stanford university budget plan 2017/18: chapter 4 ... · plan comprises 24 projects and 8...

67CAPITAL PLAN AND CAPITAL BUDGET

CHAPTER 4

CAPITAL PLAN AND CAPITAL BUDGET

At almost $4.3 billion, the Capital Plan reflects the larg-

est capital program in Stanford’s history. It demonstrates

the significant investment Stanford continues to make in

its facilities, driven by the academic priorities for teaching,

research, and related activities, described in Chapter 2, and

the initiatives of the administrative and auxiliary units that

support the academic mission, described in Chapter 3. It

also demonstrates Stanford’s commitment to student and

faculty housing, with 47% of the plan allocated to building,

acquiring, or renovating new and existing housing inventory.

Significant examples of this commitment are the $1.1 billion

Escondido Village (EV) Graduate Residences, which will in-

crease the graduate student housing stock by 2,020 net new

beds, and the $500 million Housing Acquisition Initiative for

faculty and staff.

With the 2016/17 project completions, Stanford will have in-

vested approximately $6 billion in its facilities, infrastructure,

and commercial real estate since 2000. Across the campus,

aging facilities have been replaced with new and renovated

buildings capable of supporting cutting-edge science, en-

gineering, medicine, and the collaborative research among

them, as well as with new facilities for business, athletics, law,

and the arts. Off-campus commercial development projects

provide additional income to the university.

In addition to the many projects currently under way and pre-

viously forecasted, the Capital Plan now includes the follow-

ing new projects: Tenant Improvements at 3145 ($58.8 mil-

lion) and 3172 ($15.8 million) Porter Drive, a new Emergency

Operations Center/Electronic Communications Hub

(EOC/ECH) ($35.1 million), new faculty homes at Cabrillo/

Dolores ($18 million), and renovations at both the Li Ka Shing

Center ($10 million) and the Center for Advanced Study in

Behavioral Sciences ($9.8 million).

The following ten significant projects make up 81% of

Stanford’s Capital Plan: the EV Graduate Residences

($1,091.7 million), Stanford Redwood City Phase 1 ($568.8

million), the Housing Acquisition Initiative ($500 million),

the Neuro/ChEM-H (Chemistry, Engineering & Medicine for

Human Health) Research Complex ($257 million), Center for

Academic Medicine 1 (CAM 1) ($222.9 million), BioMedical

Innovations Building 1 and Tunnel (BMI 1) ($210 million),

Middle Plaza at 500 El Camino Real Residential ($182 mil-

lion), University Terrace Faculty Homes ($176.5 million),

the Anne T. and Robert M. Bass Biology Research Building

(Bass Biology Building) and associated projects ($152.2 mil-

lion), and the new Earth, Energy & Environmental Sciences

Building ($100 million). The remaining 19% of the Capital

Plan comprises 24 projects and 8 infrastructure programs.

For a detailed listing of all Capital Plan projects and programs,

see the tables on pages 82–84.

The Capital Plan accounts for the long-term budget impacts

on operations, maintenance, and utilities (O&M) and debt

service. These obligations are included in the university’s

long-range budget planning.

This chapter provides an overview of the capital planning

process, describes current strategic initiatives, presents the

2017/18–2019/20 Capital Plan and related constraints, and

discusses the 2017/18 Capital Budget.

Stanford’s 2017/18–2019/20 Capital Plan and 2017/18 Capital Budget are based on projections of the

major capital projects that the university plans to pursue in support of its academic mission. The rolling

Capital Plan includes projects that are in progress or are expected to commence during the next three

years. The Capital Budget represents the anticipated capital expenditures in the first of these years. Both the

Capital Plan and the Capital Budget are subject to change based on funding availability, budget affordability,

and university priorities.

68 CAPITAL PLAN AND CAPITAL BUDGET

CAPITAL PLANNING OVERVIEW

CAPITAL PLANNING AT STANFORDStanford’s Capital Plan is a three-year rolling plan with com-

mitments made for projects with fully identified and approved

funding. Cash flow expenditure forecasts for these projects

extend beyond the three-year period, and budget impacts

on O&M and debt service will commence at construction

completion. The plan includes forecasts of both cash flow

and budget impacts by year, as well as the impacts of projects

beyond the three-year period (see tables on page 76).

The Capital Plan is set in the context of a longer-term capital

forecast. The details of this forecast, particularly funding

sources and schedules, are less clear than those of the three-

year plan, as the needs and funding sources that may emerge

over the long-term horizon are difficult to anticipate. Plans

tend to evolve as some projects prove more feasible than

others based upon shifting funding realities and academic

priorities.

STRATEGIC INITIATIVESThe following university strategic initiatives are integral to this

year’s Capital Plan:

n Stanford Redwood City

n EV Graduate Residences

n General Use Permit

n Growth and transportation

n Campus circulation and parking

Stanford Redwood City Stanford’s plans for an off-site administrative campus in

Redwood City continue to move forward. Consistent with the

strategic development envisioned with the 2005 acquisition

of the Redwood City property, select administrative staff will

relocate to this site in order to preserve core campus space

for the university’s highest academic priorities. Plans have

commenced to implement a comprehensive Phase 1 develop-

ment of 653,647 square feet (sf)—565,777 sf of office build-

ings, 78,262 sf of amenity buildings, and 9,608 sf of utility

and IT infrastructure—as well as parking for 1,702 vehicles.

Site work, demolition, and foundations have commenced

with construction for the core and shell anticipated to begin

in spring 2017. Full build-out of the 35-acre parcel is capped

at 1,518,000 sf, as detailed in the Stanford in Redwood City

Precise Plan. Stanford does not have specific plans for the

timing or composition of the remaining square footage of the

campus at this time.

