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HomeMy WebLinkAboutStaff Report 2512-5610CITY OF PALO ALTO CITY COUNCIL Special Meeting Monday, March 09, 2026 Council Chambers & Hybrid 5:30 PM     Agenda Item     6.Stanford University Medical Center (SUMC) Annual Report to Council for Fiscal Year 2025 (FY 2025) City Council Staff Report From: City Manager Report Type: CONSENT CALENDAR Lead Department: Planning and Development Services Meeting Date: March 9, 2026 Report #:2512-5610 TITLE Stanford University Medical Center (SUMC) Annual Report to Council for Fiscal Year 2025 (FY 2025) RECOMMENDATION Staff recommends that the City Council: 1. Review the Stanford University Medical Center (SUMC) Annual Report for FY 2025, and find that Stanford Hospitals & Clinics, Lucile Packard Children’s Hospital, and Stanford University (SUMC Parties) have complied in good faith with the terms and conditions of the SUMC Development Agreement; 2. Find that the SUMC Parties are not in default with the terms and conditions of the Agreement in all sections; and 3. Accept the City of Palo Alto’s (City) Annual Report Supplements regarding the funds received from the SUMC Parties, as required under Section 12(d) of the Development Agreement (Attachment D). EXECUTIVE SUMMARY The City Council is required to review the SUMC Development Agreement, an agreement between Stanford Hospital and Clinics, Lucile Packard Children’s Hospital, Stanford University (SUMC Parties), and the City of Palo Alto, (the “Agreement”), to confirm compliance with the Agreement’s terms. SUMC prepared their SUMC Annual Report for Fiscal Year (FY) 2024-2025 that discusses how they met their compliance obligations during the reporting time period (Attachment A). The City also uses this Annual Report to Council to provide information on the City’s compliance obligations, such as providing the required summary and description of how the City expended funds provided by SUMC per the Agreement. As documented in this Annual Report to Council, both SUMC and the City are in compliance with the terms of the Agreement and Agreement Amendment Number 1 for the reporting period FY 2025. BACKGROUND On June 6, 2011, the Council approved Comprehensive Plan amendments, zoning changes, a conditional use permit, annexation, and design applications for the Stanford University Medical Center Facilities Renewal and Replacement Project (the “Projects”). The Projects include the construction of the new Stanford Hospital and clinics buildings, an expansion of the Lucile Packard Children’s Hospital (LPCH), construction of new School of Medicine (SOM) buildings, renovation of the existing Hoover Pavilion, construction of a new medical office building and parking garage at Hoover Pavilion, roadway improvements along Welch Road and Durand Way, and SUMC design guidelines. The Development Agreement vesting these approvals became effective on June 6, 2011, and continues for thirty (30) years from the effective date to June 6, 2041. The Development Agreement was amended in 2023 to modify the alternative transportation mode share targets, in response to changes to transportation patterns resulting from the COVID-19 pandemic. 1 Previous annual reports and compliance documentation can be found via the weblinks in Attachment B. ANALYSIS Health Care Benefits; Fiscal Benefits; Traffic Mitigation and Reduced Vehicle Trips; Linkages (Pedestrian, Bicycle, and Transit); Infrastructure, Sustainable Neighborhoods & Communities, Affordable Housing; and Climate Change. 1 Link to May 12, 2025 City Council Meeting Item 7: https://cityofpaloalto.primegov.com/Portal/Meeting?meetingTemplateId=16092. Construction Activities and Net New Square Footage Overall, at the Main SUMC site, SUMC is entitled to construct and use up to 3,534,090 total square feet of hospital/clinic and research buildings, as well as associated facilities and infrastructure improvements, including up to 1,265,272 net new square feet. Overall, at the Hoover Pavilion site, SUMC is entitled to construct and use up to 153,343 total square feet of medical office/clinic buildings, as well as associated facilities, including up to 46,169 net new square feet of medical/office buildings. SUMC discusses their construction activities for FY 2025 in their SUMC Annual Report (Attachment A). City staff reviewed the information regarding SUMC net new square footage in the report and determined this information is complete and correct. A new proton therapy vault at 875 Blake Wilbur Drive (1,279 square feet) received a certificate of occupancy in FY 2025. School fees were paid for 919 net new square feet. As reported in the SUMC Annual Report FY 2024-2025 (Attachment A), the following table summarizes the net new square footage for which a certificate of occupancy has been issued. Table 1: SUMC Net New Square Footage Traffic Mitigation and Reduced Vehicle Trips SUMC implemented all required transportation demand management (TDM) obligations in FY 2025, such as purchasing of Caltrain Go Passes, funding for the AC Transit U-Line, and other activities. A full list of commuter benefits and other obligations can be found in Attachments A and C. Alternative Mode Share Milestone Targets SUMC previously achieved their alternative mode share milestone targets every year between 2013 and 2019. In 2020, the City conditionally approved a one-year delay in the submittal of two reports; the FY 2020 Alternative Mode Share Report and Mitigation Measure TR 2.3 Enhanced Stanford University TDM Program report, in response to trip disruption caused by the COVID-19 pandemic. Conditional approval of this delay was consistent with the procedures in Section 6(p) of the Agreement. In FYs 2020-2023, despite continuing to implement all TDM programs, as well as enhancing communications and promotions, the SUMC parties found that the alternative mode share milestone target of 33% was again not met. SUMC subsequently filed a Development Agreement Amendment application that proposed adjusted dates for achieving alternative mode share milestone target dates to account for the effect of the COVID-19 pandemic on SUMC employee use of alternative transportation modes. The City Council approved Ord. 5602: First Amendment to the SUMC Development Agreement Amendment.3 The amendment adjusted the alternative mode share milestone target dates, while still reaching 35.0% by 2026. The amendment also reset the interim target years, which trigger penalties in the event the targets are not met for two consecutive years. The amendment includes an alternative mode share rate target of 33.0% by 2024 and 35.0% by 2026. No target was set for 2025; however, SUMC increased its alternative mode share from 30.5% in FY 2024 to 33% in FY 2025, showing progress toward its goal of 35% mode share by FY 2026 (Attachment A). Construction Sales and Use Tax Monitoring Report SUMC submitted the annual Construction Sales & Use Tax Monitoring Report on June 30, 2025, for the preceding calendar year. The City sent its required response. Based upon the City’s review of the annual Construction Sales and Use Tax Monitoring Report, revenues for calendar years 2011 through 2024 have totaled $5,556,174. This annual reporting assists in the process of ensuring that the City would receive no less than $8.1 million in construction sales and use tax revenue by December 31, 2025. A shortfall in construction sales and use tax is expected, estimated to be $2.4 million. The likelihood of a shortfall has been acknowledged by the SUMC Parties. Account reconciliation will occur in August 2026, as required by the Development Agreement and payment of the 3 Link to Ord. 5602: First Amendment to the SUMC Development Agreement Amendment: https://recordsportal.paloalto.gov/WebLink/DocView.aspx?id=48276&dbid=0&repo=PaloAlto shortfall is expected from SUMC no later than January 31, 2027. This is expected to be considered as part of the FY 2027 Budget process. Supplement to the Annual Report $4.1 million transfer from the Infrastructure, Sustainable Neighborhoods and Communities, and Affordable Housing Fund to Capital Improvement Project Fire Station 4 Replacement (PE-18004). Fiscal Year 2025 Adopted Operating Budget, Special Revenue Funds section; and Fiscal Year 2025 Adopted Capital Budget document.5 $4,075,000 was transferred from the Expansion Cost Mitigation fund for the Fire Station #4 Replacement (PE-18004). 