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7.A. - Page 136 ATfACHMENTS <br /> assurance will thereby reduce the actual or perceived risk of planning, financing and <br /> proceeding with construction and use of the development and promote the achievement <br /> of the private and public objectives of the development; and <br /> WHEREAS, City desires to advance the socio-economic interests of the City and <br /> its residents by encouraging quality development and economic growth in the <br /> development and use of the Property, thereby enhancing employment opportunities for <br /> residents and expanding the City's economic base. The long-term occupancy of land <br /> contributes to community stability by providing services and jobs, and encouraging <br /> employees to become involved and active members of the community. City also <br /> desires to gain the public benefits of the development, including funding for <br /> improvements and community benefit programs; and <br /> WHEREAS, the terms of the Development Agreement include the following <br /> community benefits funded by Stanford University: <br /> • Neighborhood Streets Enhancement Program (NSEP) in the amount of <br /> $1,500,000 <br /> • Community Sustainability Fund in the amount of$4,000,000 <br /> • Bicycle System Improvements in the amount of $450,000 <br /> • Bus Shelter Improvements in the amount of$100,000 <br /> • Water Tank Improvements (for emergency water supply) in the amount of <br /> $1,500,000 <br /> • Stormwater Improvements (to address existing flooding conditions in Project <br /> area) in the amount of$1,000,000 <br /> • Economic Development in the form of executive education and entrepreneur <br /> training programs for Redwood City residents, businesses and City staff <br /> through the Stanford University Graduate School of Business at a total <br /> estimated cost of$5,000,000 <br /> • Partial funding for a multi-use recreation and wellness center at Red Morton <br /> Park in the amount of$1,000,000 <br /> • Funding toward the summer concert series in the amount of$250,000 <br /> • City of Redwood City Educational Foundation payment in the amount of <br /> $250,000 <br /> • Design and improvement of Publicly Accessible Private Open Space (2.4 <br /> acres adjacent to Spinas Park) <br /> ATTY/ORD.393/APPROVAL OF STANFORD DA <br /> REV:08-29-13 VR <br /> Page 4 of 5 <br />