The prospective Phase 1 will accommodate about 2,700

staff: School of Medicine (SoM), including Medical Center

Development (946); Business Affairs (893); Land, Buildings

and Real Estate (LBRE) (170); the Office of Development

(154); University Human Resources (135); Continuing Studies

(85); Libraries (73); Residential & Dining Enterprises (R&DE)

(73); the Vice Provost for Teaching and Learning (25); and

other tenants yet to be confirmed (100). The development

and subsequent move will free up almost 150,000 sf on

campus as well as in the Stanford Research Park; space in the

latter will then be re-leased to third-party tenants at market

rates, increasing revenues to Stanford.

Stanford Redwood City gives the university an opportunity to

provide its administrative staff with an outstanding, sustain-

able, and healthy workplace environment. This new campus

will comprise Class A office buildings, conference and din-

ing facilities, a fitness center with lap pool, and a child care

center. A 2.5-acre park, multiple courtyards, and a greenway

connecting the entire campus will create an attractive setting.

EV Graduate Residences Stanford’s bold commitment to build a 1.8 million-sf resi-

dential complex with 2,431 new graduate beds responds to

a critical need to provide additional graduate student hous-

ing on campus in an undersupplied and escalating housing

market. The construction of the EV Graduate Residences

supports the campus land use strategy to increase the density

of Escondido Village in order to provide adequate housing

for a growing graduate student population, and enables the

university to devote other areas of the core campus to under-

graduate housing and academics.

The new complex will primarily house single graduate stu-

dents, although units will be available for couples without

children. Demolition of existing two-story buildings that

house approximately 400 students will be required, result-

ing in an overall gain of 2,020 net new beds. The variety of

apartments builds upon the suite models of premium studios,

two-bedroom suites, and junior studio suites, as offered in

the neighboring Kennedy Graduate Residences. The four

new residence halls will each provide lounges, huddle rooms,

laundry rooms, exercise areas, and music practice spaces.


In addition to housing students, a primary objective of this

project is to provide opportunities to build a vibrant sense of

community among the graduate students and to encourage

strong connections to the campus. The two-story market

pavilion, entry tower, and associated arcade will face the

campus and define an inviting gateway into Escondido Village

from the terminus of Serra Mall. These community gateway

components, which will include a café/bar, a grand lounge,

and a mini-market for online shopping and pick-up, will also

provide an architectural scale that is comfortable and tem-

pers the height of the residential wings. The arcaded court

and hardscape, as well as the more casual commons space,

will support programs that will serve as the hub for graduate

life. The central commons will face and engage the existing

EV greenway and be programmed and energized by a range

of activation components (i.e., outdoor seating and eating,

event space, coffee cart, art, etc.).

This project includes two new underground parking structures

to support the graduate students and community. Manzanita

Garage will house 850 parking spaces with passive recreation

space above. The EV parking structure to be constructed

along Serra Street will house 350 parking spaces with ad-

ditional spaces above to accommodate ADA requirements,

loading, and service.

The construction of the EV Graduate Residences and park-

ing garages will take place over three years, with occupancy

targeted for fall 2020.

General Use Permit Stanford has submitted an application to Santa Clara County

for an updated General Use Permit (GUP) to guide campus

planning over the next two decades. This permit is known as

the “2018 GUP” due to expected approval in 2018.

Stanford has been operating under two key Santa Clara

County entitlement documents: a Community Plan and a

2000 GUP. The Community Plan provides a set of rules and

policies to guide the university’s land use planning over an

extended period of time. The GUP implements those policies

and includes specific conditions to minimize the impacts of

Stanford’s development.

The 2000 Community Plan and GUP were intended to pro-

vide Stanford with flexibility in its land use within an agreed-

upon framework, with accountability to the county, neighbors,

and the campus communities. Stanford’s application for the

2018 GUP includes a development request for 2.275 million

sf of academic facilities and 3,150 housing units/student

beds, with construction expected to be completed by 2035.

This next GUP will help Stanford address emerging teaching,

research, and housing needs over this time period.

Growth and Transportation Reduction of trips to the campus is likely the most difficult

challenge and one that may constrain the university’s future

growth. Though Stanford has a tremendous track record with

its award-winning Transportation Demand Management

(TDM) programs, the university must do more, not only for

the core campus but also for other Stanford lands. Informed

by extensive studies with multiple transportation experts

as well as an innovative transportation mode choice model,

Stanford has developed a matrix of choices and actions that

can be implemented to improve the local transportation net-

work. The region’s network is at capacity at peak times, and

no “silver bullet” exists to solve this regional problem. It will

likely take years of constant prioritization to make a positive

impact. The university will continue to focus on this effort

and work collaboratively with large private employers, neigh-

bors, local agencies, and transportation specialists to identify

and implement incremental programs that mitigate traffic

impacts and improve the regional network. Stanford will also

continue recent efforts to support and facilitate development

of large-scale regional solutions, such as Caltrain electrifica-

tion and the 101 High Occupancy Vehicle (HOV) lane through

San Mateo County. A number of land use planning efforts

focused on future growth are now under way. These include

strong emphases on major circulation patterns and transit

system options as well as on identifying how land use choices

can optimize transportation and TDM options.

Campus Circulation and Parking As Stanford continues to expand its core campus footprint as

well as increase its density, campus planners have identified

alternatives for improving circulation, reducing congestion,

and promoting safety. The measures that the university has

prioritized will have positive impacts on campus circulation

and service, vehicular traffic, and the safety of bicyclists and

pedestrians.

East Campus Circulation Circulation and parking will be reconfigured on the east cam-

pus to accommodate significant capital projects including

the EV Graduate Residences, Public Safety Building, and the

EOC/ECH. The components of the work in this area include:


STANFORD’S COMMITMENT TO HOUSING

From its earliest days, Stanford has focused on supporting a residential academic environment. Currently, Stanford provides on-campus housing for almost all undergraduate students, just over 50% of graduate students, and about one-third of Stanford faculty members. Stanford prioritizes use of its core academic lands to house students and faculty because housing students and faculty in close proximity fosters collaboration and learning. Staff and other affiliated housing has been provided outside of the academic campus lands, in nearby jurisdictions.

