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FISCAL IMPACT Completing the Framework will incur total estimated costs as summarized below: Consultant Name Service Estimated Cost Economics & Planning Fiscal, market and financial analysis $55,090 Systems Fehr & Peers Traffic and transportation analysis 46,400 Van Meter Williams Urban design and planning 75,000 Pollack (VMWP) Total Estimated Costs $176,490 All three professional services contracts are within the scope of the City Manager's authority to approve. With the Council's endorsement of the overall scope of work, the City Manager would finalize and execute agreements with each of the three firms. It is noted that the total cost of this work exceeds the amount currently available in the Community Development Department's budget for Professional Services; thus, staff recommends funding be allocated from the City Manager's contingency to cover these costs. BACKGROUND The Stoneridge Shopping Center, commonly referred to as Stoneridge Mall, was constructed in the early 1980s by the Taubman Company. The mall was built to a design common at the time, with anchor stores and multiple in-line retail shops offering a self-contained, indoor shopping experience within a core set of attached buildings, surrounded by surface parking. The 1 .34 million square foot mall' sits on an approximately 75-acre property, divided into six parcels. Existing parcels are currently held by four separate owners, with Simon Property Group (Simon) being the largest single owner. Within the 75-acre property, over 35 acres (47%) is dedicated to surface parking, including over 6,600 parking spaces. An overview of the mall area is shown in Attachment 1. Over the past four decades, Stoneridge Mall has remained a regional shopping destination, and has generated significant sales and property tax revenues for the City. However, in recent years, the conditions and overall economic landscape for retail has become increasingly challenging, particularly with the rise of e-commerce that has contributed to the decline of brick-and-mortar stores across the nation, with traditional department stores particularly hard hit. While Stoneridge Mall has remained relatively successful compared to many other similar indoor malls across the Bay Area and California, two of the mall's anchor tenants (Sears and Nordstrom) have closed their doors in the last five years, and sales tax revenue, as an indicator of the overall health of the mall's businesses, has declined. ' A Development Agreement(DA) is in place between the City and Simon Property Group,which allows up to an additional 380,000 square feet of additional development at the Mall. Of this,a capacity of 362,700 square feet remains unbuilt. The DA expires in December 2023. Page 2 of 8