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7.B Page 2 focus on the Stanford EIR and Precise Plan documents, which will ultimately assist the City Council with their review and consideration of the Stanford Precise Plan requirements and terms for the development agreement. � Stanford in Redwood City Campus Precise Plan Bottomley Design and Planning is preparing the Stanford Precise Plan to help guide future development of the Stanford in Redwood City project. Chap�ers 1 and 2 are the primary components of the Stanford Precise Plan. These chapters describe the background issues, development goals, development standards (height, setbacks, parking, etc) and urban design guidelines (building orientation, campus open space and pedestrian ways, streetscapes, � landscaping, etc.) that will help guide the Stanford project's growth and development over time. Stanford Precise Plan Chapters 3 and 4 are anticipated to be available for Council, ' Planning Commission and public review in December and are currently being coordinated with the Draft Environmental Impact Report (EIR) to ensure that the transportation/circulation, capital improvements, implementation procedures and mitigation measures are appropriately coordinated between these two documents. Development Agreement It is common for municipalities to enter into a development agreement when considering large phased projects such as the 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, secure and reduce the cost of entitlements for phased projects over long periods of time. In this case, project-related issues such as City fiscal impacts, environmental impacts, and housing and childcare impacts are being evaluated and the results of the pertinent studies can be considered in the establishment of appropriate terms for the development agreement. Next Steps The schedule goals for this project are as follows: • December 2010 - January 2011- Release of the Draft EIR and Precise Plan. If released in December near the holiday season, the Draft EIR and Precise Plan will likely be available for a 60 day (vs. the normally required 45 day) public review/comment period. • January — Feb. 2011 — Release of draft Fiscal, Economic, Housing and Childcare Impact studies • February- March 2011 - Planning Commission hearing on the draft EIR and Precise Plan • January through June 2011 — Focused development agreement negotiations • Spring and Summer 2011 - Planning Commission recommendation hearing on the final EIR and Precise Plan and City Council hearing on the final Precise Plan and development agreement for completion by October 2011. ALTERNATIVE Provide alternative direction regarding the Stanford Precise Plan and/or the proposed development agreement process.