Calpine says in a press release for the proposed Metcalf Energy Center at http://www.southsanjose.com/calpower.htm:

"The $300 million to $400 million project will be privately financed, resulting in significant additional property tax payments to the City of San Jose. Much of this tax revenues will go into San Jose's general fund to pay for vital city programs and services."

Calpine says in section 8.8.2.8 of their application for certification at http://www.energy.ca.gov/sitingcases/metcalf/calpine/wo rddocs/vol1/SEC08_08_SOCIOECON.DOC

"The county will not realize the $3 to $5.2 million in annual property tax revenue until construction is completed. Collected property taxes go to the state, where they are reallocated back to the cities, counties, and special districts. In Santa Clara County, 61.8 percent of the tax revenues are paid to state-supported schools in the county, 12.7 percent are paid into the county general fund, 11.1 percent are paid to local redevelopment agencies, 9.2 percent are paid to cities, and 5.2 percent are paid to special districts (Beetle, 1999). Therefore, approximately $381,000 to $660,400 would be paid to the county general fund annually."

My calculations for revenue from the proposed Metcalf Energy Center's property taxes to the City of San Jose General Fund:

If $3,000,000 in property taxes, 9.2% of $3,000,000 = $276,000 to City of San Jose General Fund

If $5,200,000 in property taxes, 9.2% of $5,200,000 = $478,400 to City of San Jose General Fund

City of San Jose 1998-99 Adopted General Fund Budget: $623,128,386

(From http://www.ci.san-jose.ca.us/budget/OperatingFiles/OperatingMessag e.html#anchor56820)

$276,000 would be .04429% of the City of San Jose General Fund

$478,400 would be .07677% of the City of San Jose General Fund

Somebody should check my calculations because I would not consider the property tax revenue from the proposed Metcalf Energy Center to the City of San Jose General Fund "significant".

Just for comparison, I found this old article in the Metro regarding the tax revenue from the Bay 101 Club:

"Bay 101 reported $32.5 million in revenues for its first 10 months of operation, Sept. 1, 1994 to Jun. 30, 1995. In the same period, Garden City reported $19.4 million. The estimated yearly tax revenue to the city is $8 million. The tax revenues from Bay 101's first 10 months alone--$5.2 million--rival the combined tax revenues of San Jose's three largest shopping malls: Valley Fair, Eastridge, and Oakridge."

The article can be found at http://www.metroactive.com/papers/metro/08.01.96/cover/gambling-9631.html