AgdaPkt 2013-09-09 - Laserfiche WebLink

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7.A. - Page 3 Staff, with guidance from the subcommittee, negotiated the Development Agreement based on Guiding Principles provided by the City Council: Positive Mutual Benefits, Community Based Benefits, Fiscal Balance, and Plan Integrity. These principles provide the City with the assurance that the benefits of the Stanford development are not merely financial, but are such as to truly integrate Stanford University into the fabric of the community. The Development Agreement provides the implementation schedule for the wide array of public benefits that are tied to the projects that will occur over the thirty years of the agreement. The Development Agreement categories of community benefits are: Direct Funds to the City Neighborhood Street Enhancement Program $1,500,000 Community Sustainability Fund $4,000,000 WaterTank Improvements $1,500,000 Storm Water Improvements $1,000,000 Recreation and Wellness $1,000,000 Arts and Music $250,000 Bicycle System Improvements $450,000 Bus Shelter Improvements $100,000 Communitywide Benefits Economic Development $5,000,000 Education $250,000 Total Direct Contribution $15,050,000 Neiqhborhood Street Enhancement Proqram These funds will enable improvements in the Friendly Acres, Redwood Village, and North Fair Oaks neighborhoods. Improvements will be identified by the City working with the neighborhoods and San Mateo County staff (for their neighborhoods) for those best suited to the issues and concerns identified by each. Examples of street improvements include neighborhood signage, street trees, traffic calming (such as intersection bulb-outs and traffic circles), or other elements that create an attractive neighborhood that discourages through traffic. Funds for these improvements flow to the City in three phases: the first $150,000 becomes available within 30 days of the execution of the Development Agreement; the next $600,000 comes prior to the issuance of the first building permit for new development; and the final 50% is paid prior to the issuance of a certificate of occupancy for any building that tips the gross square footage of building area in the project over 1,000,000 square feet. It is also worth noting that after the second year of the agreement the amounts due to the City are increased by the Construction Cost Index (CCI) for San Francisco, thereby ensuring the funds available remain viable in the face of potential inflation. 3