Stanford’s commitment to housing of all types is evident in the current Capital Plan. In total, housing projects represent $2.0 billion, or almost half of the entire 2017/18-2019/20 Capital Plan. The table below provides a consolidated list of all current housing projects followed by a more detailed description of the individual projects:

EV Graduate Residences is the largest capital project in Stanford history. The project will add 2,020 net new graduate beds in Escondido Village, raising the percentage of graduate students housed to approximately 75%, from just over 50% today. The project includes construction of ap-proximately 1,200 parking spaces (750 net new) in two un-derground structures. Unit types will include premium stu-dio, two-bedroom, and junior studio apartments. Amenities are planned to include a market pavilion that houses a café, mini-market, and grand event lounge; a large multi-purpose room; meeting and huddle spaces; music practice spaces; and technology resource spaces.

The Housing Acquisition Initiative recognizes that Stanford’s housing strategies are necessarily multi-pronged.

The Board of Trustees approved this initiative to expand Stanford’s housing supply by acquiring land or residential units proximate to, or within easy transit of, campus. The Colonnade apartment community was purchased under this initiative and provides 167 units of housing for faculty and staff. The program is anticipated to yield a combination of rental units for faculty and staff and single-family homes available for purchase by faculty on the affordable restricted ground lease.

Middle Plaza Residential is a new mixed-use development under application with the City of Menlo Park. The project is expected to include 215 multi-family rental units, which will be made available to faculty and staff. Unit types are ex-pected to comprise both one- and two-bedroom apartments.

University Terrace Faculty Homes is a 17-acre development in Palo Alto consisting of 68 single-family homes and 112 condominiums. All units will be made available to faculty for purchase at affordable prices through use of the restricted ground lease. Amenities will include a community center building, fitness center, and pool.

Cabrillo/Dolores Faculty Homes is currently under design development and will consist of 8 homes in the faculty subdivision. Two university-owned homes located along Dolores will be demolished to make way for this project, which will add much-needed affordable homes within the neighborhood.

Renovations of Rains and Schwab support and maintain Stanford’s existing student housing stock.

2017/18–2019/20 Number of Capital Plan Project Description Resident Type Beds/Units (in millions of dollars)

New Housing Additions

EV Graduate Residences Graduate Students 2,020 net new beds 1,091.7

Housing Acquisition Initiative Faculty and Staff 270 1 units 500.0

Middle Plaza Residential Faculty and Staff 215 units 182.0

University Terrace Faculty Homes Faculty 180 units 176.5

Cabrillo/Dolores Faculty Homes Faculty 8 units 18.0

Renovations of Existing Housing Various Renovations Graduate Students n/a 59.9

Total 2,028.11 Acquisitions of 270 units are anticipated over the next 7-8 years


l Campus Drive/Serra Street Roundabout—The

roundabout will replace two separate existing inter-

sections, improve pedestrian crossings, and reconfig-

ure the barrels of Campus Drive with dedicated bike

lanes and a uniform landscaped median.

l Serra Mall Closure—The plan to close Serra Mall

from Galvez Street to Campus Drive for pedestrians,

bikes, and shuttles requires the completion of “en-

abling” projects including reconfigured service areas

and parking at Encina Hall, service improvements

at Burnham Pavilion, and a new drop-off at Schwab

Graduate Residences. These projects are important

because Serra Mall is the primary path for infrastruc-

ture improvements for the major capital projects on

the east side of campus.

l Serra Street Reconfiguration—Enhancements

planned on Serra Street from Campus Drive to El

Camino include improving vehicular lanes, reconfigur-

ing intersections and pedestrian crossings, upgrading

bike lanes, and adding transit and drop-off areas.

l Manzanita Garage—This facility will build on the

best practices of the Wilbur and Roble parking struc-

tures, with parking below grade and a recreation field

above. The 850 new spaces will support, in part, the

needs of the EV Graduate Residences.

l EV Parking Structure—This below-grade facility

along Serra Street will include 350 spaces with ad-

ditional parking above.

l Bonair Siding Road—To provide safe access to the

new Public Safety Building and EOC/ECH, Bonair

Siding Road will be reconfigured to include appropri-

ate vehicular lanes, bike lanes, sidewalks, and lighting.

West Campus CirculationModifications to the circulation on the west side of campus

will accommodate the future Neuro/ChEM-H Research

Complex, the Bass Biology Building, and CAM 1. The compo-

nents of this work include:

l Serra Mall Extension—To promote connections,

improve pedestrian safety, and facilitate Marguerite

shuttle circulation, Serra Mall will extend to an im-

proved intersection at Foundations Way and Campus

Drive.

l Via Pueblo Extension—To facilitate service, Via

Pueblo will extend from Via Ortega to Panama Street.

l North/South Axis—Improvements to the North/

South Axis from Serra Mall to Roth Way will provide

a safe bike/pedestrian connector.

l New Parking Structure—854 new parking

spaces (550 net new) will be constructed below the

CAM 1 building.

Roundabouts The roundabout installations on Campus Drive at the inter-

sections of Escondido Road, Bowdoin Street, Santa Teresa

Street, and Galvez Street are evidence of how circulation can

improve without compromising bicycle and pedestrian safety.

In addition to the Campus Drive/Serra Street roundabout that

is a key component of our east campus improvements, three

additional roundabouts will be studied at the intersections

of Galvez Street/Arboretum Road, Campus Drive/Mayfield

Avenue, and Campus Drive/Roth Way.

THE CAPITAL PLAN, 2017/18-2019/20Stanford’s academic campus, including SoM but excluding

the hospitals, has over 700 facilities providing nearly 18.8

million sf of space, including approximately 5.3 million sf for

student housing units and 2.4 million sf for parking structures.

The physical plant has a historical cost of $9.3 billion and an

estimated replacement cost of $12.7 billion.

The Capital Plan includes a forecast of Stanford’s annual

programs to restore, maintain, and improve campus facilities

for teaching, research, housing, and related activities and

outlines Stanford’s needs for new facilities. The Capital Plan

is compiled, reviewed, and approved in a coordinated manner

across the university. The plan carefully balances institutional

needs for new and renovated facilities with the challenging

constraints of limited development entitlements, available

funding, and budget affordability.

