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THE CITY OF r® ~ .5 „',n °' s' "� CITY COUNCIL AGENDA REPORT pLEASANTON. December 19, 2017 Community Development Planning Division TITLE: CONSIDER AN APPLICATION TO AMEND THE STONERIDGE SHOPPING CENTER DEVELOPMENT AGREEMENT (P17-0904), GOVERNING AN APPROXIMATELY 362,790-SQUARE-FOOT EXPANSION, FOR AN ADDITIONAL FIVE YEARS. SUMMARY The applicant, Stoneridge Properties, LLC (Simon Property Group), proposes to amend the development agreement for the Stoneridge Shopping Center by extending the term of this agreement by five years until December 2022. The applicant's proposal would be the third amendment to the previously approved Development Agreement. This extension would not allow for additional future development beyond that identified in the existing Development Agreement. PLANNING COMMISSION ACTION On November 8, 2017, the Planning Commission, on a 5-0 consent calendar vote, found that the amendment to the Development Agreement (Attachment 1, Exhibit A,) is consistent with the Pleasanton General plan and recommended its approval. Since the item was included on the consent calendar, no meeting minutes have been included. RECOMMENDATION Staff recommends the City Council: (1) find the General Plan Environmental Impact Report (EIR) and Housing Element and Climate Action Plan General Plan Amendment and Rezonings Supplemental EIR (and associated findings and Statement of Overriding Considerations) provide adequate California Environmental Quality Act (CEQA) analysis for the extension; and (2) introduce the ordinance approving Case P17-0904 for the extension of the Development Agreement as set forth in Attachment 1. FINANCIAL STATEMENT A future project is expected to generate property and sales tax revenues that exceed the cost of public services associated with the project and the applicant would be required to pay development impact fees that are used to offset the cost of new City facilities and infrastructure necessitated by development.