Great time had by all according to San Jose Mayor Sam Liccardo and most of the Council Members. They were overflowing in their praise of the City Staff.
What is clear is that the ongoing rent is being reduced to pay for the improvements to the 22-year-old building, one of the oldest in the NHL.
What is not clear is the ROI for this investment in a long term perspective. It looks to be a way to keep the Sharks through 2025. Past that is anyone’s guess.
It also looks like a way to cement in the previous parking agreement of 6350 spaces, which looks like it could potentially affect the rollout of the Diridon Area Plan. Especially the Below Market Rate and Affordable high density housing. There has been pictures posted of what the new Diridon Area might look like with High Speed Rail.
The Mayor and staff were clearly stating that this agreement is great, but not as good as the old agreement.
Time will tell if the speakers that were concerned about the financial impacts as well as the “overabundance” of vehicle parking was not in keeping with the Envision 2040 and the Diridon Area Plans unless there are built in ways to reduce the necessary parking. Using evening parking that offices would use is part of the plan but may be enough to help SAP Center but may affect the viability of new Diridon Area from getting started in the first place.