Projects listed in the Capital Plan are those approved by

the provost. Many are under the purview of the Board of

Trustees. Board-level approval is required for projects meet-

ing specific criteria, including:

n Projects with a total cost of $10 million and above.

n New building construction (including faculty housing).

n Projects that use 5,000 or more new sf within the aca-

demic growth boundary.


n Changes in land use.

n Projects with major exterior design changes.

Projected expenditures in the 2017/18–2019/20 Capital Plan,

which include major construction projects in various stages

of development and numerous infrastructure projects and

programs, total $4.3 billion. The table below provides a com-

parison of the current and the last two Capital Plans.

COMPARATIVE CAPITAL PLANS[IN MILLIONS OF DOLLARS] 2017/18 2016/17 2015/16

Design/Construction 2,890.7 2,213.5 1,521.9

Forecasted 608.5 1,062.1 862.0

Infrastructure and Other 779.7 809.0 514.3

Total 4,278.9 4,084.6 2,898.2

This year’s plan is $194.3 million (5%) higher than last year’s.

New projects and scope and corresponding budget increases

for existing projects have more than offset projects complet-

ing in 2016/17.

PROJECTS IN DESIGN AND CONSTRUCTIONProjects in design and construction total $2.89 billion (68%

of the plan). Construction of these projects is contingent

upon fundraising of $130.1 million (5%). This category com-

prises 18 projects, as shown in the table on page 82.

The cost of projects in design and construction has gone up

by $677.2 million from 2016/17 as a result of the advance-

ment of projects from the forecasted category and budget

increases, partially offset by project completions. Projects

moving from the forecasted to the design and construction

stage include CAM 1 ($222.9 million), BMI 1 ($210 million),

the Public Safety Building ($31.5 million), Encina Complex

Upgrades ($25.8 million), the Athletic Academic Advising

and Rowing Building (AAARB) ($25 million), Denning House

($23.1 million), Environmental Health & Safety Facility

Expansion ($16.5 million), two children’s centers ($19 million

total), Schwab Residential Center Renovations ($11.3 mil-

lion), and four District Work Centers ($8.5 million). Projects

scheduled to be completed in 2016/17 and thus excluded

from the plan include the David and Joan Traitel Building ($65

million) and the Kingscote Renovation ($17.5 million).

FORECASTED CONSTRUCTION PROJECTSForecasted projects are those anticipated to receive Board of

Trustees approval over the next three years. These projects

total $608.5 million (14% of the plan) and are listed on page

83. Like those in design and construction, these projects are

contingent upon funding. For this group, $161.8 million (27%)

remains to be fundraised, and $24.9 million (4%) has yet to

be identified.

Project costs within this category have decreased by $453.6

million from 2016/17. A number of projects have moved into

the design and construction category, as noted above. This

decrease is partially offset by new projects added to this

year’s Capital Plan, including Tenant Improvements at 3145

($58.8 million) and 3172 ($15.8 million) Porter Drive, a new

EOC/ECH ($35.1 million), new faculty homes at Cabrillo/

Dolores ($18 million), and renovations at both the Li Ka Shing

Center ($10 million) and the Center for Advanced Study in

Behavioral Sciences ($9.8 million).

INFRASTRUCTURE AND OTHER PROGRAMSThe Housing Acquisition Initiative and Stanford’s ongoing

efforts to renew its infrastructure are reflected in a budget of

$779.7 million (18% of the plan) and are listed on page 84.

Infrastructure and Other Programs costs have decreased

$29.3 million from last year.

The largest program in this category is the Housing

Acquisition Initiative. Established in 2014, this program

reflects the high priority that Stanford places on its ability to

provide affordable housing options for existing and prospec-

tive faculty and staff. In recognition of this critical need, the

Board of Trustees has increased the overall funding of this

program, originally established at $200 million, to a total of

$500 million.

Infrastructure programs include the Investment in Plant

(Planned Maintenance) Program, the Stanford Infrastructure

Program (SIP), the Capital Utilities Program (CUP), upgrades

to Information Technology and Communications Systems, the

R&DE Major Renovation Plan, Whole Building Energy Retrofit

Program Group 2, Storm Drainage projects, and a Campus

Drive roundabout. SIP projects are funded through construc-

tion project surcharges. The other projects are funded by

central funds, debt, and/or service center charge-out rates.


Investment in Plant (Planned Maintenance) ProgramAnnual Investment in Plant assets represent the mainte-

nance funds planned to be invested to preserve and optimize

Stanford’s existing facilities and infrastructure (e.g., pathways,

outdoor structures, and grounds). These projects are based

on life cycle planning, the key concept being that life expec-

tancies of facility subsystems are known and, as a result,

maintenance schedules can be predicted. The three-year

estimated program cost is $156.4 million.

Stanford Infrastructure ProgramSIP consists of campus and transportation projects and

programs for the improvement and general support of the

university’s academic community, hospitals, and physical

plant. SIP expenditures are expected to total $43.2 million

over the next three years (excluding funding for replace-

ment parking spaces). SIP projects include campus transit,

parking lot infrastructure, and site improvements; landscape

design and enhancements; bicycle, cart, and pedestrian path

construction; and lighting, signage, and outdoor art installa-

tions. This year’s plan includes $25.4 million to fund campus

infrastructure projects.

Capital Utilities ProgramThe $36.2 million, three-year CUP plan will improve electrical,

hot water, water, chilled water, and wastewater utility sys-

tems. The CUP covers expansion of systems as required by

campus growth ($20.5 million) and replacement of systems

that are near the end of their useful life ($15.7 million).

Information Technology and Communications SystemsThe university’s computing and communications systems

provide comprehensive data, voice, and video services to

the campus community. Over time, these systems must be

improved and/or replaced to maintain a consistently high

level of service. Additionally, new technologies provide more

efficient, faster, and/or more cost-effective solutions. Planned

upgrades to these critical university systems total $16.8 mil-

lion, including $2.4 million to replace systems at two ECHs.

