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6.E. - Page 1 of 4 /<�ik Redwood CitylCallifornia Faunded 1867 A,&/ DATE: August 24, 2020 SUBJECT STAFF REPORT To the Honorable Mayor and City Council Final acceptance for Neighborhood Street Enhancement Project RECOMMENDATION From the City Manager By motion, accept the Neighborhood Street Enhancement Project and authorize the release of bonds and retention according to City procedures. STRATEGIC PLAN GUIDING PRINCIPLE Transportation BACKGROUND In 2013, the City of Redwood City approved the Stanford in Redwood City Precise Plan for a new 35 -acre Stanford University administrative campus. The site is located in the southeast portion of the City along Highway 101 (US 101), bordering three residential neighborhoods: Friendly Acres, Redwood Village, and North Fair Oaks. As part of Stanford's approved Development Agreement, the University is required to allocate $1.5 million to the City's Neighborhood Street Enhancement Program (NSEP). These funds are to be spent to increase traffic safety, mobility, and accessibility, and to provide enhanced streetscapes in the three neighborhoods. As dictated by the Development Agreement, the $1,500,000 allocation is to be distributed in three phases: an initial installment of $150,000, a near-term implementation fund of $600,000, and a long-term implementation fund of $750,000. Upon execution of the development agreement, the first installment of $150,000 was paid. In 2017, Phase 1 of the Stanford Development was approved for construction, which triggered payment of the $600,000 allocation. Funds from the first two installments were used to design and build several high priority projects in each of three neighborhoods. The final installment of $750,000 will be due when the City issues a certificate of occupancy for the building that takes the total new Page 1 of 3 City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore 65