After months of negotiation, Menlo Park and Facebook reached agreement on terms for the social media company's development of its Constitution Drive campus. The City Council voted 5-0 on Jan. 22 to approve a contract that includes $1.7 million distributed to the city over 10 years.
John Tenanes, Facebook's real estate director, outlined some of the non-financial benefits during his presentation to the council on Tuesday night. The company will replace a vacant, toxic site with an environmentally friendly building designed by world-renowned architect Frank Gehry, he said, providing a lasting boon to Menlo Park.
Mayor Peter Ohtaki thanked Facebook, commenting that it's "quite an honor to have a company that quite frankly on a daily basis touches 1 billion people."
See further details of the deal here.