David Bohannon, Senior Vice President, Bohannon Development Company
With the news November 3 of steeper-than-expected revenue decline for Menlo Park, it is clear that the city needs to find some solutions—and the sooner, the better. With few other visible options, Menlo Park could significantly boost its future prospects by accelerating a decision on the Menlo Gateway project.
The project’s direct economic benefits include $265 million to be spent on construction, $436 million in gross business activity on site, and $12.3 million in new employee and visitor spending in Menlo Park. The Menlo Park General Fund alone would gain a net benefit of $1.6 million per year. Our project would also deliver a positive ripple effect to the Peninsula through over 1500 new jobs created and $142 million in economic activity in San Mateo and Santa Clara counties.
We are working hard to move Menlo Gateway forward so that the city can begin benefitting from it sooner, rather than later. An obvious solution is ready, in plain view. It’s time for bold, positive leadership and timely action from the city. Without it, dissent and debate drag on, and the Menlo Park economy continues to slide.
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Menlo Gateway represents a sizeable economic boost to the City of Menlo Park and benefits to the surrounding area as well. Joanne Brion, principal of Brion Associates discusses the specific fiscal benefits that the project will deliver.