R&DE Major Renovation Plan This Residential & Dining Enterprises (R&DE) program ad-

dresses health and safety issues, seismic upgrades, code

compliance, energy conservation and sustainability, and

major programmatic improvements in the student housing

and dining physical plant. Projects anticipated over the next

three years total $11.4 million and include phased installa-

tion of new sprinklers and fire alarm systems in Escondido

Village high-rise and low-rise housing. Completed projects

will be maintained through the Stanford Housing, Dining, and

Hospitality Asset Renewal Programs.

Whole Building Energy Retrofit Program Group 2This retrofit program seeks to reduce energy consumption in

Stanford’s largest energy-intensive buildings. The program

began in 2003/04 with studies of the top 12 energy-consum-

ing buildings, representing $15.9 million of energy expenses

per year, or nearly 36% of the campus total. It has since been

expanded to additional large energy-consuming buildings.

The retrofits completed thus far have delivered annual en-

ergy cost savings of $4.7 million (a payback of less than four

years) and PG&E rebates of $2.2 million. The forecasted cost

for future projects is $7.2 million. Details of this program are

shown in the table on the following page.

Storm Drainage The ongoing storm drainage program includes projects for

improving and expanding the capacity of the campus storm

drainage system, building storm water detention facilities,

replacing deteriorated pipes, and improving drainage around

buildings. In addition, recently adopted storm water quality

regulations necessitate new storm water treatment approach-

es, such as bioswales and bioretention facilities, to minimize

conveyance of contamination from common storms to natural

water bodies. These approaches will be incorporated region-

ally or on new building sites, as appropriate. New approaches

involving storm and irrigation water runoff capture and reuse

will also be implemented where appropriate. The Capital Plan

also includes improvements to the storm drainage system in

the faculty/staff housing area of campus, adding storm drain-

age infrastructure where none exists and upgrading existing

drainage infrastructure to conventional levels of protection.

The three-year estimated program cost is $4.5 million.

Campus Drive RoundaboutAs previously discussed, Stanford plans to construct a

roundabout at Campus Drive and Serra Street at a cost of

$4 million.


Other Stanford EntitiesIn an effort to present a comprehensive view of university-

planned construction, the capital planning process has

included Stanford’s commercial real estate investments,

Stanford Health Care (SHC), Lucile Packard Children’s

Hospital (LPCH), and SLAC National Accelerator Laboratory.

Although the tables at the end of this chapter do not include

these entities (with the exception of academic projects man-

aged by Stanford Real Estate), brief descriptions of the real

estate, SHC, and LPCH capital programs follow. The SLAC

capital programs are addressed in Chapter 2.

Real Estate LBRE’s Real Estate department (Real Estate) is managing

ten projects totaling $1.25 billion in various stages of plan-

ning and development on Stanford lands. Six of these are

commercial real estate investment projects. These are

3170 Porter Drive, 3181 Porter Drive, 3406 Hillview Avenue,

2131 Sand Hill Road, the Middle Plaza office buildings, and

renovations at the Old Winery (formerly the Stanford Barn).

The university is the beneficiary of the income from these

investments. Academic projects managed by Real Estate

are Stanford Redwood City Phase 1, which broke ground

in January 2017, and three new housing developments:

University Terrace Faculty Homes in Palo Alto, Middle Plaza

at 500 El Camino Real – Residential in Menlo Park, and

the Cabrillo/Dolores Residences in the faculty subdivision.

University Terrace will provide 180 units for faculty purchase,

with the first units being delivered by June 2017. The remain-

ing two housing projects are currently in the planning phase.

Stanford Health Care and Lucile Packard Children’s Hospital Stanford Medicine’s Renewal Project includes the develop-

ment of approximately 1.3 million sf of net new hospital,

clinic, and medical office space on the main medical campus

and the Hoover medical campus. The project received devel-

opment entitlements from the City of Palo Alto in 2011, and

WHOLE BUILDING ENERGY RETROFIT PROGRAM ESTIMATED ANNUAL ACTUAL PROJECT RETROFIT STATUS CONSUMPTION SAVINGS SAVINGS

Stauffer I - Chemistry Complete 38% 46%

Gordon & Betty Moore Materials Research 1 Complete 32% 10%

Paul Allen Center for Integrated Systems (CIS) Complete 15% 14%

Forsythe (George) Hall Complete 8% 8%

Stauffer II - Physical Chemistry Complete 38% 43%

Gates Computer Science Complete 29% 27%

Beckman Center for Molecular and Genetic Medicine Complete 46% 32%

Gilbert Biological Sciences Complete 35% 32%

Cantor Center for Visual Arts Complete 13% 14%

Bing Wing (Green Library West) Complete 16% 50%

Packard Electrical Engineering Complete 26% 37%

Arrillaga Alumni Center Complete 27% 31%

RAF I Complete 11% 11%

RAF II Complete 30% 30%

CIS Distributed Digital Control 2 Complete 5% TBD

Clark Center 2 Complete 11% TBD

Green Earth Sciences Design 15%

Varian Physics Laboratory Design 24%

Mechanical Engineering Laboratory Construction 24%

Keck Science Study complete 20%

Center for Clinical Sciences Research (CCSR) Study complete 13% 1 Construction scope reduced from original survey.2 Actual savings to be verified.


significant project milestones have been achieved since that

time. Major utility upgrades to serve the new medical facili-

ties have been completed along Welch and Quarry Roads. All

improvements on the Hoover medical campus are complete,

including the renovation of the historic Hoover Pavilion, the

construction of a new 1,070-car parking structure, and the

construction of a 92,000-sf Neuroscience Health Center,

which opened for patient care in January 2016. On the main

medical campus, construction of both the new SHC pavilions

and the LPCH expansion continues to progress, with interior

finish work, building systems testing, and site work currently

underway. The SHC and LPCH hospital projects are esti-

mated to cost $2.0 billion and $1.3 billion respectively, with

anticipated completion in 2018/19 for SHC and 2017/18 for

LPCH.

