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7A Page 2 DEVELOPMENT AGREEMENT It is common for municipalities to enter into a Development Agreement when considering large complex projects such as the proposed Stanford in Redwood City Project. Development agreements are contracts negotiated between the project applicant and public agencies. Neither Stanford, as applicant, nor the City, as the lead governmental agency, is required to enter into a development agreement. A development agreement stipulates mutually agreed upon benefits and obligations for each party. Development agreements facilitate and secure entitlements for phased projects over long periods of time and can provide a means for addressing significant unavoidable environmental, fiscal, and economic impacts, such as those which are expected to result from this Project. In this case, potential project-related issues such as traffic, economics, housing and childcare are being evaluated and the results of the pertinent studies will be considered in the establishment of appropriate terms for this Development Agreement. FISCAL & ECONOMIC STUDY On March 23, 2009, the City Council approved a professional services agreement with Keyser Marston Associates (KMA) to prepare a fiscal and economic impact analysis and special studies for the Stanford in Redwood City project. The purpose of these is to aid the City's policy makers in evaluating the proposed Stanford in Redwood City project from a broad range of perspectives. The study is not intended to draw conclusions or limit the scope of discussion - but rather to inform the subsequent consideration of project entitlements. GUIDING PRINCIPLES Since July of this year City and Stanford University staff have been working together to develop the proposed Guiding Principles that will give direction to the negotiation process and shape the Development Agreement (See Attachment 1). It is in the best interests of Redwood City and Stanford University to conduct a thoughtful, interest-based negotiation to arrive at a development agreement that can be considered for approval by the City Council and Stanford. Assuming that the principles are adopted soon, the City Manager will return to Council by the end of 2009 with more specificity on the mechanisms for the development agreement negotiation process. ALTERNAnVE The City Council is being asked to adopt the principles as offered, or to discuss desired amendments and provide direction to staff for follow-up to Council. FISCAL IMPACT There is 0 fiscal impact to the City as a result of this action. '~ l;: City Manager Peter Ingram ~ Planning HOUSin~1c Development Director