5 Fiscal Year 2025 Adopted Operating Budget: FISCAL/RESOURCE IMPACT STAKEHOLDER ENGAGEMENT ENVIRONMENTAL REVIEW ATTACHMENTS APPROVED BY: Image Courtesy of Nearmap US Inc, 2025 PREPARED FOR THE CITY OF PALO ALTO | JULY 3, 2025 2024-25 ANNUAL REPORT CONTENTS EXECUTIVE SUMMARY 1 BACKGROUND AND PURPOSE 2 2024-2025 SUMMARY OF PROGRESS 3 LUCILE PACKARD CHILDREN’S HOSPITAL 3 STANFORD HEALTH CARE 4 SCHOOL OF MEDICINE 5 BLAKE WILBUR DRIVE ROADWAY EXTENSION 6 NET NEW SQUARE FOOTAGE 7 COMPLIANCE WITH DEVELOPMENT AGREEMENT OBLIGATIONS 8 HEALTH CARE BENEFITS 8 SECTION 5(a) (ii). FUND FOR HEALTHCARE SERVICES 8 SECTION 5(a) (iii). FUND FOR COMMUNITY HEALTH AND SAFETY PROGRAMS 8 PALO ALTO FISCAL BENEFITS 8 SECTIONS 5(b) (i) AND 5(b) (ii). PAYMENT OF SALES AND USE TAXES 9 SECTION 5(b) (iii). FUNDING OF OPERATING DEFICIT 9 SECTION 5(b) (iv). PAYMENT OF UTILITY USER TAX 9 SECTION 5(b) (v). SCHOOL FEES 10 TRAFFIC MITIGATION AND REDUCED VEHICLE TRIPS 10 SECTION 5(c) (ii). MENLO PARK TRAFFIC MITIGATION 10 SECTION 5(c) (iii). EAST PALO ALTO VOLUNTARY MITIGATION 10 SECTION 5(c) (iv). CONTRIBUTIONS TO AC TRANSIT 10 SECTION 5(c) (v). OPTICOM PAYMENTS 11 SECTION 5(c) (vi). CALTRAIN GO PASSES 11 SECTION 5(c) (vii). MARGUERITE SHUTTLE SERVICE 11 SECTION 5(c) (viii). TRANSPORTATION DEMAND MANAGEMENT COORDINATOR 13 SECTION 5(c) (ix). MONITORING OF TDM PROGRAMS 12 LINKAGES 14 SECTION 5(d) (i). INTERMODAL TRANSIT FUND 14 SECTION 5(d) (ii). QUARRY ROAD FUND 14 SECTION 5(d) (iii). STANFORD BARN CONNECTION 14 INFRASTRUCTURE, SUSTAINABLE NEIGHBORHOODS AND COMMUNITIES, AND AFFORDABLE HOUSING 15 SECTION 5(e). 15 CLIMATE CHANGE 15 SECTION 5(f). CLIMATE CHANGE FUND 15 SATISFACTION OF CONDITIONS OF APPROVAL 15 SECTION 5(h). SATISFACTION OF ALL CONDITIONS OF APPROVAL 15 CONCLUSION 16 ANNUAL REPORT 2024-25 1 EXECUTIVE SUMMARY On June 6, 2011, the Stanford University Medical Center parties (now Stanford Medicine)—comprised of Stanford Hospital and Clinics (now Stanford Health Care), Lucile Packard Children’s Hospital, and Stanford University—entered into a Development Agreement with the City of Palo Alto, committing to provide a range of community benefits in exchange for vested development rights to develop and use the Stanford Medicine Renewal and Replacement Project (“Renewal Project”) facilities in accordance with the approvals granted by the City, and a streamlined process for obtaining subsequent project approvals. The Renewal Project— driven by a growing demand for healthcare services, state-mandated seismic safety requirements, and the need to replace outmoded facilities with modern, technologically advanced spaces—is transforming the way that healthcare is delivered and research is conducted. Today, fourteen years after the execution of the Development Agreement, the Lucile Packard Children’s Hospital Expansion and the new Stanford Hospital are now open for patient care, and the School of Medicine has completed the first phase of development of its replacement facilities, with its BioMedical Innovations building open for research. Interior renovations within the 1989 portion of the preexisting Stanford Hospital facility are well underway, and are expected to continue for the next several years, bringing the facility up to modern healthcare standards. Against this backdrop, Stanford Medicine submits its Annual Report in compliance with Section 12(c) of the Development Agreement, and looks forward to continued collaboration with the City of Palo Alto in advancing the goals of both Stanford Medicine and the broader community. 2 ANNUAL REPORT 2024-25 BACKGROUND AND PURPOSE The Palo Alto City Council’s unanimous approval of the entitlements for the Stanford Medicine Renewal and Replacement Project in July 2011 has paved the way for a historic investment in new and replacement facilities for Stanford Medicine. The project approvals—including new zoning for the Renewal Project sites, a conditional use permit, architectural review approval, and the execution of a Development Agreement— allow for the construction of approximately 1.3 million net new square feet of hospital facilities, clinics, medical offices, and medical research spaces, and are enabling the Hospitals to optimize the delivery of healthcare services to patients, and maintain their position as leading providers of world-class healthcare. In order to facilitate this important replacement and expansion work, the Stanford Medicine parties entered into a Development Agreement with the City of Palo Alto, which includes a comprehensive package of community benefits and additional development conditions. In exchange for these benefits, the City has vested for a period of 30 years Stanford Medicine’s rights to develop and use the property in accordance with the project approvals, and agreed to streamline the process for obtaining subsequent approvals. The terms of the Development Agreement (Section 12(c)) provide for a periodic review of compliance, and require that Stanford Medicine submit an Annual Report to the City of Palo Alto’s Director of Planning and Community Environment each year within 30 days of the anniversary of the agreement effective date (June 6, 2011). The Annual Report is to summarize Stanford Medicine’s progress on the Renewal Project, including a list of net new square footage for which a certificate of occupancy has been received, and a description of the steps that Stanford Medicine has taken to comply with the obligations listed in Section 5 of the Development Agreement. With this report, Stanford Medicine fulfills these requirements. Within 45 days of receipt of this Annual Report, the City will prepare a Supplement to the Annual Report, to provide an accounting of the City’s balances and expenditures from each of the City Funds and how they were used. ANNUAL REPORT 2024-25 3 2024-2025 SUMMARY OF PROGRESS The Renewal Project has reached key milestones in the past several years, with the opening of the Lucile Packard Children’s Hospital expansion in 2017, the New Stanford Hospital in 2019, and the School of Medicine’s BioMedical Innovations building in 20201. While the COVID-19 pandemic changed the pace of progress on the Renewal Project, as Stanford Medicine focused resources on pandemic response, including launching clinical trials for therapeutic treatments for COVID-19 and establishing community testing and vaccination sites, it also highlighted the importance of modern, state-of-the-art facilities to support Stanford Medicine’s research and patient care. The section to follow provides an overview of central goals for the project elements that presently are under construction or nearing construction, a synopsis of progress to date, as well as a preview of near-term upcoming activities. LUCILE PACKARD CHILDREN’S HOSPITAL In response to growing community needs for specialized pediatric and obstetric care, Lucile Packard Children’s Hospital opened an expanded facility in late 2017. The new Main building, located adjacent to the preexisting Lucile Packard Children’s Hospital (West building), provides patients and doctors with the most modern clinical advancements and technology, while also creating a more patient- and family-centered environment of care, with additional single-patient rooms and more spaces for families to be with their child during treatment and recovery. The LPCH Main building features a new entrance lobby, public concourse with dining, three floors of nursing units, and new patient rooms. Spaces have been designed with an attention to natural light and views, and the exterior grounds—more than 3.5 acres of outdoor areas and gardens—provide a park-like setting for patients, families, and visitors. 