If a fast-growing company like Facebook moves to town, you might assume it’s automatically going to be a financial windfall for the town coffers. Conventional wisdom holds that more companies with more employees equals more tax revenues.

Unfortunately, it ain’t so simple.

Consider the financial impact analysis that the city of Menlo Park has done regarding Facebook’s move to the old Sun Microsystems campus. Looking 13 years out at various scenarios, planners believe the arrival and expansion of Facebook could cost the town money rather than generate surplus tax revenue.

Now, such projections are based on numerous assumptions, many of which get suspect the further out you go. And believe me, just about every official in Menlo Park would rather have Facebook than not have Facebook. The company is likely to attract other companies and create secondary jobs whose impact is harder to measure at this point.

That said, the city’s numbers don’t just challenge the conventional wisdom about economic development. They raise another vital question: Can and should communities ask these companies to contribute more than just the minimum taxes?

Menlo Park caused a stir because it did exactly that by putting together a community “wish list.” Many onlookers in the tech world were downright indignant, with one blogger labeling it a “shakedown.” How dare a city ask a company like Facebook to do things like provide additional support for affordable housing?

So you might be surprised that among those who don’t share the sentiment is Facebook. Indeed, while Facebook might quibble with some of the numbers Menlo Park planners have generated, and is confident its move will benefit the local economy, the company has also adopted an enlightened stance toward the question of economic development and its role in the community.

“We’ve been a very good neighbor and have taken responsible, reasonable moves to makes sure that not only is our presence not a negative, but that it’s a benefit to the community,” said Tucker Bounds, a Facebook spokesman.

Without delving into all the messy details, Facebook has asked the city to allow far more people on the old campus than Sun had, and to let it build a second campus to the west. While considering that request, Menlo Park held some community meetings where local residents were allowed to suggest various things they’d like Facebook to do for the community. This generated a long list of ideas that were just that: ideas, not demands.

It remains unclear how long a list of requests the city will make, or which ones Facebook will accommodate.

“I believe the discussions over the next few months will prove to be the seminal critical conversations that will determine whether or not Facebook will move forward with our plans to plant our long-term roots in Menlo Park and become deeply embedded in the community,” Facebook CFO David Ebersman told the Menlo Park City Council.

But far from rejecting the suggestions out of hand, Facebook has said it’s more than willing to agree to some of the biggest requests on the list.

For instance, Facebook has agreed in principle to make “in lieu” payments to help make up for lost sales taxes, which could total hundreds of thousands of dollars a year. It also has agreed to improve local bike trails and reduce the impact on local traffic by offering more shuttles and biking options. Beyond that, it’s worth noting that Facebook didn’t go skulking around Silicon Valley demanding tax breaks or incentives.

That said, the tax and economic impact of Facebook moving to Menlo Park is not as clear cut as some assume.

On one hand, a city economic analysis notes that Facebook’s move will generate more than $8 million in one-time building fees, a host of construction jobs, hotel taxes from hundreds of visiting job candidates, additional annual property taxes of $182,000, and annual sales taxes of $36,800 to $55,200.

On the other hand, Sun used to generate annual sales taxes of $431,000 to $827,000 for the city. That’s because the state levies taxes on physical goods like computers that it doesn’t levy on virtual services like online ad sales. Having more employees on the campus means the city is going to have to expand services to accommodate them, such as hiring more police officers or clerks. And while new high-income Facebook employees moving into the area might send property assessments soaring, Proposition 13 will limit the amount of additional property taxes.

“There has to be some acknowledgment that these companies don’t generate sales taxes,” said Menlo Park Mayor Kirsten Keith. “That’s where you can look at ‘in lieu’ fees. That’s a responsible and reasonable request, and I think Facebook knows that.”

Not all the details are final. And yes, it could still go sideways. But at the moment, the discussion between Menlo Park and Facebook demonstrates how, in this era of growing economic disconnect between struggling local governments and booming tech companies, a third way can be found that points the way toward healthier communities.

Contact Chris O’Brien at 415-298-0207 or cobrien@mercurynews.com. Follow him at Twitter.com/obrien and read his blog posts at www.siliconbeat.com.