AgdaPkt 2013-09-09 - Laserfiche WebLink

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7.A. - Page 252 �ity's near-term fiscal & economic health • Enhance local economy • Provide for long-term nature of the project 4. Precise Plan Integrity: • Preserve the Precise Plan's integrity over a period of up to 30 years As drafted, the DA establishes specific development rights, terms and conditions agreed to by the City of Redwood City and Stanford University such as assurances regarding the term of the DA, vested rights and community benefits. For Stanford, the underlying purpose of the DA is to delineate what the terms and conditions are to undertake the project, make large investments and have assurances that they can complete the project under stable and known conditions. Additionally, the City wants certainty that the project will be developed in a timely manner and that the project will provide community benefits that achieve significant public/community goals and objectives. The DA also addresses issues such as transfers and assignments (in the event that a portion of the property is parceled off and sold), defaults, security financing and rights of holders, amendments of agreement and a series of general provisions. Some of the more significant aspects of the DA are highlighted below. The City will provide the following assurances and benefits to Stanford University: • Vested right to develop, construct and use the Project site (Precise Plan Blocks A-E) in accordance with the Stanford in Redwood City Precise Plan, zoning, and General Plan land use designation in place as of the effective date. • Initial term of 10 years with Stanford's right to two extensions (for up to a total of 30 years) subject to conditions of approval contained in the DA. • Provisions regarding findings for PC Permit approvals, as set forth above • Provision allowing for early payment of fees Stanford University has agreed to provide financial contributions towards the public benefits summarized below: • Neighborhood Streets Enhancement Program (NSEP) in the amount of $1,500,000 • Community Sustainability Fund in the amount of $4,000,000 • Bicycle System Improvements in the amount of $450,000 • Bus Shelter Improvements in the amount of $100,000 • Water Tank Improvements (for emergency water supply) in the amount of $1,500,000 • Stormwater Improvements (to address existing flooding conditions in Project area) in the amount of $1,000,000