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Figure 1: Stoneridge Shoppina Center and Surroundina Land Uses -b 41 s 0 '•�J _ - ..5 : {--• �E' .gip -*ice _ - TWrry. - a r d •is. _ r w .. Lti PROJECT DESCRIPTION AND DISCUSSION The applicant requests the DA for the Stoneridge Shopping Center be extended again for another year, to December 2023. The proposed amended DA and the existing agreements are attached as Attachments A and B, respectively. The proposed Fourth Amendment for the extension of the DA does not allow for any additional development beyond that identified in the existing agreement and continues to require all new commercial projects be subject to Planning Commission Design Review approval administered at a public hearing. DAs are public/private contracts specifically authorized by California State law with the purpose of providing to property owners more certainty about the entitlements and exactions 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 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. 4