Presently, the new City Services Building is budgeted at $86 million for 50,000 square feet of office space. Plans include financing the project with lease revenue bonds. With the City's "AAA" credit / bond rating, the current interest rate is at 3.25% for twenty years. This will add an additional $55 million of interest to the projected cost for a total amount of $141 million dollars.

[ Final cost $1,720 per square foot ($86 million / 50,000 square feet)

[ Final cost $360,000 per building worker ($86 million / 239 workers)

[ Final cost $915 per Santa Monica resident ($86 million / 94,000)

Presently, the City leases office space for these 239 workers at various locations around the City at a yearly lease rate of $2 to $3 million dollars per year. Using the $3 million figure, it will take 47 years to break even on the proposed City Services Building considering the project's budget combined with the debt obligation.

Read More: http://www.smobserved.com/story/2017/01/17/news/small-city-set-to-build-the-most-expensive-public-building-in-world-history/2494.html

and

http://www.smobserved.com/story/2017/01/17/news/astonishing-figure-city-will-spend-141000000-to-build-a-50000-sft-building/2493.html