Facebook Gets Permission to Expand Headquarters in Menlo Park
May 30, 2012 3:33 PM
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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
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
. Facebook also announced that it plans on creating
its own smartphone software
by next year and may
purchase Opera Software
for $1 billion.
The Los Angeles Times
This article is over a month old, voting and posting comments is disabled
5/30/2012 4:22:43 PM
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).
"I modded down, down, down, and the flames went higher." -- Sven Olsen
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