AgdaPkt 2013-09-09 - Laserfiche WebLink

Browse Search

7.A. - Page 6 Stanford is also providing $75,000 as its share of study costs to determine the feasibility of a streetcar line or other roadway configuration changes on Broadway. This study is anticipated in the General Plan, as a streetcar is identified as a potential transportation option along the Broadway corridor. Early determination of the feasibility of such a system is important to the Stanford development as there are potential streetscape design impacts depending upon the ultimate planned use of Broadway for transit. If a streetcar is not feasible, the studies will also evaluate potential complete street improvements to identify a City-preferred design so Stanford can plan its future street improvements appropriately. Stanford in Redwood City Financial and Economic Analysis In addition to the $15 million of benefits provided under the Development Agreement, the project is anticipated to have the following financial and economic impacts that are summarized in the table and discussed in detail below: Type Financial Impact (or analysis/estimate) General Fund Impact $1,000 net benefit Permanent Jobs 4,300 New Wages (annually) $334,000,000 Indirect Spending (annually) $261,000,000 Construction Spending $263,000,000 General Fund Impact Keyser Marston and Associates (KMA) estimates that the direct on-going annual revenues (in 2009 dollars) expected to be received by the City's general fund ($209,000) will almost match the additional costs ($208,000) borne by the general fund to support this project. Accordingly, despite the fact that all or a portion of this property will come off the property tax roll (if the project is completely occupied by Stanford) due to Stanford's tax-exempt status, the proposed project will essentially pay for itself in terms of on-going municipal services. The project is also expected to generate about $3.9 million in building permit and other development fees during the period in which build out occurs which will offset the costs the City incurs in connection with reviewing construction plans, permitting, and project inspection. Citywide Economic Benefits KMA estimates that the project will "generate 4,300 new on-site permanent jobs with $334 million (in 2009 dollars) in new wages." Additionally, KMA forecasts that the "indirect and induced impacts (multiplier effects) generated by the project at build out from expenditures on materials, supplies and services, and employee expenditures on local purchases" will be about $261 million annually. 6