The North 40 will give more to Los Gatos than additional options for shopping, dining, and living. Once built, this project will create hundreds of jobs and generate millions of dollars every year to support Los Gatos’ schools, town services and transportation improvements, as well as provide a variety of residential options.
Supporting Local Schools
In addition to $1.9 million that will be generated annually for local schools, the North 40 developers reached a unique, voluntary financial/land agreement with the Los Gatos Union School District that will further benefit the town’s already-strong public schools without raising taxes on homeowners. Because the housing at North 40 will be geared toward singles, young couples and seniors, the new student impact on local schools will be minimal and once built out, the project will be a net contributor to local school budgets and help ensure continued educational excellence for Los Gatos students.
Boosting the Los Gatos Economy
Exciting new shops and dining options will help to keep local spending and jobs right here in Los Gatos. As Los Gatos residents we are lucky to enjoy a wonderful downtown and other commercial districts that serve our community’s needs. North 40 and it’s unique “Market Hall” concept will supplement the local business community and help ensure that our residents have as many options as possible when it comes to spending their money right here in their hometown. Studies have shown that residents now spend almost $80 million every year shopping outside of Los Gatos.
Over $2 Million Net for the Town…Every Year.
The Los Gatos town budget and local services will be bolstered thanks to new tax revenue and developer fees. Los Gatos is a wonderful place to live thanks to our wonderful parks, library, and town services. The North 40 plan will support all of these community services by generating millions of dollars in annual new revenue at full build out for the town and it won’t raise taxes on local property owners.
Celebrating an Outdoor, Healthy Lifestyle
The North 40 will showcase 30 percent of open space, offering opportunities to exercise and socialize surrounded by beautiful parks, community gardens, and walkable streets lined with large shade trees and ample sitting areas. And dog-lovers will have the opportunity to share the fun with their four-legged friends at a newly designed dog park.
The project will generate over $12 million in traffic fees, which is unprecedented in Los Gatos. More than $5 million in capital improvement plans to solve several of the Town’s existing transportation deficiencies The plan includes helpful state-of-the-art alternative transportation solutions and a layout built to address the needs of bicyclists and pedestrians, safely connecting them from the North 40 to downtown. Users of public transit will also benefit from additional public transportation amenities.
Housing to Fulfill Unmet Needs
Small homes designed for local young professionals and seniors. As our valley becomes increasingly expensive every year, it is becoming almost impossible for many local residents to stay in the area close to their families and jobs. The North 40’s housing plan calls for a mix of housing options that will meet our community’s needs without constructing large homes that could bring families and additional school impacts.