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i 7.B Page 61 ATTACIiMENT 2 PRINCIPLES TO GUIDE NEGOTIATION OF THE STANFORD IN REDWOOD CITY DEVELOPMENT AGREEMENT September l5, 2009 INTRODUCTION Stanford University (Stanford) has proposed a phased redevelopment of approximately 35 acres of existing commercial property (currently zoned Industrial - Restricted) within the City of Redwood City (City) to provide a campus with sufficient flexibility to allow for a mix of office, research/development and medical clinic uses. To facilitate this development, Stanford and the City have engaged in the formation of a Precise Plan to govern the long-term physical development of the project site. An Environmental Impact Report as welI as Fiscal and Economic Impact Study are also in preparation to analyze the impacts of the project described by ' the Precise Plan. As a companion to the Precise Plan, Stanford and the City are discussing entering into a development agreement. 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. This document addresses the proposed guiding principles that will shape the Development Agreement, as discussed by Stanford and City staff. GUIDING PRINCIPLES A. Positive Mutual Benefits: To the extent feasible, the Development Agreement's terms should provide mutual benefits to the City, the neighborhoods surrounding the Project and the Project itself for many years to come. B. Community Based Benefits: The Development Agreement should focus on community benefits that relate to the Project, either by addressing Project impacts beyond what is otherwise required by conditions of approval and environmental mitigation, or by providing benefits that Stanford, as a unique academic institution, is best situated to provide. C. Fiscal Balance: The Development Agreement should support the City Council's goal of long-term fiscal sustainability, enhance the City's near-term fiscal and economic health in