OVERALL SUMMARYA table summarizing the 2017/18–2019/20 Capital Plan ap-

pears on the next page. It includes projects and programs in

the design and construction and forecasted stages, as well as

infrastructure and other categories that are currently active or

are anticipated to commence in the next three years.

The expenditures necessary to complete the three-year

Capital Plan are anticipated to extend beyond 2019/20. To

differentiate between the estimated costs of the plan and

the forecasted spending to complete projects and programs,

an additional table (Capital Plan Cash Flows) forecasts the

Capital Plan expenditure cash flow based on project and

program schedules.

O&M and debt service costs for each project will impact

the university’s budget once construction is substantially

complete. Although the Capital Plan Summary shows the

full budget impacts of all completed projects, it is important

to note that these impacts align with the project completion

schedule and will therefore be absorbed by the university

budget over a period beyond the three-year plan. The Capital

Plan Impact on Budget table forecasts these budget impacts

by area of responsibility (e.g., general funds, formula schools).

The tables at the end of this chapter provide a detailed list of

the projects included in the Capital Plan.

The following sections address Capital Plan funding sources

and uses, along with resource constraints.

Capital Plan Funding SourcesAs the pie chart shows below, Stanford’s Capital Plan relies

on several funding sources, including current funds, gifts, and

debt. Depending upon fundraising realities and time frames,

some projects will prove more difficult than others to under-

take. As a result, it is possible that projects in the Capital Plan

will have to be cancelled, delayed, or scaled back in scope.

For any projects relying on gifts to be raised, the Office of

Development has determined that fundraising plans are

feasible, although the time frames for the receipt of gifts are

THE CAPITAL PLAN 2017/18-2019/20 $4.3 BILLION

Service Center/Auxiliary Debt

29%

Academic Debt19%

Gifts to be Raised

7%

Current Funds29%

Resources to be Identified1%Other 3%

Gifts in Hand or Pledged

12%

Infrastructure/Other7%

Housing47%

Academic Support

17%

Athletics/Student Activities

1%

Academic/Research28%

Sources of Funds

Uses of Funds by Program Category

Infrastructure/Other 6%

Renovations 8% NewConstruction

86%

Uses of Funds by Project Type


SUMMARY OF THREE-YEAR CAPITAL PLAN 2017/18-2019/20 [IN MILLIONS OF DOLLARS] PROJECT FUNDING SOURCE

GIFTS UNIVERSITY DEBT ANNUAL CONTINUING COSTS

SERVICE ESTIMATED CAPITAL CENTER/ RESOURCES PROJECT BUDGET CURRENT IN HAND OR TO BE AUXILIARY ACADEMIC TO BE DEBT OPERATIONS & COST 2017/18 FUNDS 1 PLEDGED RAISED DEBT DEBT OTHER IDENTIFIED 2 SERVICE MAINTENANCE 3

Projects in Design & Construction 2,890.7 1,045.9 656.2 496.9 130.1 762.0 696.3 149.2 72.3 53.6

Forecasted Projects 608.5 54.6 118.3 24.5 161.8 175.6 103.4 24.9 17.1 8.9

Total Construction Plan 3,499.2 1,100.4 774.5 521.4 291.9 937.6 799.7 149.2 24.9 89.4 62.5

Infrastructure Programs 779.7 130.8 453.6 300.6 25.5 17.0 0.1

Total Three-Year Capital Plan 2017/18-2019/20 4,278.9 1,231.2 1,228.1 521.4 291.9 1,238.2 825.2 149.2 24.9 106.4 62.6

1 Includes funds from university and school reserves, and the GUP and SIP programs.2 Anticipated funding for this category is through a combination of school, department and university reserves, and other sources.3 Operations & Maintenance includes planned and reactive/preventative maintenance, zone management, utilities, contracts, grounds, and outdoor

lighting.

CAPITAL PLAN CASH FLOWS[IN MILLIONS OF DOLLARS] 2016/17 & 2020/21 & PRIOR 2017/18 2018/19 2019/20 THEREAFTER TOTAL

Projects in Design & Construction 579.7 1,045.9 812.6 409.7 42.8 2,890.7

Forecasted Projects 11.7 54.6 185.3 222.6 134.4 608.5

Total Construction Plan 591.4 1,100.4 997.9 632.3 177.2 3,499.2

Infrastructure Programs 233.0 130.8 130.4 129.2 156.4 779.7

Total Three-Year Capital Plan 2017/18-2019/20 824.3 1,231.2 1,128.3 761.5 333.6 4,278.9

CAPITAL PLAN IMPACT ON BUDGET [IN MILLIONS OF DOLLARS] 2020/21 & 2018/19 2019/20 THEREAFTER TOTAL

Debt Service General Funds 3.1 22.7 20.6 46.4

Formula and Other Schools 0.3 15.8 7.0 23.1

Auxiliary 0.4 0.3 35.5 36.1

Other 1 0.3 0.2 0.2 0.8

Total Debt Service 4.1 39.0 63.3 106.4

Operations and Maintenance General Funds 4.7 13.8 3.3 21.8

Formula and Other Schools 13.5 14.0 27.5

Auxiliary 0.4 12.9 13.3

Total Operations and Maintenance 5.1 27.3 30.2 62.6

1 Primarily the hospitals along with Forsythe facility, Faculty Staff Housing, and outside entities.


subject to change. “Resources to be identified” are expected

to come from a combination of school, department, and uni-

versity reserves, as well as other sources.

Uses of Funds by Program Category and Project TypeThe middle chart on page 75 divides Capital Plan activity into

program categories—Academic/Research, Infrastructure and

Other, Academic Support, Housing, and Athletics/Student

Activities—with the largest categories being Housing,

Academic/Research, and Academic Support at 47%, 28%,

and 17% of the plan, respectively. The bottom chart breaks

out the same activity into project types, including New

Construction, Infrastructure, and Renovations.

