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EXECUTIVE 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. 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). Development Agreement In November 1992, the City Council approved the Development Agreement (Exhibit.B) 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. In summary, the original and amended Development Agreement and related Sewer Agreement granted the following entitlements and restrictions to the owners of the shopping center and their successors: O Permitted the expansion of the shopping center floor area by a total of 380,000 square feet. (The additional to-be-developed area has been reduced to 362,790 square feet of floor area due to the construction of the P.F. Chang's and Cheesecake Factory restaurants.) G Reserved 10,000 gallons per day of sewer capacity for the entire shopping center. (This capacity has been used completely by the present Stoneridge Mall retail businesses and restaurants.) ® Referenced the permitted and conditional uses of the CR(M) District of the Pleasanton Municipal Code for the shopping center with the applicable City approvals. o Established parking ratios between 4.5 and 3.5 parking spaces per 1,000 square feet of floor area for different categories of mall uses. (These parking ratios exceed the City's retail parking standard of 3.33 parking spaces per 1,000 square feet.) P17-0904, 1008-1700 Stoneridge Mall Road Planning Commission 2 of 5