1 Temporary certificate of occupancy was issued in 2020; final certificate of occupancy was issued in 2021. 4 ANNUAL REPORT 2024-25 LPCH is currently embarking on improvements to its preexisting West building which will modernize its infrastructure and provide a more comfortable patient experience. These improvements include a redesigned main lobby entry and drop-off for the West Building; plans were formally submitted to the City for Architectural Review in Summer 2022 and were approved in Fall 2023. Further recent improvements have included reimagined NICU, Maternity and Labor and Delivery spaces. STANFORD HEALTH CARE Stanford Health Care is constructing new and replacement hospital facilities to usher in a new era of advanced patient care. Growth in patient volumes and rapidly changing medical technology have rendered much of the existing midcentury hospital infrastructure inadequate, while new seismic safety requirements have accelerated the need to construct replacement facilities. In November 2019, Stanford Health Care’s first phase of facilities renewal completed as the New Stanford Hospital received its license from the State Department of Public Health and opened to patient care. With the new Stanford Hospital now complete, Stanford Health Care has begun a series of renovations within its preexisting facilities, including the sequential upgrade of nursing units in the 1989 portion of the Hospital; this renovation work is proceeding in phases over the next several years. Stanford Health Care is also planning an addition to the preexisting Hospital of approximately 37,000 square feet. This proposed addition received Architectural Review approval in March 2022, and a City grading / excavation permit was issued in June 2022. Subsequently, an OSHPD building permit was issued in February 2025. Construction is ongoing. 2024-2025 SUMMARY OF PROGRESS ANNUAL REPORT 2024-25 5 In addition, a minor 1,279 square foot underground addition at the Stanford Medicine Cancer Center (875 Blake Wilbur Drive) received Architectural Review approval in December 2023 and Building Permit final in June 2025. The addition accommodates a proton therapy vault to be used for cutting edge cancer treatment. SCHOOL OF MEDICINE The Stanford University School of Medicine is replacing its outmoded research buildings with new state-of- the-art facilities designed to support contemporary translational research. The new facilities will accommodate 21st century medical advancements and enable the development of new medical innovations, featuring integrated laboratory suites, with easier access between labs and support facilities, enabling transparency, flexibility, and collaboration. The first phase of School of Medicine development (BioMedical Innovations Building 1, or “BMI-1”) is now complete, having received a certificate of occupancy in Spring 2021, and features four above-grade floors of research labs and light-filled gathering places, and a lower basement level for utility support, as well as a connective tunnel to other nearby research facilities. Building interiors were designed for best practices for laboratory design safety and space allocation, with a flexible template to maximize efficient use of space and ease of renovation. The four above-grade floors provide space for a mix of disciplines, basic and clinical research, wet and dry labs, and leading-edge translational studies. 2024-2025 SUMMARY OF PROGRESS 6 ANNUAL REPORT 2024-25 BLAKE WILBUR DRIVE ROADWAY EXTENSION As required by the 2011 Project Approvals, a new link roadway has been established between Sand Hill Road and Welch Road. This roadway, which was completed in Fall 2023, connects Durand Way to Blake Wilbur Drive, and provides an important automobile, bicycle, and pedestrian connection in the vicinity of the Medical Center. Specifically, it serves as an uncongested route for emergency vehicles accessing the medical campus via Sand Hill Road, and provides improved access to both the Main Medical Campus and the outer Welch medical office buildings. The new roadway includes two travel lanes in each direction, Class II bicycle lanes, sidewalks with planter strips including new tree plantings and bioretention areas, new signal poles, and underground utilities. After the resolution of minor outstanding items, the Street Work Permit was finaled in February 2025. 2024-2025 SUMMARY OF PROGRESS ANNUAL REPORT 2024-25 7 2024-2025 SUMMARY OF PROGRESS NET NEW SQUARE FOOTAGE The following table summarizes the net new square footage for which a certificate of occupancy has been issued. PROJECT COMPONENT GROSS SQUARE FOOTAGE STANFORD HEALTH CARE 1101 Welch demolished (40,100) 500 Pasteur 719,266 875 Blake Wilbur (Proton Therapy Vault)1,279 Total 680,445 LUCILE PACKARD CHILDREN’S HOSPITAL EXPANSION 701 Welch demolished (56,300) 703 Welch demolished (23,500) Lucile Packard Children’s Hospital Expansion 446,088 Total 366,288 SCHOOL OF MEDICINE BioMedical Innovations building 196,921 Partial decant of Boswell, Grant, Alway, Lane, Edwards (23,608) Total 173,313 HOOVER PAVILION Miscellaneous shops and storage demolished (13,831) Stanford Neuroscience Health Center (Hoover MOB)91,605 Total 77,774 8 ANNUAL REPORT 2024-25 COMPLIANCE WITH DEVELOPMENT AGREEMENT OBLIGATIONS This section of the Annual Report summarizes the steps that Stanford Medicine has taken to comply with its obligations under Section 5 of the Development Agreement. HEALTH CARE BENEFITS In addition to the health care funds listed below, Stanford Medicine provides certain intrinsic benefits to the community, as both a global leader in medical care and research, and as a community healthcare services provider. The Renewal Project enables Stanford Medicine to continue its important work, and the addition of more beds for adults and children will help to alleviate overcrowding. Additionally, the new hospital facilities provide critical emergency preparedness and response resources for the community in the event of an earthquake, pandemic, or other major disaster. Section 5(a)(ii). Fund for Healthcare Services The Hospitals have designated the amount of $3 million for Healthcare Services, which will increase to $5.6 million by December 31, 2025. No further action is required until 2026. This amount will be reconciled with the construction use tax payments as described in Development Agreement Section 5(b)(ii)(C), and will be spent between 2026 and 2036. Section 