MENLO PARK (CBS SF) – The Menlo Park City Council has paved the way for Facebook to nearly double the number of employees at its headquarters in exchange for numerous investments the company has agreed to make in the community.
The City Council on Tuesday night unanimously approved terms for an agreement that will allow Facebook to increase its current employee capacity from 3,600 employees to 6,600, Menlo Park City Planner Rachel Grossman said.
Around 2,000 people currently work at the property, which is located at the intersection of Willow Road and Bayfront Expressway.
In exchange for the expansion, the social media company has agreed to a number of projects that will benefit the community, including improving bike lanes and pedestrian walkways, creating an internship program for local high school students, and making upgrades to existing public trails in the area.
Facebook has also agreed to make several financial concessions to city “in lieu of sales tax,” according to the agreement.
The company agreed to pay $800,000 per year for the first five years it occupies the campus; $900,000 per year for the second five years; and $1 million annually for five years after that.
The company will also make a one-time payment to the city of $1.1 million for unrestricted use toward capital improvement projects.
As part of the agreement, Facebook said it will promote local volunteer opportunities for employees in Menlo Park and East Palo Alto, and create a $500,000 local community fund benefiting both cities.
The City Council is scheduled to give final approval to the deal on June 5.
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