AgdaPkt 2009-02-23 clsd and reg - Laserfiche WebLink

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6.18 Page 22 IV. UNDERSTANDING OF THE ISSUES It is our understanding that Stanford University has proposed a concept plan for a phased redevelopment of a 35-acre parcel adjacent to the approved Stanford Medical Outpatient Center and the existing Genentech server farm. The proposed Stanford Project would consist of demolishing 537,000 square feet of existing office R&D space and redeveloping the property with a 1.5 million square foot campus, with administrative offices being the primary function. The proposed mix of uses would be as follows: · Administrative offices (1.1 million to 1.2 million sf); · Research and deveropment (153,000 to 229,000 sf); · Medical clinic (153,000 to 229,000 sf); · Support uses (80,000 sf); · Up to 5 parking structures providing 5,140 parking spaces The site has historically been used for light industrial research and development purposes, which is consistent with its current "IR" zoning and Ulight Industrial" General Plan land use designation. The proposed Stanford concept plan would require approval of a General Plan Amendment and a Zonjng Map amendment. The purpose of the proposed impact analyses is to estimate the impacts that the change of use from private R&D to tax-exempt administrative office would have on the City of Redwood City. The goal of the City is to ensure that the City will: 1) not be negatively impacted from the Project and the change in land use; and 2) benefit from the proposed Project and rezoning by at least the same margin that it would benefit from an intensification of development on the site permissible under the existing zoning or General Plan land use alternative scenarios that would maximize City revenues and economic benefits. The project/change in land use and change in ownership to a tax-exempt entity would have a myriad of direct and indirect impacts on the City and other taxing jurisdictions. As you have outlined in the RFP, the potential impacts include: . Direct Fiscal Impacts - including a loss in property tax revenues due to Stanford's tax exempt status, a loss in sales and use taxes due to the conversion from R&D to administrative office. potential additional ERAF back-fill costs to the City, and the cost to provide municipal services to the proposed project relative to existing uses; . Economic Impacts - indirect impacts/spin-off impacts on adjacent existing businesses and impact on City's ability to attract other R&D uses and biotech companies; . Housing demand impacts - additional total and affordable housing needs created by the project; . Childcare demand impacts - additional childcare facilities needed to serve the project; Keyser Marston Associates, Inc. \\Sf~fs 1\wp\99\99900\900b-851 to 900\900b-865 Rev.doc Page 6 January 2009