AgdaPkt 2013-04-08 - Laserfiche WebLink

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8.A - Page 1 RE PO RT To the Honorable Mayor and City Council From the Cit Mana er April 8, 2013 SUBJECT Stanford in Redwood City Study Session RECOMMENDATION No action is required, since this is a Study Session. BACKGROUND Stanford University acquired the Mid-Point Technology Park as a new location for administrative staff relocating from its main University campus. Stanford's presence in our community represents a notable and unique opportunity for the City to partner with this world-class institution, and gain various benefits as a result. The Precise Plan and its supporting Environmental Impact Report are nearly complete and ready for review by the Planning Commission and City Council. As part of the implementation of the Precise Plan, the University and City anticipated a Development Agreement. The Development Agreement outlines the specific roles and responsibilities of each of the parties. The Development Agreement provides additional benefits and improvements for the community beyond the mitigation measures for issues such as traffic, aesthetics, and water quality required by the EIR. On September 21, 2009, the Council approved Guiding Principles for this Development Agreement. Additionally, the Council appointed a subcommittee to guide staff through the Development Agreement process. The subcommittee, comprised of Council members Foust and Ira, encouraged staff to work within the guiding principles and leverage the branding opportunities associated with the University's international stature and its longstanding history of contributions to the area. The subcommittee recognized that working with a University such as Stanford was unique and offered many potential benefits for both the residents and businesses in Redwood City. The subcommittee encouraged staff to create a relationship and agreement with Stanford University that would make it an integral part of our community and bring its institutional assets to Redwood City. Once finalized and approved, the Development Agreement will serve to transform those assets into concrete deliverables for the entire Redwood City community.