Laserfiche WebLink
7.3.A. - Page 12 <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 />