RecDoc 2013-166544 Conf - Laserfiche WebLink

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• Transformation of the currently low-rise, parking lot-oriented complex to a campus workplace that is denser, greener, and more attractive architecturally; • Demolition of approximately 537,000 square feet of existing office and research and development space; • Construction of up to approximately 1,518,000 square feet of space (a 1.0 floor area ratio averaged over the Precise Plan area); • Construction of parking structures and on-site surface parking; and • Installation of infrastructure improvements, including an on-site storm water retention system, a recycled water pipeline extension, dual piping for use of recycled water, a pedestrian greenway that would run through the center of the campus, and new publicly accessible open space adjacent to Spinas Park. D. Environmental Review. The Project is the subject of an environmental impact report ("EIR") prepared pursuant to the California Environmental Quality Act ("CEQA") (Public Resources Code section 21000 et seq.) and certified by Resolution No. 15294 adopted by the City Council on September 9, 2013. E. Existing Approvals. Prior to or concurrently with approval of this Agreement, the City will take several actions to review and plan for the future development and use of the Project ("Existing Approvals"). These include: 1. Certification of the EIR and adoption of Mitigation Monitoring and Reporting Program ("MMRP"), Findings and a Statement of Overriding Considerations by the City through City Council Resolution No. 15294 adopted on September 9, 2013; 2. Rezoning of the Property to establish P-District zoning through City Council Ordinance No. 2399, introduced September 9, 2013 and adopted on September 23, 2013 ("Rezoning"); 3. Adoption of the Stanford in Redwood City Precise Plan through City Council Resolution No. 15295, introduced September 9, 2013 and adopted on September 9, 2013 ("Precise Plan"); and � 4. The Enacting Ordinance (defined in Recital J below). F. Assurance to Developer. As a result of the execution of this Agreement, the Developer can be assured that the Project can proceed without disruption caused by a change in City planning and development policies and requirements, which assurance will thereby reduce the actual or perceived risk of planning, financing and proceeding with construction and use of the Project and promote the achievement of the private and public objectives of the Project. G. City Benefits. City desires to advance the socio-economic interests of the City and its residents by encouraging quality development and economic growth in the development and use of the Property, thereby enhancing employment opportunities for residents and 2 ATTY/AGR/2013.134/STANFORD DEVELOPMENT AGREEMENT REV: 08-14-13 PT