It is clearly possible to create 500 jobs. Think of not just the construction workers (and the construction company admin staff), but also the plant operators, and a variety of engineers - civil, structural, mechanical, electrical, possibly architectural - not just the engineers doing the work but also the office workers who deal with time sheets and other office related work. Not to mention janitors,
The project might not be a life or death situation, but it will probably pay for itself in the future. Didn't you know that you can sell treated recycled water to interested parties for use as irrigation water? It will reduce the strain on your aquifers (just because you don't see the aquifer being drained doesn't mean it isn't), and provide you long term stability in water sources.
I would love it if Obama came to ASU! I just moved to the state from New York, and brought my democratic leaning tendencies with me. Plus I live right near ASU and would love to see the next president give an awesome speech!