ORD 1578 - Laserfiche WebLink

DEVELOPMENT AGREEMENT THIS DEVELOPMENT AGREEMENT (the "Agreement") is made and entered into as of November 5, 1992, by and between the CITY OF PLEASANTON, a municipal corporation of the State of California ("City"), and SECURITY TRUST COMPANY, as TRUSTEE under TRUST NO. 1860-0 ("Developer"), pursuant to the authority of California Government Code Sections 65864-65869.5. RECITALS: This Agreement is entered into on the basis of the following facts, understandings and intentions of the parties: A. To strengthen the public planning process, encourage private participation in comprehensive planning and reduce the economic risk of development, the Legislature of the State of California adopted Government Code Sections 65864-65869.5 authorizing the City to enter into development agreements in connection with the development of real property within its jurisdiction by qualified applicants with a requisite legal or equitable interest in the real property which is the subject of such development agreements. B. Developer is the fee owner of that certain parcel land (the "Property") outlined in ~ and being more particularly described in ~ attached hereto. The Property constitutes approximately 35.19 acres and is that portion of the Shopping Center currently owned by Developer. The Property is presently improved with a two-level enclosed mall, mall stores fronting thereon, exterior parking and other common area facilities, and related improvements. The Property constitutes an integral part of Stoneridge Regional Shopping Center (the "Shopping Center"), which has been constructed in phases by Developer, commencing in 1978, and which now includes major department stores owned and operated by Macy, Penhey, Capwell and Nordstrom. C. Developer intends to add further retail and related common area improvements to the Shopping Center as more particularly described in EXhibit C hereto (said improvements herein collectively referred to as the "Project"). Although the Project as described in Exhibit C refers to additional future Floor Area of up to 356,000 square feet, the Project represents an incremental addition of only 180,000 square feet of Floor Area to the already anticipated and approved build-out of the Shopping Center currently incorporated in the City's traffic models and in other land use approvals in North Pleasanton previously considered by the City. D. The City has examined the environmental effects of the Project and, based on the Initial Environmental Study and the Traffic Mitigation Improvements hereinbelow referred to, has