The Menlo Park Housing Commission will meet at 5:30 p.m. Wednesday, June 29, to talk about what Facebook should be required to contribute to the city's below-market-rate fund in exchange for being allowed to build its proposed expansion project.
According to the staff report, Facebook could have several options:
1. Pay an in-lieu fee of about $6.3 million to the city's Below Market Rate fund.
2. Build 20 below-market-rate units
off-site (under current zoning, building housing in the M-2 area isn't allowed, though that would change if the proposed changes to the city's general plan are approved later this year.)
3. Pay some of the in-lieu fee and build some of the below-market-rate units.
The meeting starts at 5:30 p.m. in the Menlo Park City Hall/Administration Building at 701 Laurel St. in the Civic Center.
A public hearing on the expansion project held Monday, June 20, before the Menlo Park Planning Commission revealed skepticism that the project wouldn't have a significant impact on local demand for housing.
On the other hand, an analysis by consultant group Keyser Marston Associates released on June 22 in advance of Wednesday's Housing Commission, said that because so few of Facebook's employees actually live in eastern Menlo Park or East Palo Alto, it isn't expected to displace existing residents, at least directly.