AgdaPkt 2013-04-08 - Laserfiche WebLink

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8.A - Page 2 ANALYSIS The purpose of the Study Session is to outline the key negotiating points of the Development Agreement and place them in the context of the Council-approved Guiding Principles. Subsequent to Council discussion and comments, staff can finalize the Agreement with Stanford University. Guidinq Principles 1. Positive Mutual Benefits 2. Community Based Benefits 3. Fiscal Balance 4. Plan Integrity Positive Mutual Benefits Ongoing progress within a long-term relationship The Development Agreement addresses positive Mutual Benefits in a number of ways. The most critical is the recommended 30 year term of the agreement, with two significant check-in points for Project progress, at years 10 and 20. This long-term agreement provides more certainty and an efficient process for both Stanford and City staff as the University pursues its development plans over time. It also provides for a sustained commitment by the University to the Redwood City community, with the necessary check points to encourage Stanford's forward progress with its development. Stanford Graduate School of Business Economic Development Program As part of the draft Development Agreement, the University has committed to invest $5 million to develop and offer a variety of programs through its Graduate School of Business to support economic development, innovation, and entrepreneurship in Redwood City. These programs may include an intensive education program designed expressly for local entrepreneurs, leadership training for Redwood City staff, access for qualified residents to enroll in Graduate School of Business courses and a public speaker series for the Redwood City community at-large. Stanford University is uniquely qualified to bring such education, workforce development and business attraction opportunities to Redwood City. And this element of the agreement appears to establish a unique programmatic partnership between local government and academia that provides new possibilities for Stanford as well. Communitv Based Benefits In general, the Redwood City community will benefit by being recognized as a partner with Stanford University in bringing quality educational programs to businesses and citizens here, addressing important infrastructure needs, providing recreation and arts programs, and encouraging high-quality architecture and development. The categories of community based benefits and funding levels identified during the Development Agreement discussions are summarized below. Although specific projects will be developed through consultation with the community and approved by the