Facebook To Provide Menlo Park With Affordable Housing, Annual Fees
Facebook’s expansion plans in Menlo Park come with a price tag. As part of the social network’s 20-year development deal with the city, Facebook will pay the city annual fees, provide scholarship programs, improve transportation—even fund the maintenance and operation of a neighborhood pool.
The agreement also requires Facebook to provide 22 affordable housing units for police, firefighters and teachers, according to the Silicon Valley Business Journal. In return, Facebook will be given a much freer hand to develop its headquarters for the next two decades. Menlo Park also will ease height restrictions imposed by current zoning laws.
Facebook is seeking approval from Menlo Park for three buildings: two offices and a 200-key hotel.
The signing of the deal follows the recent substantial land swap between fellow tech giants Google and LinkedIn, giving those companies more control over real estate use. [SVBJ]
