Airport East Business Park would be developed along Highway 99.Upon build out, the site would include up to 2.5 million sf ofoffice space, 1.5 million sf of air cargo space, 1.4 million sf ofdistribution facilities, 91,000 sf of new retail development and500,000 sf of open space and parks. The pre-building site work,alone, is expected to cost approximately $47 million. The projectincludes significant public financing, including the issuance of upto $150 million in public bonds.

The project has a 15 to 20 year build-out timeframe. Catellussays the project is currently being marketed to leading globalcompanies with warehousing, office and retail needs. Uponcompletion, the site is expected to bring up to 14,000 new jobs tothe region and to generate approximately $1.3 million in annualproperty taxes.

Per the agreement, Catellus would find a user, master long-termground lease the property from the county, transfer the masterlease to the user, and then pass through to the county 80% of therevenue generated from the ground lease, which would be paid infull over the course of the first three years of the lease.Catellus will also receive a development management fee, has aguaranteed return on investment and a piece of any extraprofits.