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FINANCIAL STATEMENT The applicant would be required to pay development impact fees (e.g., traffic fees, water/sewer connection fees, etc.) that are used to offset the cost of new City facilities and infrastructure necessitated by development. BACKGROUND The Stoneridge Drive Specific Plan Amendment/Staples Ranch (Specific Plan) was adopted by City Council on August 24, 2010, and encompasses the subject site. The Specific Plan contains design standards for properties subject to the Specific Plan. The project site is also subject to a Mitigation Monitoring and Reporting Program (MMRP). This project was reviewed by the Planning Commission at a regular meeting held on July 8, 2015. For a detailed description of the discussion at this meeting, please see the attached Planning Commission staff reports and minutes. The project is now before the Council for a final decision. SITE DESCRIPTION Land use designations within the Specific Plan include: Continuing Life Community (subject site), Auto Mall, Neighborhood Park, Retail/Commercial, and Community Park. The approximately 46-acre senior retirement community site is located north of Stoneridge Drive, northwest of the Neighborhood Park, south of Interstate 580, and west of the Auto Mall site (CarMax Auto Superstores and Chrysler Jeep Dodge have both obtained approvals for the Auto Mall site). Existing residences are located directly to the west. Stoneridge Creek's site is outlined in blue in Figure 1, and is currently developed with the Health Center, Villa units, Garden Terrace units, ILUs, a clubhouse, and site amenities. The proposed "north phase" entails development of the northern 10 acres of the site. This area is the subject of the proposed Major Modification. [Please see following page for Figure 1] Page 2 of 9