So far Cupertino is all in favor of Apple’s new campus, dubbed the “spaceship,” set to begin construction next year. And why wouldn’t the city welcome the project? Apple promises the new campus will add about 7,400 jobs to the area, boost tax revenue and increase revenue for local businesses.

“Apple’s 16,000 employees make it Cupertino’s largest single employer, accounting for approximately 40 percent of the city’s job base,” a new economic report prepared by Keyser Marston Associates said. “Indirect and induced impacts support an additional 420 jobs in the city in 2012. With the completion of Apple Campus 2, Apple is expected to support more than 24,000 jobs in Cupertino alone.“

The construction project alone is expected to create 9,200 full-time jobs over a three-year period. Likewise, Apple has promised its contractors will designate Cupertino as the point of sale for construction materials, allowing Cupertino to collect millions of dollars in sales taxes.

“Apple will pay approximately $10.6 million of ‘construction tax’ to the City pursuant to Chapter 3.32 of the city’s municipal code,” the report said. “The combined total of these two sources alone is $24.5 million, which will be deposited into the city’s General Fund and available for discretionary city expenditures.“

The report also alleges the completed building will boost spending in and around Cupertino by $2 billion.

Apple already employs about 40 percent of the Cupertino working population at its 856-square-foot headquarters, with another 13,000 housed in leased spaces in and around the California city. The Apple Campus 2 will enable those 13,000 to work under one 2.8-million-square-foot roof, while the original headquarters at 1 Infinite Loop will remain.

Cupertino wouldn’t be much without Apple—the tech giant will pay $9.2 million in tax revenue this year, about 18 percent of the city’s annual general fund budget. While Apple’s presence will generate a net fiscal surplus of about $8 million this year, the addition of the second campus will increase that to $11 million.

So what’s the catch? Cupertino Mayor Orrin Mahoney told the Silicon Valley Mercury News that in its economic report Apple may be trying to soften the blow of negative aspects of the much-anticipated environmental report due sometime next week. In fact, the late Steve Jobs originally envisioned the campus opening by the end of 2015. But delays in the all-important environmental report have pushed that date to 2016.

The full 82-page report can be read below:

Apple Economic Impact Report