest in or with the owner of the Vallco property. I am a citizen just like all the others who live in Cupertino and am only expressing my personal viewpoint as to the future of the property and our amazing city moving forward.
Gary Jones, Cupertino resident of 40 years