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BACKGROUND The Stoneridge Mall Shopping Center was constructed in the early 1980's by the Taubman Company. As part of the City's approval of this regional shopping center, the shopping center participated in funding portions of the 1-680/Stoneridge Drive freeway interchange, construction of improvements to the nearby City streets and intersections that accessed the shopping center from the 1-580 and 1-680 freeways, and Fire Station No. 2 (6300 Stoneridge Mall Road). In November 1992, the City Council approved the Development Agreement for the Stoneridge Shopping Center, which granted rights to expand the shopping center by approximately 178,000 square feet, and approved a Sewer Agreement that addressed the allocation of sewer capacity for the uses in the shopping center. In January 1998, the City approved the First Amendment to Development Agreement to further increase the Stoneridge Shopping Center by an additional 202,000 square feet, thereby totaling 380,000 square feet of floor area, and approved an amendment to the Sewer Agreement that reserved 10,000 gallons of sewer capacity for the shopping center. A complete discussion of development and sewer agreements is in the Background section of the Planning Commission staff report, Attachment 4. SUBJECT PROPERTY AND SURROUNDING AREA The entire shopping center is located on an oval-shaped property surrounded entirely by Stoneridge Mall Road. The peripheral properties located between Stoneridge Mall Road and 1-580 freeway, 1-680 freeway, Stoneridge Drive, and Foothill Road are developed with a variety of office, hotel, medical, restaurant, and retail uses. Except for the BART station property, located northeasterly of the Stoneridge Shopping Center (the Windstar site), and the vacant Kaiser property, which is one of the sites that was recently rezoned to accommodate high-density housing, the peripheral properties are built-out. PROJECT DESCRIPTION Stoneridge Properties, LLC (Simon Property Group), requests that the Development Agreement for the Stoneridge Shopping Center be amended to extend the right to construct 362,790 square feet of new floor area — the remaining floor area after subtracting the 17,210 square feet floor area for the P.F. Chang's and Cheesecake Factory restaurants from the previous entitlement of 380,000 square feet—to December 2017. The proposal would be the second amendment to the previously approved Development Agreement for the Mall. PLANNING COMMISSION HEARING On May 8, 2013, the Planning Commission voted unanimously to recommend approval of the five-year extension of the Development Agreement for the Stoneridge Mall as an item on its consent calendar. There was no public testimony or questions by the Planning Commission. Attachment 5 is the excerpt of the minutes of the meeting. 1