5(a)(iii). Fund for Community Health and Safety Programs Stanford Medicine has contributed a single lump-sum payment of $4 million to establish a Community Health and Safety Program Fund for the City of Palo Alto. This fund is to be distributed to selected community health programs that benefit residents of the City, including the Project Safety Net Program, a community-based mental health plan for youth well-being in Palo Alto. A joint committee has been established to evaluate proposals regarding the other specific programs to receive funding, composed of two representatives selected by Stanford Medicine and two representatives selected by the City; this committee shall make annual recommendations to the City Council regarding proposed disbursements from the Community Health and Safety Program Fund, and the City Council shall use its reasonable discretion to decide whether to accept, reject, or modify the joint committee recommendations. Stanford Medicine provided the entire required contribution to the Community Health and Safety Program Fund on August 25, 2011. No further action is required by Stanford Medicine to comply with this Development Agreement provision, though in the past three years Stanford Medicine has engaged with City staff as part of the joint committee to evaluate proposals for programs to receive funding. The City uses the funds to support the Psychiatric Emergency Response Team (PERT), which, in years past, was operated in partnership with the Santa Clara County Behavioral Health Services Department. However, the City has noted that the County clinicians are no longer available and that funds will be used for City PERT officers who perform similar duties. As required by Development Agreement Section 12(d), the City will provide yearly Supplements to the Annual Report to provide an accounting of the City’s expenditures from this fund, and the purposes for which the expenditures were used. PALO ALTO FISCAL BENEFITS The Stanford Medicine Renewal Project brings considerable fiscal benefits to the City of Palo Alto. The project was expected to generate $8.1 million in sales and use tax revenues for the City, and multiple mechanisms have been put into place to ensure that this target is met. The Development Agreement also provides for further fiscal benefits to the City, including a payment by Stanford Medicine to fund the City’s ANNUAL REPORT 2024-25 9 operating deficit, and the payment of utility user taxes and school fees. Sections 5(b)(i) and 5(b)(ii). Payment of Sales and Use Taxes As required by the Development Agreement, Stanford Medicine submitted its annual Construction Sales and Use Tax monitoring report to the City on June 30, 2025. The Stanford Medicine parties will continue to submit such a report annually during the construction period for the Renewal Project so that the City can determine the share of construction use taxes that it has received as a result of the Renewal Project. Each year, within 60 days of receiving the monitoring report, the City will provide its determination of the amount of construction use taxes that it has received as a result of the Renewal Project during the preceding calendar year. In August 2026 or soon thereafter, Stanford Medicine and the City will conduct a reconciliation process to confirm whether the City has received at least $8.1 million in construction use taxes as a result of the Renewal Project, as further described in Development Agreement Section 5(b)(ii). To date, Stanford Medicine has taken the following steps detailed below to maximize the City’s allocation of sales and use taxes associated with Project construction and operation. Documentation of each of these items is included in the 2024 construction use tax monitoring report already submitted. • Stanford Medicine has obtained all permits and licenses necessary to maximize the City’s allocation of construction use taxes derived from the project, including California Seller’s Permits and Use Tax Direct Pay Permits. • Stanford Medicine has designated and required all contractors and subcontractors to designate the project site as the place of sale of all fixtures furnished or installed as part of the project. • Stanford Medicine has designated and required all contractors and subcontractors to designate the project site as the place of use of all materials used in the construction of the project. • Stanford Medicine has required all contractors and subcontractors to allocate the local sales and use taxes derived from their contracts directly to the City. Stanford Medicine has used best efforts to require contractors and subcontractors to complete and file any forms required by the State Board of Equalization to effect these designations. • Both Hospitals have obtained use tax direct pay permits from the State of California for their existing facilities in order to increase the City tax allocation for the Hospitals’ purchases. The Hospitals will maintain the use tax direct pay permit for the life of the project. • Finally, Stanford Medicine has assisted the City in establishing and administering a Retail Sales and Use Tax Reporting District for the Renewal Project, to enable the City to track the generation, allocation, reporting and payment of sales and use taxes derived from the Project. Section 5(b)(iii). Funding of Operating Deficit In order to assure that City costs associated with the Renewal Project do not exceed revenues to the City resulting from construction and operation of the project, Stanford Medicine has provided to the City a single lump sum payment in the amount of $2,417,000. This payment was made on August 25, 2011. No further action is required by Stanford Medicine to comply with this Development Agreement provision. Section 5(b)(iv). Payment of Utility User Tax Stanford Medicine will pay the City a utility user tax at a minimum rate of 5 percent of all electricity, gas, and water charges allocable to new construction completed as part of the project for the life of the project. This rate may be increased by the City as provided by Section 2.35.100(b) of the Municipal Code. The 5 percent COMPLIANCE WITH DEVELOPMENT AGREEMENT OBLIGATIONS 10 ANNUAL REPORT 2024-25 utility user tax is currently being paid by Stanford Medicine. Section 5(b)(v). School Fees Stanford Medicine will pay to the City—which is then to forward to the Palo Alto Unified School District— school fees upon issuance of each building permit from the City or OSHPD , in the amount that is generally applicable to non-residential development at the time of payment based upon net new square footage, as defined in the Development Agreement. School fees were paid in 2012 for LPCH and SHC in the amounts of $188,815 and $153,802, respectively. In July 2013, additional school fees were paid in the amount of $7,051 to account for additional program square footage for the New Stanford Hospital and Garage. In May 2014, an additional payment of school fees in the amount of $16,119 was made to account for the incremental square footage associated with the Hoover Medical Office Building, beyond the 60,000 square feet originally planned. In November 2015, additional school fees in the amount of $461.16 were paid to account for incremental square footage for the New Stanford Hospital Garage. In May 2022, school fees in the amount of $22,641 were paid to Palo Alto Unified School District to account for Stanford Health Care’s planned addition to the 1989 portion of the preexisting hospital. TRAFFIC