Facebook released a draft of terms last Friday for an agreement that would allow the social media giant to house up to 6,600 employees on its Menlo Park campus. The draft, including stipulations for Facebook to make annual payments to Menlo Park, will be discussed by the Menlo Park City Council at its 7 p.m. Tuesday meeting.
The draft’s release follows 10 weeks of negotiations between Facebook and Menlo Park city officials. The Menlo Park Community Development Department has submitted a staff report recommending that the City Council approve the terms.
According to terms outlined in the draft of the agreement, Facebook would pay Menlo Park $800,000 per year for five years, $900,000 per year for the subsequent five years and $1 million per year for years 11 to 15. Per the agreement the first 10 years of the payment plan would be locked in, but payments in year 11 onward could be reduced if Facebook reduces the number of employees housed on the campus.
Facebook will also make a separate $1.1 million dollar payment to Menlo Park for the city to use for capital improvement projects.
Other terms of the development agreement include Facebook creating a community fund, creating a high school internship program, sponsoring job-training programs, working to help close the Bay Trail Gap and participating in Caltrans’ Adopt-a-Highway program for five years.
The company would also be required to encourage its employees to spend money at Menlo Park businesses, maintain and improve nearby levees, attempt to attain LEED gold rating for every building on the campus and adhere to a vehicle cap of 15,000 per day, with no more than 2,600 each in the morning and evening commuting hours.
– Alice Phillips