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between the Bay and 101 Freeway, mid-Peninsula Business Park. Stanford hospital is not part of the project. He spoke about some of the conditions surrounding Stanford Park. For example, there is a flooding problem. Mr. Ekern also spoke about the buildings in this area and the history of who owned the buildings. He mentioned the overall plan would be to replace half a million square feet with new modern buildings. In the Concept Plan, it has green space, pedestrian access, new roadways, different ranges of scales of buildings, and available parking. Mr. Ekern referenced the three documents; the Precise Plan, the EIR, and the Development Agreement which is based on Guiding Principles and the Council Subcommittee (Council Members Ira and Foust) represented the needs of Redwood City. The Guiding Principles are that there is a Mutual Benefit, Community Benefit, Fiscal Balance, and Plan Integrity. Mr. Ekern discussed the Guiding Principles further stating that Mutual Benefits is a long term relationship between Stanford's Graduate School of Business and Redwood City. He also stated that Community Based-Benefits included: neighborhood streets, transportation, infrastructure like flooding, community sustainability, education and community programming. Mr. Ekern said that this concept sets up how the university and the City can be good neighbors to each other, thus including potential improvements and potential funding. With regards to Fiscal Balance, he mentioned new construction and permanent office jobs. Also, he stated that Stanford proposes to expand its recycled water program in Redwood City. Lastly, he elaborated on the Plan integrity and provided details. Mr. Ekern stated that the next steps for both the City and Stanford are to bring this to the Planning Commission, and subsequently, to the City Council for action, if approved by the Planning Commission. Public Comment Steve Elliot, with Stanford University, commended the City, City staff, and all involved for focusing on the community goals. Mr. Elliot also said that Stanford takes this agreement extremely seriously and with a long term approach. He mentioned that both Stanford and Redwood City have a long history, and he also talked about the history of this project from its beginnings to the present. He said that the time spent is valuable and benefits the City, community and Stanford. He brought up the Development Agreement, and listed its Economic Development, Education, Flooding, Infrastructure, and Neighborhood components. Lastly, Mr. Elliot said that the agreement provided a road map to continue the dialogue. Dave Weinstein, Managing Director of the Stanford Graduate School of Business, said it was his pleasure to be at the Council meeting and he is excited to offer opportunities to the community. He talked about Stanford's extensive business program. He would like to offer a series of programs to Redwood City. Mr. Weinstein stated that Stanford is looking forward to meeting the needs of the City and business community, such as an entrepreneurship. CITY COUNCIL April 8, 2013 MEETING MINUTES PAGE 7 MINUTE BOOK NO. 64 Page No. 321