Stanford pulled away from its plans to build a tech campus in New York City because the city kept revising the terms of the offer, The Stanford Daily reports.Stanford was among several schools competing for the rights to build a tech campus in New York City. But the city kept changing the terms of the project and asked that Stanford be ready to proceed with the project, even if it revoked a $100 million fund promised to the competition winner.
Here are some highlights from the report:
Last Thursday, President John Hennessy discussed his decision with the Faculty Senate. “The city made a set of requirements which from our perspective, would increase the risk and cost, and decrease some of the long term benefits,” he said. “While we believed we could win the proposal, it would require us to make concessions which would reduce future opportunities for the core campus…and compromise the university campus.”
Officials at both the New York Mayor’s office and the New York City Economic Development Corporation refused to comment on the negotiation process and whether they had played a “bait and switch” game with Stanford.
“All schools were competing on the same terms and all of the terms were outlined specifically in the RFP (Request for Proposal). It’s that simple,” said one city official, who asked to remain anonymous and declined to comment further.
“Nothing about the RFP was firm,” said University spokesperson Lisa Lapin. “The city was making changes to all of the terms of the project.”