CBA EXECUTIVE SUMMARYThe following executive summary explains the agreed-upon provisions that will be foundin the finalized Community Benefits Agreement ("CBA") between Columbia University("CU") and the West Harlem Local Development Corporation ("WHLDC"). Thisexecutive summary follows the order of the CBA.CU Contributions: •After the definitions, in Section
of the CBA, the CU financial and behavioralcontributions are set forth.
•CU has agreed to pay out $76 million to the Benefits Fund which will be under thecontrol of the WHLDC and held by a fiscal sponsor acceptable to both CU and theWHLDC. The payout of the Benefits Fund will occur over a 16-year period and startfour months after the Public Authorities Control Board ("PACB") vote, as specified inthe attached schedule. It is assumed that the PACB vote will occur in the near future sothat the
payment of the Benefits Fund would paid around September 2009.Beginning in 2010, annual payments will be paid on the last day of the month the PACBapproves the CU project. The WHLDC has agreed to meet at least once a year to reviewrequests and proposals for expenditures from the Benefits Fund.
Affordable Housing Fund
Housing Legal Assistance . '
CU's financial commitment to the Affordable Housing Fund and the Housing LegalAssistance, which is a total of $24 million-as specified in the General Project Plan("GPP") and the Restrictive Declaration (collectively, the "Governing Documents"), hasbeen restated in the CBA.
CU has committed to $20 million in In-Kind Benefits, which will be paid out over 25years, as specified in the attached schedule. The WHLDC will meet with CU once a yearto propose specific In-Kind Benefits. CU will determine if they can meet the WHLDC'sIn-Kind requests and how much each will cost. CU, in good faith, will provide theWHLDC with a list of what they can do and the cost of each benefit (cost will be based
on a history of the cost in previous years); thereafter, the WHLDC will decide whether togo forward on the In-Kind requests. If the WHLDC has not spent the full amount of In-Kind Benefits they are entitled to each year, as specified in the attached schedule, anymoney not used will roll over to the next year. However, in no year will the WHLDC beable to spend more than $2 million on In-Kind Benefits. The In-Kind Benefits have aterm of the earlier of.2045 or as soon as the $20 million has been spent.
CBA Programs and Goals
As part of this section, CU recognizes that the WHLDC has spurred many of the.community amenities that CU has committed to in the Governing Documents.Additionally, CU has agreed to make available to-all academic departments in theirgraduate schools, information provided
WHLDC regarding internshipopportunities in the local community.