CAPITAL PLAN CONSTRAINTS

AffordabilityThe incremental internal debt service expected at the

completion of all projects commencing in the three-year plan

period (completion dates range from 2017/18 to 2024/25)

totals $106.4 million annually (excluding debt service for

bridge financing the receipt of gifts and operating lease

payments). Of this amount, $46.4 million will be serviced

by general funds, $23.1 million by the formula schools (GSB

and SoM), and $36.9 million by auxiliary and other opera-

tions. Service center debt is funded through rates paid by

customers and has been allocated and included in the totals

for general funds, formula schools, auxiliary operations, and

other operations.

The additional O&M costs expected at the completion of all

projects commencing in the three-year period total $62.6

million per year. Of this amount, $21.8 million will be serviced

by general funds, $27.5 million by the formula schools, and

$13.3 million by auxiliary and other operations. O&M and

debt service on capital projects compete directly with other

academic program initiatives for funding allocations.

Debt CapacityAs of May 1, 2017, $1.1 billion of bond proceeds are available

to finance capital projects and faculty mortgages, including

$281 million of unexpended tax-exempt bond proceeds, and

$780 million of unexpended taxable bond proceeds. Interim

financing facilities totaling $500 million of taxable commer-

cial paper, $296 million of tax-exempt commercial paper, and

$448 million of undrawn lines of credit are also available. In

addition, through fiscal year-end 2016/17 and 2017/18, $97

million in internal amortization proceeds on debt-funded

projects will become available to lend to projects, and $301

million in forecasted pledge and other payments will retire

debt issued to bridge finance the receipt of gifts and cost of

construction.

The three-year Capital Plan will require a total of $2.3 billion

of debt for projects under construction or for projects to be

approved in or before 2017/18:

n $1,510 million to complete projects already approved or

under construction;

n $337 million for projects to be approved in 2017/18; and

n $433 million to bridge finance the receipt of gift pledges

for projects approved or under construction.

Additional debt may be required to finance the Faculty Staff

Housing program. As of May 1, 2017, the portfolio of debt-

subsidized mortgages had increased by $20.5 million to $496

million.

Projects identified in the three-year Capital Plan and to be

approved after 2017/18 will require an additional $200 million

in debt. Debt for these projects has not been committed, and

allocations will be evaluated in the context of debt capacity,

affordability, viability of the funding plan, and GUP limitations.

EntitlementsThe Stanford campus encompasses 8,180 acres in six jurisdic-

tions. Of this total, 4,017 acres, including most of the central

campus, are within unincorporated Santa Clara County.

In December 2000, Santa Clara County approved a GUP that

allows Stanford to construct up to 2,035,000 additional gross

sf of academic-related buildings on the core campus and

up to 3,018 new housing units. An additional 1,450 housing

units were approved on March 24, 2016, pursuant to GUP

Condition F.7, raising the housing allocation to 4,468 hous-

ing units.

Conditions of approval included the following:

n Creation of an academic growth boundary to limit the

buildable area to the core campus for a minimum of 25

years;

n Approval of a sustainable development study (SDS)

before new construction exceeds 1 million gross sf (Santa

Clara County approved the SDS in April 2009); and


n Construction of 605 units of housing for each 500,000

gross sf of new academic building.

Given the stringent requirements imposed by the GUP and

the increasingly difficult entitlement environment, Stanford

carefully manages the allocation of new growth. Construction

through 2015/16 accounted for 1.4 million GUP sf. The

2017/18-2019/20 Capital Plan includes 463,963 GUP sf

currently in design and construction and 30,032 GUP sf in

forecasted projects, including the related demolitions. With

the completion of planned housing projects, Stanford will

have added 4,424 net new housing units since approval of

the GUP, exceeding the housing linkage requirement for the

full academic build-out allowed by the GUP.

As discussed on page 69, Stanford has submitted an applica-

tion to Santa Clara County for an updated GUP. This permit

is expected to be approved in 2018.

THE CAPITAL BUDGET, 2017/18At $1.2 billion, the 2017/18 Capital Budget reflects only a

portion of the costs of the projects in the Capital Plan, as

most of them span more than one year. The following table

highlights the major capital projects for which expenditures

under the 2017/18 Capital Budget will be significant, as well

as the percentage of each project expected to be complete by

the end of 2017/18. The map on page 81 shows the locations

of these projects.

In 2017/18, LBRE anticipates substantial completion of five

major projects with total budgets of $404.6 million and

estimated 2017/18 expenditures of $150.8 million. When

completed, University Terrace Faculty Homes will provide

180 units to faculty for purchase (see Stanford’s Commitment

to Housing section); the Bass Biology Building will be

the cornerstone of a future science quad in the Biology/

Chemistry/Computer Science Precinct; improvements to

Frost Amphitheater will enable the facility to be used for a

greater variety of events; the Athletic Academic Advising and

Rowing Building will consolidate a number of Department of

Athletics, Physical Education, and Recreation programs and

allow optimization of vacated space; and Durand Phase 4 will

complete the renovation of the building.

SOURCES AND USESThe Capital Budget is supported by multiple funding sources:

current funds (which include the Capital Facilities Fund [CFF],

funds from university and school reserves, and GUP and SIP

fees), gifts, and debt. The university typically allocates CFF

or debt funding to projects in the absence of other available

funding. The timing of gift receipts, which may be bridge

financed, will affect the mix of project funding.

