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BACKGROUND The City Council authorized work to proceed on the Stoneridge Mall Framework at its August 16, 2022, meeting. Since that time, staff has been working with the professional services team to identify project objectives and key decision points, coordinate and communicate with property owners, and solicit feedback from the community. Two community meetings have been held via Zoom: an introductory meeting, held jointly with the Planning Commission on September 26, and a second meeting to receive input on Framework conceptual scenarios on December 8, 2022. A summary of the September 26 Community Meeting is available on the project website; key points of consensus from the December 8 meeting will be summarized in a supplemental memo and at this meeting (due to the short timeframe between the community meeting and publication of this report). The Stoneridge Mall Framework is intended to provide guidance on the type, location, and configuration of desired land uses, circulation, and key placemaking features at the Stoneridge Mall. As City Council will recall from its November 15, 2022, meeting, the City has adjusted the schedule for adoption of its Housing Element to occur no later than January 31, 2023, and with that has adjusted the schedule for the Framework, to allow for key inputs with respect to distribution of housing at the mall, to dovetail with the Housing Element. Given the accelerated timeframe, staff requested this joint meeting between the Planning Commission and City Council to provide an update on the Framework project and seek direction on conceptual development scenarios that will be incorporated into the Draft Housing Element. In addition, staff anticipates providing draft Objective Design Standards and potential amendments to the General Plan (land use map amendments and policies) that would address development at Stoneridge Mall. As discussed at previous meetings of both the Planning Commission and City Council, the Stoneridge Mall area is one of the locations in Pleasanton being considered to fulfill the City's Regional Housing Needs Allocation (RHNA). This discussion is intended to provide guidance on the distribution among the four property owners who own the six parcels comprising the mall area within Stoneridge Mall Road. The Draft Housing Element contemplates between 900 and 1,440 housing units at the Stoneridge Mall area, at a density between 50 to 80 dwelling units per acre (du/ac) as part of its 6th Cycle update. While the Draft Housing Element preliminarily identifies approximately 18 acres to be designated for housing, this specific acreage may be adjusted/refined as an outcome of the Framework process. Overview of Mall Properties and Existing Conditions Stoneridge Mall was constructed in the early 1980s by the Taubman Company, 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. 1A 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 approximately 353,000 square feet remains unbuilt. The DA expires in December 2023. Page 2 of 17