Phase II - Economic development strategies

Santa Cruz Street Phase II builds upon Phase I and will produce specific policy recommendations and implementation strategies based on the City’s approved economic development goals. Build Public is focusing on policies and strategies that will inform the City’s current General Plan update and rezoning opportunities in the City’s M-2 area.

The City’s economic development goals, policies and strategies will be combined to form the City’s Economic Development Plan. The plan will be presented to the community for feedback and then submitted to the City Council for action.

Public benefit

One particular economic development strategy generating debate around the region is the effort to better define the public benefit that is captured from new development. Generally, public benefit refers to additional community benefits or amenities that are provided in exchange for intensifying land uses to meet market demand. At the Jan. 27, 2015, City Council meeting, the City Council directed staff to include specific strategies for capturing value as part of the Economic Development Plan.

On April 24, 2014, the City Council held a public benefit study session to provide general direction on policies to better define what could be considered public benefits. In his presentation, Michael Yarne provided examples of how other cities define public benefit, what new tools are available to cities to fund them, and how Menlo Park can provide more clarity to the community on what to expect in exchange for supporting additional development.

Economic development strategies

Build Public is using feedback from the public benefit study session and upcoming economic development stakeholder group meetings to draft strategies for achieving the economic development goals adopted by the City Council in Phase I. For information about upcoming stakeholder meetings visit the Economic Development Plan events and meetings page.