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6.1.A. - Page 9 <br /> amount of money that will come in the first five years. Mr. Ekern answered that the <br /> education money will be provided the first five years. The rest of the money comes as <br /> the development moves forward. The same Council Member then asked if the $15 <br /> million in 30-years would be the amount that the City will receive. Mr. Ekern replied that <br /> there are inflation factors that go into the amount. Another question asked was if there <br /> were other developments similar to this agreement that the City can compare and <br /> contrast against. Mr. Ekern again answered that he did not think anyone can ever really <br /> know because there are various agreements, and so, there are various results from <br /> those agreements. The Council Member concluded with wanting to know if there was <br /> any more financial analysis for the City, particularly in the downtown area. <br /> Dr. Robert Bell, City Manager, added that the purpose of this item was to capture the <br /> main viewing points and run it by Council. He said that there will be more financial <br /> information later on. One Council Member from the Subcommittee spoke about the <br /> committee and Stanford trying to determine how to implement this project. He is excited <br /> that there are some parts of the agreement that are only unique to Redwood City. He <br /> further said that Redwood City, unlike other cities, was more interested in sustained <br /> programs. <br /> Another Council Member pointed out that the site of this development has mostly been <br /> vacant. However, with the increase of jobs in the area, the economic impacts to <br /> Redwood City would be great. She wanted to focus on what the City was getting, not <br /> necessarily the details. <br /> One Council Member stated that it was helpful to hear the Subcommittee's <br /> perspectives. But, she was concerned with the 30-year timeline and would like more <br /> data. She stated that amount of time was a long period of time and wants to feel <br /> comfortable that they made the best deal for the community. She valued the long term <br /> approach that both sides took, but brought up several points that she would like to be <br /> addressed: understanding better the mitigations that would have been required as a <br /> result of the EIR (Environmental Impact Report) as opposed to the different support for <br /> infrastructure that Stanford will be providing; recycled water; and, contributions for <br /> sidewalk improvements and streets. Furthermore, she was hoping for a longer term <br /> commitment on the issue of education. She applauded the graduate school programs, <br /> but was looking for longer term commitment with the Education Foundation. She <br /> reasoned that the need to help with elementary schools is greater. Otherwise, she <br /> recognized the intricacies of this development, and so appreciates the work done to <br /> date. <br /> Vice Mayor Gee thanked the Subcommittee and Stanford. He acknowledged that this <br /> was a long journey and there were a lot of details. He further stated that these are <br /> multigenerational projects for residents, that the clarity of documents will be in the <br /> details, and that the future will reveal if they have been consistent with the Guiding <br /> Principles. He also acknowledged the importance and uniqueness of community <br /> partnerships, such as the Friendly Acres Neighborhood, YMCA, Education Foundation, <br /> and Community Events. <br /> CTY COUNCIL April 8, 2013 <br /> MEETING MINUTES PAGE 9 <br />