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BACKGROUND The Stoneridge 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 Taubman Company participated in funding portions of the I-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 construction of 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. After the construction of the P.F. Chang's and Cheesecake Factory restaurants, the reserved sewer capacity has been used and the overall allowable square-footage has been reduced to 362,790. On May 8, 2013, the City Council approved the second Amendment to Development Agreement to allow for an additional five year extension of the term of the agreement until December 2017. The original Development Agreement and modifications can be found in Attachment 2. A complete discussion of development and sewer agreements can be found in the Background section of the Planning Commission staff report, Attachment 3. PROJECT AREA DESCRIPTION The entire shopping center is located on an oval-shaped property defined entirely by Stoneridge Mall Road. The properties surrounding the mall are located between Stoneridge Mall Road and the 1-580 freeway, 1-680 freeway, Stoneridge Drive, and Foothill Road are developed with a variety of office, hotel, medical, restaurant, residential, and retail uses. PROJECT DESCRIPTION The applicant requests the expiration date of the Development Agreement for the Stoneridge Shopping Center be extended for an additional five years, to December 2022. The proposed amended Development Agreement and the existing agreements are attached as Attachment 1 (Exhibit A) and Attachment 2, respectively. DISCUSSION The proposed modification to the Development Agreement does not allow for any additional development beyond that identified in the existing agreement and continues to require all new commercial projects be subject to Planning Commission Design Page 2 of 4