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Stanford cheats MP Schools

From: domainremoved <Brielle>
Date: Tue, 29 Aug 2017 09:49:36 -0700

Council:

As you discuss the Term Sheet for the Stanford development at 500 ECR tonight, remember that in 2012 Menlo Park gave to Stanford a hefty increase in its land value when it increased the FAR for properties in the Specific Plan Area.

By my rough calculation the FAR increase for Stanford from .5 to 1.25 will give Stanford approximately $2 million a year in added profit from office rents. Why the Council took this approach is still a subject of debate, but there is no argument that the university will have greater revenue from rents thanks to Menlo Park

Remind Stanford of this gift that was offered with no strings attached. Consequently today we have no negotiating power with Stanford and it is playing hardball at the expense of the residents needing infrastructure to support this development.

Also cheated are the two school districts that will receive no property tax from the housing units Stanford wants to use for its employees. Even if Stanford can legally use a tax exemption for the housing development, should it? Is Stanford part of our community or just another hard- nosed developer looking at its bottom line?

Speak up tonight. Remind the Stanford Real Estate Department that Menlo Park was more than generous in 2012 because the City believed it was working with an honorable institution that professed it was a stakeholder in the community’s well being.

The university should be willing to pay for every student living in its housing units who attends Menlo Park schools. In the elementary school alone, the cost to educate each child is $14,225. There is no moral reason why property owners in Menlo Park should pay their share of educating our children but Stanford should only make a small gesture that ends in ten years. Most egregious is Stanford is making zero contribution to Menlo Atherton High School.

Residents want to hear you as their elected Council Members are representing their interests.

Brielle Johnck
Received on Tue Aug 29 2017 - 09:51:40 PDT

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