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Figure 3: Stoneridge Shopping Center and Surrounding Land Uses
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<br /> State Density Bonus Law
<br /> Under State law, and the City's Municipal Code, the City must provide for increases in
<br /> residential density (known as "density bonuses") and provide incentives or concessions
<br /> (generally relaxation or waivers in development standards) for housing developments that
<br /> provide a specified percentage of affordable units.' Affordable units are those offered for sale
<br /> or rent at rates determined "affordable" to households in various income categories (low, very-
<br /> low, and moderate income), typically well below the cost of market-rate units.
<br /> The PMC and State law establish a sliding scale for density bonuses up to a maximum of
<br /> 35 percent, and one or more incentives or concessions, depending on the number of
<br /> affordable units and the levels of affordability. The amount of density bonus is calculated
<br /> according to the following summary table:
<br /> ' As part of the 2012 Housing Element Update, the City was required to update the Municipal Code to include a
<br /> Density Bonus Ordinance to be consistent with State Density Bonus Law.
<br /> PUD-136 Workshop, Stoneridge Shopping Center Planning Commission
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<br /> owned
<br /> properties, including Macy's Men's Store, Macy's Women's Store, JCPenney, Nordstrom, and
<br /> Sears (recently closed and purchased by Simon Properties).
<br /> The Stoneridge Mall is governed by a development agreement, amended since its original
<br /> approval, which grants to the mall ownership vested rights to certain entitlements. In 1992, the
<br /> City and The Taubman Company — original owners of the Stoneridge Mall — entered into a
<br /> Development Agreement which granted rights to the mall to expand by 178,000 square feet. In
<br /> January 1998, the City approved the first Amendment to the Development Agreement to
<br /> further increase the Stoneridge Shopping Center by an additional 202,000 square feet,
<br /> allowing for a total of 380,000 square feet of additional floor area. On April 21, 2018, the City
<br /> Council approved an amendment to the Development Agreement to extend the term of the
<br /> agreement until December 2022.
<br /> PUD-136 Workshop, Stoneridge Shopping Center Planning Commission
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