MITIGATION AND REDUCED VEHICLE TRIPS Stanford Medicine has taken a number of steps to mitigate the potential traffic impacts projected at full project buildout. Stanford Medicine provides a robust transportation demand management program, offering a variety of incentives for employees to forego driving alone to work. As required by the Development Agreement, Stanford Medicine has taken the additional actions outlined below. Section 5(c)(ii). Menlo Park Traffic Mitigation Stanford Medicine agreed to contribute to the City of Menlo Park a total of $3,699,000 for use in connection with traffic mitigation, infrastructure enhancements, and the promotion of sustainable neighborhoods and communities and affordable housing. This contribution has been made in three equal payments; the first payment of $1,233,000 was made on August 19, 2011. The second payment of $1,233,000 was made on December 5, 2012, following the November 2012 issuance of the first Hospital foundation permit. The final payment in the amount of $1,233,000 was made on December 14, 2017, within 30 days from issuance of the first Hospital occupancy permit. No further action is required by Stanford Medicine to comply with this Development Agreement provision. Section 5(c)(iii). East Palo Alto Voluntary Mitigation Stanford Medicine has contributed a single lump sum payment of $200,000 to East Palo Alto to be used for roadway and traffic signal improvements on University Avenue. This payment was made on August 19, 2011. No further action is required by Stanford Medicine to comply with this Development Agreement provision. In the event that Stanford Medicine does not meet the alternative transportation mode goals specified in the Development Agreement by 2026 and is assessed an approximately $4 million payment under Development Agreement section 5(c)(ix)(B), the City will be required to remit $150,000 of such payment to the City of East Palo Alto. Section 5(c)(iv). Contributions to AC Transit The Hospitals committed to the following actions within 30 days from issuance of the first Hospital occupancy permit, and have fulfilled these commitments as outlined below: COMPLIANCE WITH DEVELOPMENT AGREEMENT OBLIGATIONS ANNUAL REPORT 2024-25 11 • The Hospitals agreed to offer a one-time payment of $250,000 to AC Transit to be used for capital improvements to the U-Line to increase capacity (Section 5(c)(iv)(A)). As required, the Hospitals offered to contribute $250,000 to AC Transit for capital improvements to the U Line; this offer was accepted, and the payment was made on January 5, 2018. • The Hospitals agreed to offer to make annual payments to AC Transit in a reasonable amount, not to exceed $50,000, to be used for operating costs of the U-Line to maintain a load factor for bus service to the Medical Center of less than 1 (Section 5(c)(iv)(B)). The Hospitals are making annual payments to AC Transit for purposes of U-Line operating costs. • In order to encourage Hospital employees living in the East Bay to use public transit for their commute, the Hospitals committed to using best efforts to lease 75 parking spaces at the Ardenwood Park and Ride lot, or an equivalent location, at a cost not to exceed $45,000 per year (Section 5(c)(iv)(C)). The Hospitals entered into an agreement with AC Transit as of September 2024 to lease 75 spaces at the Ardenwood Park & Ride Lot. The Hospitals previously met this requirement by leasing spaces at a more distant site in Newark (356263 Fircrest Drive), and once the Hospitals were able to lease spaces at the Ardenwood Park & Ride as originally intended, the leased spaces at 35263 Fircrest Drive were discontinued. At the Ardenwood location, commuters continue to utilize the U Line and DB Express, which continue to have capacity to service current demand. Section 5(c)(v). Opticom Payments Within 30 days from issuance of the first Hospital occupancy permit, the Hospitals committed to pay $11,200 to the City of Palo Alto to be used for the installation of Opticom traffic control systems at the following seven intersections: El Camino Real/Palm Drive/University Avenue; El Camino Real/Page Mill Road; Middlefield Road/Lytton Road; Junipero Serra/Page Mill Road; Junipero Serra/Campus Drive West; Galvez/Arboretum; and the Alpine/280 Northbound ramp. However, since the time that this commitment was made, the City determined that Opticom systems are outdated, and proposed the purchase and installation of the ATMS. now Emergency.now package, which would allow coordinated prioritization at all City-maintained traffic signals. Agreement to this change in traffic signal priority system is documented in a letter dated December 12, 2017 from the City Manager to the SUMC Parties, which was accepted and agreed to by the SUMC Parties by countersigned letter. The required payment was made on December 12, 2017, within 30 days of issuance of the first Hospital occupancy permit. Section 5(c)(vi). Caltrain GO Passes The Development Agreement requires that the Hospitals purchase annual Caltrain GO Passes for all existing and new Hospital employees who work more than 20 hours per week at a cost of up to approximately $1.8 million per year, beginning on September 1, 2015. This obligation is expected to continue for a period of 51 years. Hospital management accelerated the purchase of the annual GO Pass for Hospital employees, and began providing free GO Passes to employees commencing on January 1, 2012. Annual passes were purchased again for all existing and new eligible employees for 2025. In addition, in order to further encourage ridership, a new pilot program allows eligible Hospital employees to obtain free Caltrain parking passes. Section 5(c)(vii). Marguerite Shuttle Service The Hospitals will fund the reasonable costs, in an approximate amount of $2 million, for the purchase of additional shuttle vehicles for the Marguerite shuttle service, as and when required to meet increased demand for shuttle service between the project sites and the Palo Alto Intermodal Transit Station. In addition, the Hospitals will fund as annual payments the reasonable costs, in an approximate amount of $450,000 COMPLIANCE WITH DEVELOPMENT AGREEMENT OBLIGATIONS 12 ANNUAL REPORT 2024-25 per year, to cover the net increase in operating costs for the Marguerite Shuttle. Demand for the Marguerite shuttle increased in 2012, and the Hospitals funded the purchase of three new hybrid shuttles to meet this increased demand. Since this time, the Hospitals have funded as annual payments the reasonable costs of the net increase in operating costs for the Marguerite Shuttle. Section 5(c)(viii). Transportation Demand Management Coordinator The Development Agreement requires that the Hospitals employ an onsite qualified Transportation Demand Management (TDM) Coordinator for Stanford Medicine, commencing on September 1, 2015, and continuing through the life of the Renewal Project. Because the Hospitals accelerated the purchase of the Caltrain GO Pass, the Hospitals also accelerated the hiring of the TDM Coordinator, filling this position in March 2012. The TDM Coordinator is responsible for overseeing the analysis, development, and implementation of programs to advance the Hospitals’ TDM objectives. Specific duties that are carried out in collaboration with Stanford Transportation include raising awareness among commuters about alternative transportation options and Stanford’s commute incentive programs; providing alternative commute planning assistance and responses to