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09/23/2013 assurance will thereby reduce the actual or perceived risk of planning, financing and proceeding with construction and use of the development and promote the achievement of the private and public objectives of the development; and WHEREAS, City desires to advance the socio-economic interests of the City and its residents by encouraging quality development and economic growth in the development and use of the Property, thereby enhancing employment opportunities for residents and expanding the City's economic base. The long-term occupancy of land contributes to community stability by providing services and jobs, and encouraging employees to become involved and active members of the community. City also desires to gain the public benefits of the development, including funding for improvements and community benefit programs; and WHEREAS, the terms of the Development Agreement include the following community benefits funded by Stanford University: • Neighborhood Streets Enhancement Program (NSEP) in the amount of $1,500,000 • Community Sustainability Fund in the amount of$4,000,000 • Bicycle System Improvements in the amount of$450,000 • Bus Shelter Improvements in the amount of$100,000 • Water Tank Improvements (for emergency water supply) in the amount of $1,500,000 • Stormwater Improvements (to address existing flooding conditions in Project area) in the amount of$1,000,000 • Economic Development in the form of executive education and entrepreneur training programs for Redwood City residents, businesses and City staff through the Stanford University Graduate School of Business at a total estimated cost of$5,000,000 • Partial funding for a multi-use recreation and wellness center at Red Morton Park in the amount of$1,000,000 • Funding toward the summer concert series in the amount of$250,000 • City of Redwood City Educational Foundation payment in the amount of $250,000 • Design and improvement of Publicly Accessible Private Open Space (2.4 acres adjacent to Spinas Park) ATTY/ORD.393/APPROVAL OF STANFORD DA ORD.#2400 REV:08-29-13 VR Formerly MUFF#100 Page 4 of 5