Stanford submitted a new offer to Santa Clara County detailing a proposed $4.7 billion package of community benefits the university would provide through a development agreement related to its General Use Permit application. This offer is the university’s largest investment in housing and transportation in its history.
Five facts about Stanford’s $4.7 billion offer of community benefits:
- Focuses on meeting the needs of the campus community and neighboring residents.
- Invests $3.4 billion to fully meet the demand for 2,172 workforce housing units created by new academic facilities, including 575 front-loaded units of Below-Market-Rate housing.
- Commits $1.17 billion to expand current sustainable commute programs and provides $30 million in funding for transportation projects identified by Palo Alto and San Mateo County communities.
- Includes $138 million in support for Palo Alto Unified School District.
- Enables Stanford to provide significant benefits up front, prior to construction of new academic facilities, through a contract with Santa Clara County called a development agreement.