customer inquiries; writing and editing electronic and print communications; coordinating and staffing outreach events, such as free transit pass distributions and employee fairs; and providing alternative transportation information and resources at new employee orientations. The Hospitals also established a new role, Transportation/TDM Director, that is in addition to the previously established TDM Coordinator role, to lead the effort of increasing the use of alternative transportation among Hospital employees. COMPLIANCE WITH DEVELOPMENT AGREEMENT OBLIGATIONS ANNUAL REPORT 2024-25 13 Section 5(c)(ix). Monitoring of TDM Programs The Hospitals are required to submit annual monitoring reports showing the current number of employees employed over 20 hours per week; the number of employees using an alternative transportation mode as documented by a study or survey to be completed by the Hospitals using a method mutually agreeable to the City and the Hospitals; and the efforts used by the Hospitals to attempt to achieve the Alternative Mode Targets identified in the Development Agreement. The Development Agreement specifies payments to be made in the event that such targets are not met during particular time periods. Stanford Medicine submitted its 2025 Alternative Mode Share Report to the City on May 30, 2025; this report shows an alternative mode split of 33.01% for the Hospitals, reflecting a continuation of the trend of on-campus Hospital staff shifting back to mass transportation and other alternative modes. In previous years where the pandemic had a pronounced impact on daily life, a shift was observed from alternative modes to single-occupancy vehicles, and the Hospitals’ previously successful alternative mode share slipped significantly. This change in behavior was attributed to reduced levels of transit service at the time and perceived health risks of public transportation. Further exacerbating these issues was the inability for staff to work remotely as they primarily occupy roles which require direct patient interface or otherwise require physical presence. Since the times of the pandemic, transit service levels have normalized and concerns about the health risks of public transit have diminished. The 2024-25 survey results demonstrate that the Hospitals are continuing along the path to recovery of their previously successful alternative mode share. Reducing drive-alone rates for employees remains a COMPLIANCE WITH DEVELOPMENT AGREEMENT OBLIGATIONS 14 ANNUAL REPORT 2024-25 priority, and the Hospitals continue to pilot additional programs to meet the unique needs of their employees while continuing to provide and promote existing alternative mode opportunities. LINKAGES To further encourage use of Caltrain, bus, and other transit services, and to enhance and encourage use of pedestrian and bicycle connections between Stanford Medicine and downtown Palo Alto, Stanford Medicine has funded the following specific infrastructure improvements. Section 5(d)(i). Intermodal Transit Fund Stanford Medicine has provided to the City one lump sum payment of $2.25 million for improvements to enhance the pedestrian and bicycle connection from the Palo Alto Intermodal Transit Center to the existing intersection of El Camino Real and Quarry Road. Up to $2 million of this amount is to be used by the City for the development of an attractive, landscaped passive park/green space with a clearly marked and lighted pedestrian pathway, benches, and flower borders. Stanford Medicine paid the entire required amount for the Intermodal Transit Fund on August 25, 2011. No further action is required by Stanford Medicine to comply with this Development Agreement provision. As required by Development Agreement Section 12(d), the City will provide yearly Supplements to the Annual Report to provide an accounting of the City’s expenditures from this fund, and the purposes for which the expenditures were used. In Summer 2017, prior to issuance of the first Hospital Occupancy Permit, the City completed a temporary path with associated lighting, landscaping/green space, benches, and flower borders from the transit center to the existing crosswalk at the intersection of El Camino Real and Quarry Road. Available funds remaining will be applied to the construction of permanent improvements in the future, which may include a bus transit connection in addition to the planned bicycle and pedestrian improvements. Section 5(d)(ii). Quarry Road Fund Stanford Medicine has provided to the City one lump sum payment of $400,000 for improvements to and within the public right-of-way to enhance the pedestrian and bicycle connection from the west side of El Camino Real to Welch Road along Quarry Road, including urban design elements and way finding, wider bicycle lanes, as necessary, on Quarry Road, enhanced transit nodes for bus and/or shuttle stops, and prominent bicycle facilities. Stanford Medicine paid the entire required amount for the Quarry Road Fund on August 25, 2011. No further action is required by Stanford Medicine to comply with this Development Agreement provision. As required by Development Agreement Section 12(d), the City will provide yearly Supplements to the Annual Report to provide an accounting of the City’s expenditures from this fund, and the purposes for which the expenditures were used. The City was required to construct the improvements prior to issuance of the first Hospital Occupancy Permit, but as agreed to with Stanford Medicine, delayed implementation of these improvements until utility trenching to the Medical Center was complete. In late 2018, the City completed these improvements, including enhanced crosswalks and bicycle striping and signage. Section 5(d)(iii). Stanford Barn Connection Stanford Medicine agreed to construct up to $700,000 of improvements to enhance the pedestrian connection between the Main Medical Campus and the Stanford Shopping Center from Welch Road to Vineyard Lane, in the area adjacent to the Stanford Barn prior to issuance of the first Hospital Occupancy permit. Construction of the improvements completed in November 2017, in advance of issuance of the COMPLIANCE WITH DEVELOPMENT AGREEMENT OBLIGATIONS ANNUAL REPORT 2024-25 15 first Hospital Occupancy permit. No further action is required by Stanford Medicine to comply with this Development Agreement provision. INFRASTRUCTURE, SUSTAINABLE NEIGHBORHOODS AND COMMUNITIES, AND AFFORDABLE HOUSING Section 5(e). Infrastructure, Sustainable Neighborhoods and Communities, and Affordable Housing Fund Stanford Medicine agreed to contribute a total amount of $23.2 million toward City of Palo Alto infrastructure, sustainable neighborhoods and communities, and affordable housing. As required by the Development Agreement, this contribution has been made in three equal payments. The first payment, in the amount of $7,733,333, was made on August 25, 2011; the second payment of $7,733,333 was made on December 5, 2012, following the November 2012 issuance of the first Hospital foundation permit; and the final payment of $7,733,333 was made on December 12, 2017, within 30 days from issuance of the first Hospital occupancy permit. No further action is required by Stanford Medicine to comply with this Development Agreement provision. As required by Development Agreement Section 12(d), the City will provide yearly Supplements to the Annual Report to provide an accounting of the City’s expenditures from this fund, and the purposes for which the expenditures