One of the questions most asked by Foster City residents is what is going on with Parkside Towers. Most residents now agree that this is a well-designed building that sits comfortably on this important site in our city. The question now is when will it be occupied and how much is this costing the taxpayers.
I?ll answer the second question first. This building costs the taxpayers nothing. The Parkside Tower provides property tax revenue to Foster City whether it is occupied or not.
I don?t know when the building will be occupied. However, Inktomi leases the whole building, and Inktomi will determine when the building will be occupied. In addition, Inktomi may sub let parts of the building to tenants that are acceptable to the building owner. As this is clearly Class A office space with high-end retail possibility on the first floor, I am confident that the tenant selected will be an important addition to Foster City?s business community.
I hope that these answers dispel the concern of our residents who worry about office vacancies in Foster City. All property whether occupied or vacant contributes to our property tax revenue ? Foster City?s main source of revenue.
Vacant buildings are a concern because they are an indication of the relatively weak economy at this time. In such times, there is an increased responsibility for the City Council to act wisely in any action that can impact our city?s business community.
For example, lets look at how the City Council must deal with additional office construction plans while the newest Class A office building, the Parkside Tower, is not occupied. This is an important question because Inktomi has submitted plans to Foster City for an additional new office building. This building will be owned by Inktomi and will be the third building in Inktomi?s office complex at the end of Third Avenue.
Plans for this new building are now in the City Council office and the planning approval process is underway. The plans will be carefully examined by the City?s IDEC (Inter Department Evaluation Committee) and later by the Planning Commission before coming for final approval to the City Council.
How, you may ask, can Inktomi plan to build another building when they are not yet occupying what they already own or lease? Let me make it perfectly clear that this is a question that only Inktomi can answer, and is an internal business decision for Inktomi alone.
Foster City Government?s responsibility to all residents, both private and commercial, is to provide the services that make our town the most desirable location possible for all residents. That includes thorough examination of construction and development plans for all buildings, residential and business. Those plans must meet existing codes and zoning, but do not include a right or obligation of Foster City Government to interfere in either your or Inktomi?s internal business. We must keep this in mind as Inktomi moves forward. And we must remember that when the economy is slow, construction costs are lower and it is a great time to build for the future.
print 