AgdaPkt 2013-09-09 - Laserfiche WebLink

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ATT...,,..�.,T„ 7.A. - Page 165 3.8 Economic Develo�ment, Recreation and Wellness, Arts and Music and Education Initiatives. Developer shall support and promote the City's economic development, recreation and wellness, arts and music and education initiatives through the following contributions: 3.8.1 Economic Development. Developer shall provide executive education and entrepreneur training programs for Redwood City residents, businesses and City staff through the Stanford University Graduate School of Business, at a total estimated cost to Developer of $5,000,000 ("Economic Development Contribution"). The specific programs are described in detail in Exhibit C attached hereto and incorporated herein by this reference. As long as the obligations pertaining to the Economic Development Contribution remain in effect, the City Manager and at least one representative from the Graduate School of Business shall meet annually to discuss the program content, profile of the program participants, upcoming deadlines for reserving program space, suggested program improvements, and adjustments to the budget allocations among the programs and adjustments to other terms of this Section 3.8.1 and Exhibit C that are mutually agreeable to the Parties. Such changes may include a mutual decision to terminate a program if the Parties conclude the program has not achieved the Parties' objectives, in which event the remaining budget from the terminated program shall be reallocated to one or more of the other programs described in Exhibit C. Adjustments to the budget allocations among the Graduate School of Business programs and adjustments to the other terms of this Section 3.8.1 or Exhibit C may be mutually agreed upon through a letter or memorandum signed by the City Manager and an authorized representative of Developer, and do not require amendment to this Development Agreement. Developer will commence at least two of the programs described in Exhibit C within one year of the Effective Date. Developer shall commence all remaining programs described in Exhibit C within two years of the Effective Date. 3.82 Recreation and Wellness. Developer shall contribute $1,000,000 toward the cost of constructing a multi-use recreation and wellness center at Red Morton Park ("Recreation and Wellness Contribution"). The Recreation and Wellness Contribution shall be paid to City in five equal annual installments of $200,000 each, commencing on the first anniversary of the Effective Date, unless City intends to pursue construction of the center sooner, in which case the entire remaining unpaid portion of the Recreation and Wellness Contribution shall be due and payable within 30 days of City's written request. If the City has not expended or contractually committed to expend the Recreation and Wellness Contribution within 10 years of the Effective Date, any portion of the Recreation and Wellness Center Contribution that has not been so expended or contractually committed by such date shall be added to the Community Sustainability Fund and used by the City for the purposes described in Section 3.3. 3.83 Arts and Music. Developer shall contribute $250,000 toward the cost of the City's summer concert series ("Arts and Music Contribution"). The Arts and Music Contribution shall be paid to City in five equal annual installments of$50,000 each, with the first payment due on the first anniversary of the Effective Date and with the additional annual payments due each of the four years thereafter. 3.8.4 Education. Developer shall contribute $250,000 to the Redwood City Educational Foundation ("Education Contribution"). The Education Contribution shall be paid to City in five equal annual installments of $50,000 each, with the first payment due on the first OAK#4824-6359-3743 vll 24 ATTY/AGR/2013.134/STANFORD DEVELOPMENT AGREEMENT REV: 08-14-13 PT