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the private developer. They therefore encourage private investment, including the provision of public facilities that could not normally be required under a typical development plan review. Figure 1: Stoneridge Shopping Center and Surrounding Land Uses :it. /::' '_ , -,.. tr I '" 4.4.' , ♦ ♦ r . ..,— 111114 ; . - -- _. , V .�•r,,. ! ., _ , . I � ,t `, . '*} nt -U-- ,, �. d `* Stoneridge Shopping ' A. " ` , t -$ • . P Gentef4t \' F� i h ` s y t iia 9 � . 1 n . i' - 1 IV 1'.: y • ki y. .`�, 7.!i t t, Since the last extension to the DA was approved in 2018, the effects of COVID-19 have affected the overall retail and commercial development market. The applicant has indicated they need additional time to evaluate these changes in the retail climate, and how to best proceed with expansion of the shopping center to remain competitive and meet current market demands/trends that have evolved over the past several years and have most likely shifted again due to the pandemic. In the interim, the City has also embarked upon the Housing Element update process, with Stoneridge Shopping center one of the potential sites under consideration for future re-zoning to allow additional housing. For these reasons, staff supports the DA extension. Staff believes the additional year allowed for by the extension would allow for planning efforts to progress and facilitate the applicant's participation in the process in order to secure the orderly development of the shopping center expansion, with greater opportunities to secure effective traffic management, cohesive, attractive site design, public and private improvements, and related economic benefits to the City. The DA process requires the Planning Commission provide a recommendation to the City Council for action. Based on the above-listed factors, staff finds this Fourth Amendment is appropriate and recommends the Planning Commission forward a recommendation for PX17-0904, 1008-1700 Stoneridge Mall Road Planning Commission 4 of 5 actions that will apply to their property. The local government receives a legally binding promise the developer will provide infrastructure and/or pay fees required by a new project. The developer receives a legally binding promise it can build a project. The DA sets forth the rights and responsibilities between the City and the property owner/developer. DAs are primarily utilized on large, master planned developments constructed in a phased manner over a relatively long period of time, and often require significant investments in public infrastructure on the part of PX17-0904, 1008-1700 Stoneridge Mall Road Planning Commission 3 of 5