The following pie charts show the uses of funds under the

$1.2 billion Capital Budget by project type and program

category. Anticipated expenditures of $439.8 million

(36%) for Academic/Research projects include the Neuro/

ChEM-H Research Complex, CAM 1, BMI 1, and the Bass

Biology Building. Academic Support projects are projected at

MAJOR CAPITAL PROJECTS - PERCENT OF COMPLETION 2017/181

[IN MILLIONS OF DOLLARS] ESTIMATED CAPITAL ESTIMATED PERCENT BUDGET PROJECT COMPLETE BY 2017/18 COST 2017/18

Escondido Village (EV) Graduate Residences 171.2 1,091.7 29%

Stanford Redwood City Phase 1 329.4 568.8 74%

Neuro/ChEM-H Research Complex 119.2 257.0 76%

Center for Academic Medicine 1 (CAM 1) 103.9 222.9 48%

BioMedical Innovations Building 1 and Tunnel (BMI 1) 104.0 210.0 58%

University Terrace Faculty Homes (180 units) 45.0 176.5 100%

Anne T. and Robert M. Bass Biology Research Building 58.9 152.2 100%

Frost Amphitheater Improvements 19.9 33.5 100%

Public Safety Building 12.4 31.5 50%

Athletic Academic Advising and Rowing Building 16.7 25.0 100%

Denning House 15.0 23.1 92%

Durand Renovation - Phase 4 10.3 17.4 100%

Environmental Health & Safety Facility Expansion 12.6 16.5 92%

Total 1,018.5 2,826.1 1 Includes projects scheduled to be in construction and with forecasted

expenditures greater than $10 million in 2017/18.


THE CAPITAL BUDGET 2017/18 $1.2 BILLION

New Construction89%

Renovations3%


Uses of Funds by Project Type

Housing22%

Academic Support

33%

Athletics/Student Activities

1%

Academic/Research36%


Uses of Funds by Program Category

$407.1 million (33%), primarily for Stanford Redwood City.

Housing projects, forecasted at $269.4 million (22%), in-

clude the EV Graduate Residences, University Terrace Faculty

Homes, and the Housing Acquisition Initiative. Infrastructure

and other program investment of $95 million (8%) includes

Investment in Plant (Planned Maintenance) and CUP. Lastly,

expenditures for Athletics/Student Activities projects are

forecasted at $20 million (1%).

Annual transfers to CFF are projected to be $49.9 million

in 2016/17 and $113 million in 2017/18 with corresponding

commitments of $130.9 million and $82.4 million for these

two years. The following table lists projects anticipated to

receive CFF funding in 2016/17 and 2017/18.

CAPITAL FACILITIES FUND (CFF)Funding Sources and Committed Uses of Funding[IN MILLIONS OF DOLLARS] 2016/17 2017/18

Sources of Funding

Formula Units

School of Medicine 17.8 18.4

Hoover Institution 4.4 4.4

Non-Formula 27.7 90.2

Total Funding 49.9 113.0

Committed Uses of Funding

Center for Academic Medicine 1 (CAM 1) 13.3 0.9

Neuro/ChEM-H Research Complex 2.7

Stanford Oak Garden Children’s Center 1.8 5.7

3145 Porter Drive Tenant Improvements 2.9

LKSC Renovation Phases 2 and 3 2.5

Other School of Medicine Projects 6.4

Hoover Institution Projects 4.4 4.4

Formula Units Project Subtotal 22.2 22.8

Neuro/ChEM-H Research Complex 50.4

Stanford Redwood City Phase 1 19.1

Bioengineering Equipment 9.7

Emergency Operations Center 5.3 4.9

Durand Renovation Phase 4 5.0

GUP 4 4.5 3.6

Sapp Center for Science Teaching and Learning 3.5

Public Safety Building 2.8 21.1

Anderson Collections at Stanford University 2.1

Children Center of Stanford Community 1.1 9.7

Searsville Dam and Reservoir 1.0 1.5

Lagunita Diversion Dam Removal 0.8 2.7

Encina Complex Upgrades 10.0

Other Non-Formula Units Projects 3.4 6.1

Total Commitments 130.9 82.4

Annual Funding less Commitments (81.0) 30.6

Balance at Beginning of Year 93.8 12.8

Uncommitted Balance 12.8 43.4


CAPITAL BUDGET IMPACT ON 2017/18 OPERATIONSThe 2017/18 Consolidated Budget for Operations includes

incremental debt service and O&M expenses for projects to

be completed in either 2016/17 or 2017/18, but operational

for less than 12 months in the year completed.

Capital projects requiring debt are funded from internal loans

that are amortized over the asset life in equal installments

(principal and interest). The budgeted interest rate (BIR)

used to calculate the internal debt service is a blended rate

of interest expense on debt issued for capital projects, bond

issuance, and administrative costs. The BIR will remain at

4.25% for 2017/18.

Consolidated internal debt service, including that borne

by formula units, auxiliaries, service centers, Faculty Staff

Housing, and real estate investment, is projected to increase

from $199.1 million to $199.3 million. Additional debt ser-

vice related to the Rosewood Hotel and the Sand Hill Road

Office Complex is not included in the Consolidated Budget

for Operations. In addition, annual lease payments for rental

properties, occupied by the SoM, are projected to be $32.9

million in 2017/18.

The projected internal debt service funded by unrestricted

funds, including general funds and schools’ designated funds,

will decrease by $400,000 in 2017/18. The net change in

debt service brings the total annual internal debt service

borne by unrestricted funds to $83.7 million.

In 2017/18, the university will incur about $1.0 million of in-

cremental O&M costs related to a number of new academic

and administrative facilities. They include $360,000 for the

Kingscote Renovation and $343,000 for the Central Loading

Dock. Additional O&M costs for smaller capital projects

and infrastructure programs account for the balance of the

increase.

CAPITAL PLAN PROJECT DETAIL In addition to a map identifying some key project locations,

the following pages provide tables that list capital projects

in three categories: projects in design and construction,

forecasted construction projects, and infrastructure projects

and programs.


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PCH

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Uni

vers

ity T

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omes

deb

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paid

off

by s

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pro

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s. O

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fund

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om L

and

Dev

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men

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d.


2017

/18–

2019

/20

CA

PIT

AL

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N

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2017

/18–

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AL

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vs.

Pla

nned

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nten

ance

, whi

ch in

clud

es s

ubsy

stem

repl

acem

ent.

stanford university budget plan 2017/18: chapter 4 ... · plan comprises 24 projects and 8...

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