backtop


Print 22 comment(s) - last by Trisped.. on Jun 1 at 6:31 PM


  (Source: abcnews.go.com)
Menlo Park city council approved an environmental impact report and developmental agreement for a project that will bump the number of employees up to about 6,600

Facebook got the green light to expand its headquarters in Menlo Park, California to boost its head count over 6,000 employees.

Currently, the social network has 2,200 employees in Menlo Park. But yesterday, the Menlo Park city council approved an environmental impact report and developmental agreement for a project that will bump that number up to about 6,600.

All five city council members voted yes at the meeting last night.

"The bottom line is that we have a development agreement with Facebook that we're excited about," said Kirsten Keith, mayor of Menlo Park. "We're excited to have Facebook as our neighbors. I am pleased with what we have come up with."

Facebook will pay Menlo Park $850,000 per year for a 10-year period to cover the impact of the additional workers. It will also pay a one-time fee of over $1 million for capital improvements.

In addition, Facebook plans to establish a $500,000 community improvement fund, high school internship programs and job training seminars.

The social giant is also looking to build a new campus, which is a 22-acre site across the Bayfront Expressway. The site is to include could include five new buildings total, and it will be connected to the current Menlo Park campus via an underground crossing. Both campuses combined will likely have around 9,400 employees, and it should be complete in 2014.

All of the new changes to Menlo Park have concerned neighboring cities like Atherton, which said traffic at intersections could be an issue with all of the new employees. Both cities are currently in talks trying to come up with an agreement. Facebook offered suggestions such as employee carpool options.

Expanding its headquarters isn't the only big news Facebook has revealed recently. The social network launched the largest IPO in history this month, which valued the company at over $100 billion. Facebook also announced that it plans on creating its own smartphone software by next year and may purchase Opera Software for $1 billion.

Source: The Los Angeles Times



Comments     Threshold


This article is over a month old, voting and posting comments is disabled

RE: California
By Flunk on 5/30/2012 3:52:07 PM , Rating: -1
Be careful, you're implying that Texas needs to bribe companies to relocate there.


RE: California
By gamilonman on 5/30/2012 4:22:43 PM , Rating: 3
I think less taxes and regulation are their own incentive, but I admit that many local governments (including some in Texas) have decided to engage in various incentives to attract business. At one end of the scale are tax incentives, which I think are less harmful than atrocities such as direct investment (often stadiums for private profit but at public expense) and loan guarantees (see the recent 38 Studios debacle in Rhode Island for the fiscal irresponsibility of this, not to mention the immorality of taking someone else's money by force to invest in a video game).


RE: California
By kjboughton on 5/31/2012 9:42:11 AM , Rating: 1
No, he's not.

He's implying - and with good reason - that unlike the State of California, the State of Texas doesn't resort to extorting money from businesses under the guise of conducting an "environmental impact report."

In any case, the title of this article says it all. The fact that one must seek and receive approval from the state in order to expand a business should be anathema to every American.


RE: California
By Trisped on 6/1/2012 6:31:35 PM , Rating: 2
California is not "extorting" money from Facebook. Menlo Park has a population of 32,026. Facebook is looking to bring in an additional 4400 people, which will require major enchantments to the current infrastructure. Facebook is paying the city to cover these enhancements. It is actually a very common thing when developing property that the developer also provide additional structure to the city, or give the city funds to cover the structure. For example, when a new housing tract is built the developer builds the roads in the tract, then turns the roads over to the city to maintain.

And FYI, all states require building permits, even Texas.


"Folks that want porn can buy an Android phone." -- Steve Jobs














botimage
Copyright 2014 DailyTech LLC. - RSS Feed | Advertise | About Us | Ethics | FAQ | Terms, Conditions & Privacy Information | Kristopher Kubicki