You will see a lot of talk about the financial benefit of development in the quarry. But because the quarry is in a redevelopment area (RDA), there are limits to how that money can be spent.
Via the California Redevelopment Association:
A redevelopment agency is a separate public body that reports to the local governing body of a community, and either the city council or county board of supervisors. The California Community Redevelopment Law (CRL) provides that any county or city can establish a redevelopment agency by the action of its governing body.
Full text of Election Code section 9212.
(a) During the circulation of the petition, or before taking either action described in subdivisions (a) and (b) of Section 9214, or Section 9215, the legislative body may refer the proposed initiative measure to any city agency or agencies for a report on any or all of the following:
The Quarry petition falsely claims that the development will:
... generate millions of dollars in new property and hotel tax revenue that can be used to help pay for vital city services, including needed funding for schools, police and fire,
Peebles Atlantic Development Corporation has begun converting an 80-room hotel into 72 2-bedroom, 2.5-bath ultra-luxury condominium villas. The former hotel suites will sell for $1.7 million each.
For historical reference, attached is the June 2002 FINAL Environmental Impact Report for the Trammel Crow "Pacifica Village Center" project in the Quarry. The draft version is also availble and has more background information.