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THE CITY OF 4 oar '-"' CITY COUNCIL AGENDA REPORT PLEASANTON� December 21, 2021 Community Development TITLE: CONSIDER INTRODUCING AND WAIVING FIRST READING OF AN ORDINANCE TO AMEND AND EXTEND, BY ONE YEAR, THE STONERIDGE SHOPPING CENTER DEVELOPMENT AGREEMENT GOVERNING AN APPROXIMATELY 362,790 SQUARE FOOT EXPANSION SUMMARY The applicant, Stoneridge Properties, LLC (Simon Property Group), proposes to amend and extend the Development Agreement (DA) for the Stoneridge Shopping Center by extending the term of the agreement by one year until December 2023. The applicant's proposal would be the fourth amendment to the previously approved DA. This extension would not allow for additional future development beyond that identified in the existing DA. The proposal was reviewed by the Planning Commission on November 10, 2021. The Planning Commission voted unanimously to recommend approval of the proposal, which is now before the City Council for consideration. The amendment of the DA requires an ordinance. RECOMMENDATION 1. Find the proposed amendment to the Stoneridge Shopping Center Development Agreement to be exempt from the California Environmental Policy Act (CEQA) pursuant to Public Resources Code section 21083.3 and CEQA Guidelines section 15183. 2. Introduce the ordinance to amend and extend the DA as set forth in the Fourth Amendment shown in Attachment 1 and direct the Interim City Manager to execute the same. FINANCIAL STATEMENT There is no cost associated with this Fourth Amendment of the Development Agreement. Any new development resulting from the proposal would be responsible for the payment of fees and for the costs of any required utility or infrastructure improvements. The project would incrementally increase the demand for City services but would also add sales and property tax revenue. Additionally, the existing DA already secures additional financial benefits to the City.