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EXECUTIVE SUMMARY The applicant, Simon Properties, is proposing to demolish the existing approximately 176,151-square-foot Sears Department store and parking structure and construct 255,420-square-feet of new buildings which may contain retail, grocery, cinema, and specialty lifestyle health club uses. The proposed development of just under 80,000 net new square feet of commercial development and is within the amount approved and entitled by the 1992 Development Agreement (DA) for the property; as such, and per the approved DA, the Planning Commissions scope of review includes Design Review of the proposed project. BACKGROUND The Stoneridge Mall The Stoneridge Mall Regional Shopping Center (Stoneridge Mall) is part of the overall mixed-use retail/office/hotel development located in the northwest area of Pleasanton defined by 1-580, 1-680, Stoneridge Drive, and Foothill Road. The central mall building, containing a variety of restaurants, shops, and services, is owned by Simon Properties and is located on its own property. Attached to and interconnected with the central mall building are five department stores, each located on its own property, including Macy's Men's Store, Macy's Women's Store, JC. Penney, Nordstrom, and Sears (recently closed and purchased by Simon Properties). Development Agreement The Stoneridge Mall is governed by a development agreement, amended since its original approval, which grants to the mall ownership vested rights to certain entitlements. In 1992, the City and The Taubman Company — original owners of the Stoneridge Mall — entered into a Development Agreement which granted rights to the mall to expand by 178,000 square feet. In January 1998, the City approved the first Amendment to the Development Agreement to further increase the Stoneridge Shopping Center by an additional 202,000 square feet, allowing for a total of 380,000 square feet of additional floor area. On April 21 , 2018, the City Council approved an amendment to the Development Agreement to extend the term of the agreement until December 2022. A summary of the approved original and amended Development Agreement can be found in the February 27 Planning Commission Workshop agenda report Background section (pages 2-3) within Exhibit C and a copy of the entire Development Agreement is included within Exhibit E. Environmental review for the Development Agreement was completed with an Initial Study/Negative Declaration. The Negative Declaration included traffic analyses which determined that the mall's traffic with the expansion would occur primarily off-peak and, therefore, would not impact surrounding streets and intersections during the critical a.m./p.m. peak-commute hours. Staff notes that the traffic resulting from the total permitted floor area of 380,000 square feet is also factored into the City's Baseline Traffic Reports and into the level-of-service (LOS) analyses for the most recently updated General Plan. Planning Commission Workshop The project was presented to the Planning Commission at a workshop on February 27, 2019. At the workshop, the Planning Commission was generally supportive of the project, and agreed with the points of discussion that staff presented including refinements to improve P18-0340, Stoneridge Shopping Center Planning Commission 2 of 17