Menlo Park's negotiators will check in with the City Council at its meeting tonight (Tuesday, May 11), offering more detail and new information on the preliminary terms of an agreement with the Bohannon Development Co. over the rights to develop a major office/hotel project.
The council at its April 6 meeting agreed to the basic tenets of an agreement with the Bohannon Co. over the proposed project, which would reach a height of 140 feet, and would total nearly 1 million square feet on land near Marsh Road and Bayfront Expressway.
The revised terms include stricter penalties for not achieving vehicle trip reduction, a provision that could increase the city's sales tax receipts during construction, a commitment from the development company to pay an impact fee that would benefit the Fire Protection District, and more check-ins with the Planning Commission to review architecture.
The council may also discuss the financial terms of the agreement, and possibly a way for the city to share revenue with the Bohannon company.
"Our 'take-away' is that there is substantial potential (financial) upside to the proposed project, should we decide to approve the significant General Plan and Zoning changes for which the applicant has applied," Councilwoman Kelly Fergusson wrote in an e-mail to the council May 10.
The development company has already said that it would not agree to a "sales tax in-lieu" fee that would net the city approximately an additional $1 million per year, as recommended by the Planning Commission. The company agreed to cooperate with the city in the event that the city wants to send power lines underground, and if it wants to petition for a re-districting that would generate tax revenue for the Ravenswood School District.
The meeting begins at 7 p.m. in the council chambers, located in the Civic Center complex. To view the staff report, click here, then follow the link to the May 11 agenda.