Santa Monica’s Apple retail store located on Third Street Promenade is one of the top 25 sales tax contributors to the city, according to Downtown Santa Monica.
The store brought in $352 million in sales during fiscal 2011.
In its fall online newsletter, Downtown Santa Monica also confirms that the city will get a major economic boost when the three-story storefront on Third Street Promenade that housed Borders Books becomes a state-of-the-art Apple flagship store.
“Apple is one of our strongest sales tax producers in the city,” said City Manager Rod Gould in the newsletter. “We are delighted Apple wants to make this investment on Third Street Promenade.”
The project will generate about $36,000 in childcare related fees and $16,000 in cultural arts fees, and the corporation will participate in a Transportation Demand Program designed to reduce downtown traffic.
All full-time employees will be offered a $100 monthly transit subsidy to encourage them to use public transportation, as well as a $20 monthly bicycle reimbursement that can be used to maintain and repair their bikes.