Six years in, the residents of Cambrian 36 will have a little closure.
The fight to keep their identy began when the city of San Jose announced its intentions of annexing the pocket of land between the two cities. An emotional battle between the 330 property owners and San Jose came to ahead when the city of Campbell offered to purchase the land.
Tonight, the Campbell City Council will be hearing the finalization of the annexation of this pocket of land and will tentatively set May 2013 as the date Cambrian 36 officially can call itself Campbell.
Some details regarding the annexation of Cambrian 36:
- Campbell will be paying a guaranteed base sum of $199,000 for five years.
- If at any point between the five year calculation point does the hotel at 1300 Camden Ave. or the gas station at 1370 Camden Ave. cease to operate or otherwise stop generating tax revenue, a revised calculation will be performed no later than the end of the fiscal year and an adjustment to the base payment will be made.
- If any new business opens up after the fact and generates more than $50,000 in tax revenue, a revision to the base payment will be made.
- Over a period of 40 years, the city of Campbell estimates it will perform at least two street maintenance to the area and will cost approximately $3.3 million. Because of this, the city will be entitled to a credit from the city of San Jose, starting in 2021 of $30,000 and increasing to $40,000 in 2031 and $50,00 in 2041.
- The process to purchase Cambrian 36 will be final in 40 years.