AgdaPkt 2013-09-09 - Laserfiche WebLink

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7.A. - Page 7 The foregoing benefits are over and above the existing use of the site. Construction Benefits We estimate that Stanford will spend about $263 million (in 2009 dollars) over the next twenty to thirty years as the campus is built out. While we recognize that not all of this amount will be spent with firms located in Redwood City, it does nonetheless provide additional opportunities for many local construction and related businesses to participate in and benefit from this project. The preceding financial and economic analysis was based on reviews of the City's budgets, discussions with Stanford about their operational expectations, discussions with both City and Stanford staff about likely incremental service needs associated with the development, and data from Redwood City Police and Fire about service calls associated with the existing office park and potential calls with the Stanford program build out. It is important to note that the assumption at full build out assumes all of the property is occupied by Stanford and therefore no property taxes flow to the City. As noted below, Stanford views development of the property as a very long term commitment and it is not likely they will occupy all of the 1.5 million square feet of development in the near term. Consequently, because the property will still be used and occupied by non-tax exempt entities, the City will continue to collect property taxes from the site. The Positive Mutual Benefits of Stanford developing in Redwood City were outlined in the January Study Session report. In summary, the 30-year agreement affords Stanford the certainty of development and process they consider critical to the project's success and consequently provides the City the long-term commitment of Stanford to the City. The Development Agreement establishes mandatory check-in milestones to assure the City that Stanford is pursuing the development, but more importantly implementing the community benefits provided in the Agreement. As noted earlier, the Graduate School of Business has committed to programs valued at $5 million that will create a unique partnership between Stanford and the City. It is important to the City that Stanford's project develops in ways most beneficial to the City. The Plan Integrity consideration of the Guiding Principles focuses on the coordination between the Precise Plan, the Environmental Impact Report, the Development Agreement, and the General Plan. What is also important to the County and the residents of North Fair Oaks is that the Precise Plan and all of the other documents recognize the value and contribution of the North Fair Oaks Plan to the development of the area. Stanford's planning efforts and many of the Community Benefits identified in the Development Agreement acknowledge these various plans and provide resources for improving the surrounding neighborhoods. �