were used. The City will use $1,720,488 of these funds in the same manner as funds collected under the City’s housing fee ordinance. CLIMATE CHANGE Section 5(f). Climate Change Fund Stanford Medicine agreed to contribute a total amount of $12 million toward City projects and programs for a sustainable community, including programs identified in the City’s Climate Action Plan, carbon credits, and investments in renewable energy and energy conservation. As required by the Development Agreement, this contribution has been made in three equal payments. The first payment, in the amount of $4 million, was made on August 25, 2011; the second payment of $4 million was made on December 5, 2012, following the November 2012 issuance of the first Hospital foundation permit; and the final payment of $4 million was made on December 12, 2017, within 30 days from issuance of the first Hospital occupancy permit. No further action is required by Stanford Medicine to comply with this Development Agreement provision. As required by Development Agreement Section 12(d), the City will provide yearly Supplements to the Annual Report to provide an accounting of the City’s expenditures from this fund, and the purposes for which the expenditures were used. SATISFACTION OF CONDITIONS OF APPROVAL Section 5(h). Satisfaction of All Conditions of Approval Stanford Medicine will satisfy all Conditions of Approval by the dates and within the time periods required by the project approvals, subject to modifications allowed by the Development Agreement, and has taken several steps in order to ensure that this requirement is met (Section 5(h)). The Conditions of Approval encompass conditions imposed by the Architectural Review Board, mitigation measures enumerated in the Mitigation Monitoring and Reporting Program, and conditions attached to the Conditional Use Permit. COMPLIANCE WITH DEVELOPMENT AGREEMENT OBLIGATIONS 16 ANNUAL REPORT 2024-25 In order to implement, monitor, and report on the implementation of this diverse array of conditions, Stanford Medicine, with input from City planning staff, has created two Excel spreadsheet tracking and reporting tools. These spreadsheets serve as a centralized repository for compliance monitoring information and documentation, and are updated by the Stanford Medicine project teams on a regular basis, and reviewed by the City. CONCLUSION As the Renewal Project completes its fourteenth year, Stanford Medicine looks forward to continued engagement with the City of Palo Alto as the project continues to progress. ATTACHMENT B SUMC Development Agreement Annual Reporting https://www.paloalto.gov/News-Articles/Planning-and-Development-Services/SUMC-Renewal- Replacement-Project SUMC Development Agreement, Section 5 - SUMC Parties’ Promises Attachment C FY 2024-2025 1 SUMC Development Agreement Compliance: FY 2024-20251 0 2 3 2 Health Care Benefits DA Section Description Summary Activity Complies? 5(a)(ii) Fund for Healthcare Services Financial assistance for Palo Alto residents SUMC establishment of a $3M fund that will grow to $5.6M by December 31, 2025. Fund will be used in even increments over a ten- year period from 2026-2036 to assist Palo Alto residents who have self-payment responsibilities beyond their financial means, as described in Section 5(a)(ii). Yes, complies – No activity required in FY 2024-25. 5(a)(iii) Fund for Community Health and Safety Programs $4M fund for selected community health programs for Palo Alto residents $4M City fund established on August 25, 2011. No expenditures were planned or made in FY 2024-25. Yes, complies - Fund activity and balances in FY 2024-25 reported in Attachment E. Fiscal Benefits DA Section Description Summary Activity Complies? 5(b)(i), (ii) Payment of Sales and Use Taxes Activities to maximize sales and use taxes paid to the City SUMC contributes to General Fund Sales and Use Tax revenues via construction-related activities. The City reviews the Construction Sales & Use Tax Monitoring Report that is submitted by SUMC on June 30 of each year. The City submits a letter to SUMC each year that notes local tax received from SUMC project activities for the year. Based upon the City’s review of the annual Construction Sales and Use Tax Monitoring Report, Yes, complies - SUMC timely submitted the Construction Sales & Use Tax Monitoring Report for the previous calendar year. The City sent their required response. This annual reporting assists in the process of ensuring that the City would receive no less than $8.1M in SUMC Development Agreement, Section 5 - SUMC Parties’ Promises Attachment C FY 2024-2025 2 SUMC Development Agreement Compliance: FY 2024-20251 0 2 3 2 revenues for calendar years 2011 through 2024 have totaled $5,556,174. construction sales and tax revenue by December 31, 2025. 5(b)(iii) Funding of Operating Deficit / Expansion Cost Mitigation $2.417M fund to assure City costs associated with the project do not exceed revenues resulting from construction and operation of the project. $2.417M fund established on August 25, 2011. No expenditures were planned or made in FY 2024-25. Yes, complies - Fund activity and balances in FY 2024-25 reported in Attachment E. 5(b)(iv)Payment of Utility Users Tax 5% tax on all electricity, gas and water charges on new construction Established in past fiscal years, the Utility Users Tax is paid through the normal billing process for each building. Yes, complies. 5(b)(v)School Fees Payment of PAUSD fees for net new square footage PAUSD school fees have been paid based on the net new square footage reported in the SUMC Annual Report. No occupancy for new square footage occurred in FY 2024-25. Yes, complies – No activity in FY 2024-25 Traffic Mitigation and Reduced Vehicle Trips DA Section Description Summary Activity Complies? 5(c)(ii) Menlo Park Traffic Mitigation $3,699,000 payment for traffic mitigation, infrastructure, sustainable neighborhoods, affordable housing All required payments were made to Menlo Park between 2011-2017. No further activity needed. Yes, complies - completed in FY 2017-18. SUMC Development Agreement, Section 5 - SUMC Parties’ Promises Attachment C FY 2024-2025 3 SUMC Development Agreement Compliance: FY 2024-20251 0 2 3 2 5(c)(iii) East Palo Alto Voluntary Mitigation $200K for roadway and signal improvements on University Ave. $200K payment made on August 19, 2011. Yes, complies - completed in FY 2011-12. 5(c)(iv)Contributions to AC Transit U-line capital improvements, low load factor ratios, parking spaces at Ardenwood Park & Ride $250K payment made to AC Transit on January 5, 2018. SUMC is also invoiced by AC Transit for payments throughout the year that total over the $50K per year discussed in the SUMC Development Agreement. Payments to AC Transit are required for the life of the project. SUMC is currently leasing 75 parking spaces at the Ardenwood Park & Ride. Yes, complies. 5(c)(v)Opticom Payments $11,200 payment for Opticom traffic control system at 7 intersections $11.2K payment made to the City in FY 2017-2018. As the City has upgraded systems, the City and SUMC agreed through a letter exchange that the payment could be used for the new coordinated prioritization signaling at City-maintained traffic signals. Yes, complies - completed. 5(c)(vi)Caltrain Go Passes SUMC purchase of passes for all existing and new hospital employees working >20hrs/week Go Passes have been purchased per the Development Agreement since January 1, 2012, including for FY 2024-2025. Yes, complies. 