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<br />EXHIBIT C <br /> <br />Ø/- /8 <br /> <br />September 15, 2005 <br /> <br />\--::-',:::: ' <br />\ : .. b ~. <br />I ¡ ì .'- 'f ' <br />UJ C,-, .J.'v <br /> <br />-~ ~-, .". - ,- <br /> <br />CBRE <br /> <br />CB RICHARD ELLIS <br /> <br />CB RICHARD ELLIS CONSULTING <br />Sedway Group <br /> <br />505 Montgomery Street, Suite 600 <br />San Francisco, CA 94111 <br /> <br />I -" <br />.:v.~J <br /> <br />, <br /> <br />T 415 781 8900 <br />F 415 733 5530 <br /> <br />C ~T)' C': . <br /> <br />-" - l <br /> <br />www,cbre.com <br /> <br />, ~ . ..'" 0_' ",. " <br /> <br />Mr. Larry Carr <br />Director of Government Relations <br />Stanford Hospital and Clinics <br />300 Pasteur Drive <br />Stanford, CA 94305 <br /> <br />Re: Fiscal and Economic Benefit of Stanford Hospital and Clinics in Redwood City <br /> <br />Dèar Mr. Carr: <br /> <br />CB Richard Ellis Consulting/Sed way Group (CBRE Consulting) has completed an analysis of the fiscal <br />revenue potential and local economic benefit of a prospective Stanford Hospital and Clinics <br />ambulatory medical clinic in Redwood City, California. This facility is proposed to be located at 420 <br />to 450 Broadway, the former location of Excite@Home. The property is currently vacant and has <br />been so for several years since Excite@Home fell victim to the dot.com decline. Stanford Hospital <br />and Clinics seeks to purchase and retrofit this property for the purpose of establishing a preeminent <br />ambulatory medical clinic in Redwood City. <br /> <br />As a non-profit, Stanford Hospital and Clinics would be exempt from the payment of property tax <br />payments, a portion of which go directly to the City of Redwood City to fund local services and <br />governmental functions. However, there will be other fiscal and economic benefits derived from this <br />facility, directly benefiting the City of Redwood City as well as its economic base. Stanford Hospital <br />and Clinics retained CBRE Consulting to estimate and document these benefits. Further, to provide <br />some perspective on Stanford Hospital and Clinics' impact relative to an alternative private for-profit <br />ownership use of the property, CBRE Consulting prepared a comparative analysis of the fiscal and <br />economic impacts of a private ownership use for site with the proposed medical facility use by <br />Stanford. This letter report presents a summary of the findings along with full documentation of the <br />analysis and supporting assumptions. <br /> <br />BACKGROUND <br /> <br />Stanford Hospital and Clinics, a non-profit health services provider, seeks to open an approximately <br />360,500-square-foot ambulatory medical clinic on the former Excite@Home site in Redwood City. <br />The property comprises four buildings, all developed in 1998 for occupancy by Excite@Home. This <br />medical facility would include primarily medical clinic space with some hospital administrative space, <br />housing outpatient, or ambulatory services. Stanford Hospital and Clinics anticipates that eventually <br />all four of the buildings will be medical clinic facilities. These services would be relocated from <br />existing facilities in Palo Alto. <br /> <br />The property is currently designated IR-Industrial Restricted, which allows for, but is not limited to, the <br />development of research and development ("R&D") and "quasi-public uses" such as a private non- <br />profit medical facility. Office is not a permitted use in the IR-Industrial Restricted zone and a potential <br />office user would be required to obtain a General Plan Amendment and Zone Change to occupy the <br />site. Stanford Hospital and Clinics understands that it would be allowed to proceed with a medical <br />facility at this site as a permitted use under the existing zoning. As Stanford Hospital and Clinics is a <br />