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THE CITY OF <br />ECONOMIC VITALITY COMMITTEE REPORT <br />PLEASANTON. <br />March 21, 2019 <br />Community Development <br />Economic Development <br />TITLE: OVERVIEW AND DISCUSSION REGARDING STONERIDGE SHOPPING <br />CENTER EXPANSION AND RENOVATION <br />In 2013, the City Council adopted the current Economic Development Strategic Plan <br />which the Economic Vitality Committee uses as the foundation for its work. The plan <br />comprises 3 focus areas.- <br />Priority <br />reas: <br />Priority Area A: Business Development and Communication <br />Priority Area B: Built Environment and Workforce <br />Priority Area C: Economic Health and Resilience <br />As noted for Priority Area C: Economic Health and Resilience: <br />Pleasanton's quality of life can be attributed to its strong job base and diversity of <br />land uses which provide public revenues for high-quality services and amenities. <br />The City contains retail centers, employment centers, and hotel properties, all of <br />which contribute to the City's economic resilience. Within the Tri -Valley, <br />Pleasanton generates the highest volume of taxable retail sales, one of the <br />indicators of economic health. However, in recent years the City has faced <br />increasing competition for retail and commercial development. At the same time, <br />the number of available sites for new development has decreased and some of <br />the smaller, unanchored centers may require reinvestment to achieve healthy <br />sales. The goal for this Priority Area is to sustain Pleasanton's economic health <br />and long-term resilience, so that it can continue to provide high-quality public <br />services and amenities. <br />As identified in the strategic plan there is a specific action item that is related to this <br />presentation: <br />C3. Work with Stoneridge Shopping Center owners to facilitate expansion <br />(within entitled square footage). <br />The owners of Stoneridge Shopping Center recently received a five year renewal <br />of entitlements to expand the mall. The City will maintain close contact with the <br />owners to anticipate their needs upon commencement of expansion. <br />Additionally, at its recent discussion regarding priority projects for the City Council Work <br />Plan, the EVC discussed including planning for the Stoneridge Shopping Center area — <br />now noted as Stoneridge Mall Framework — among its recommendations. While the <br />EVC members expressed unanimous interest in Simon's proposed project, the item was <br />