5(c)(vii)Marguerite Shuttle Service Purchase of additional shuttles to meet demand Between 2011-2018, the fleet was expanded to five renewable diesel-electric hybrid buses and 41 all-electric buses. Yes, complies - completed. SUMC Development Agreement, Section 5 - SUMC Parties’ Promises Attachment C FY 2024-2025 4 SUMC Development Agreement Compliance: FY 2024-20251 0 2 3 2 5(c)(viii) SUMC Transportation Demand Management (TDM) Coordinator SUMC hires coordinator to promote alternative transportation options TDM Coordinator was hired in March 2012. This position has since been elevated to a TDM Program Manager position and the position remains filled. Yes, complies. 5(c)(ix) Monitoring of TDM Programs Yearly report regarding alternative transit mode use SUMC timely submitted their annual Alternative Mode Share report for FY 2024- 2025. The SUMC parties found that the alternative mode share milestone target of 33% outlined in SUMC DA Section 5(c)(ix) was met for 2025. Yes, complies. Linkages DA Section Description Summary Activity Complies? 5(d)(i)Intermodal Transit Fund $2.25M payment to improve pedestrian linkages to PA Intermodal Transit Center $2.25M City fund established on August 25, 2011. City constructed temporary improvements prior to the issuance of the first Hospital Occupancy Permit (LPCH) to serve the linkage goal and functional requirements. No expenditures were planned or made in FY 2024-25. Yes, complies - Fund activity and balances in FY 2024-25 reported in Attachment E. 5(d)(ii)Quarry Road Fund $400K payment to improve pedestrian linkages along Quarry Road $400K City fund established on August 25, 2011. City constructed the improvements prior to the issuance of the first Hospital Occupancy Permit (LPCH) to serve the linkage goal and functional requirements. Yes, complies – Completed FY 2019. SUMC Development Agreement, Section 5 - SUMC Parties’ Promises Attachment C FY 2024-2025 4 SUMC Development Agreement Compliance: FY 2024-20251 0 2 3 2 SUMC Development Agreement, Section 5 - SUMC Parties’ Promises Attachment C FY 2024-2025 5 SUMC Development Agreement Compliance: FY 2024-20251 0 2 3 2 5(d)(iii)Stanford Barn Connection SUMC budgets up to $700K for connections in the vicinity of barn SUMC constructed the Stanford Barn Connection prior to the issuance of the first Hospital Occupancy Permit (LPCH) to serve the linkage goal and facilities are fully operational. Yes, complies – Completed. Infrastructure, Sustainable Neighborhoods and Communities, and Affordable Housing DA Section Description Summary Activity Complies? 5(e) Infrastructure, Sustainable Neighborhoods and Communities, and Affordable Housing Fund $23.2M payment for these uses $23.2M fund established between 2011- 2017. There was a $4.1M expenditure budgeted from this fund during the reporting period FY 2024-25. Actual expenditure $4.075M The funds allotted to Affordable Housing were fully exhausted in FY 2013 for the Stevenson House Project, and in FY 2020 for the Wilton Court Housing Project. Yes, complies -Fund activity and balances in FY 2024-2025 reported in Attachment E. Climate Change DA Section Description Summary Activity Complies? 5(f) Climate Change – Sustainability Programs Benefit Fund $12M payment for climate change- related projects and programs $12M fund established 2011-2017. No expenditures were planned or made in FY 2024-25. Yes, complies -Fund activity and balances in FY 2024-25 reported in Attachment E. ATTACHMENT D SUMC Development Agreement Annual Reporting Background and Purpose On June 6, 2011, the City Council approved Comprehensive Plan amendments, zoning changes, a conditional use permit, annexation and design applications for the Stanford University Medical Center Facilities Renewal and Replacement Project (the “Projects”). The Projects include the construction of a new Stanford Hospital and clinics buildings, an expansion of the Lucile Packard Children’s Hospital, construction of new School of Medicine buildings, renovation of the existing Hoover Pavilion, construction of a new medical office building and parking garage at Hoover Pavilion, roadway improvements along Welch Road and Durand Way, and SUMC design guidelines. A Development Agreement (the “Agreement”) vesting these approvals was entered into between the SUMC Parties and the City and was effective on June 6, 2011 and continues for thirty (30) years from the effective date. The Agreement requires an annual report, prepared by SUMC that outlines the activities of the preceding year and the efforts to fulfill the obligations of the Agreement. Per the requirements of sections 12(a) and 12(c) of the Agreement, The City of Palo Alto is to prepare a supplement to the annual report that contains an accounting of the funds described in the Section 5 of the Agreement (“SUMC Parties’ Promises”) including the fund balances and expenditures and the purposes for which the expenditures were used. Public Benefit Fund Accounting This SUMC Annual Report Supplement covers the period during the fourteeth year of the Agreement: June 6, 2024 through June 6, 2025. Accounting for the funds outlined extends through the end of the City’s FY 2025. The specific funding accounts reported in this SUMC Annual Report Supplement are consistent with Section 5 of the Agreement. These funds have been assigned a unique cost center number for accounting purposes. This SUMC Annual Report Supplement also contains the investment earnings and the earnings allocation to the various cost centers. In summary, the SUMC Parties have paid approximately $44.3 million in public benefit fees to the City since June 6, 2011 through the FY 2024-2025 reporting period. There were no required new payments from the SUMC Parties during the FY 2024-2025 reporting period. The first payment of $20,800,333 on August 11, 2011 was for the following funds: Fund for Community Health and Safety, Project Safety Net (Section 5(a)(iii)); Fund for Expansion Cost Mitigation (Section 5(b)(iii)); Fund for Pedestrian and Bicycle Connections from Intermodal Transit Center to El Camino Real/Quarry Road Intersection (Section 5(d)(i)); Fund for Public Right of Way Improvements to Enhance Pedestrian and Bicycle Connections on Quarry Road (Section 5(d)(ii)); Fund for Infrastructure, Sustainable Neighborhoods and Communities and Affordable Housing (Section 5(e)), and Fund for Climate Change - Sustainable Programs Benefit (Section 5(f)(i)). The second payment of $11,733,333 payment on December 5, 2012 was for the following funds: • Fund for Infrastructure, Sustainable Neighborhoods and Communities and Affordable Housing (Section 5(e)) and • Fund for Climate Change - Sustainable Programs Benefit (Section 5(f)(i)). The third payment and final payment of $11,744,533 on December 12, 2017 was for the following funds: Fund for Infrastructure, Sustainable Neighborhoods and Communities and Affordable Housing (Section 5(e)); Fund for Climate Change -Sustainable Programs Benefit (Section 5(f)(i)); and Fund for Community Health and Safety, Project Safety Net (Section 5(a)(iii)). Public Benefit Fund Expenditures Expenditures and other activity occurred in the following funds in FY 2024-2025: Budgeted: $4.1 million transfer from the Infrastructure, Sustainable Neighborhoods and Communities, and Affordable Housing Fund to Capital Improvement Project Fire Station 4 Replacement (PE-18004); Actual: $4,075,000 was transferred from the Infrastructure and Affordable Housing fund for the Fire Station #4 Replacement (PE-18004)