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2. Adopt the Stoneridge Mall Framework Components, dated January 12, 2023, as enclosed with Attachment 1. FISCAL IMPACT City Council previously authorized professional services contracts for the Stoneridge Mall Framework project. No changes are proposed to the professional services contracts for the Stoneridge Mall Framework at this time. No fiscal impacts would occur as a result of this meeting, although additional development as contemplated in the Framework would have fiscal implications for the City; such impacts would be evaluated as part of the future planning effort. BACKGROUND The effort to initiate a Framework for Stoneridge Mall was prompted by several factors. Significant among them is the Housing Element update process that has identified Stoneridge Mall site one of the preferred sites, among a number of such sites citywide, for re-zoning to accommodate a portion of the City's Regional Housing Need Allocation (RHNA). And, while land use conditions had remained relatively stable at the mall since its construction in the early 1980s, there have been some significant shifts in recent years, including closure of two of the mall's major anchors since 2018, and sale of properties to new investors. With active owner interest in redevelopment, changing market conditions, and the consideration of a significant increment of new housing to be allowed under the Housing Element, in August 2022 the City Council directed work to proceed on the Framework, determining it appropriate and prudent to move forward with this planning effort in the near term. The "Framework Components" document presented at this City Council is the first step in a more comprehensive planning effort for Stoneridge, intended to provide initial guidance on the type, location, and configuration of desired land uses, circulation, and key placemaking features at the Stoneridge Mall. As directed by City Council at its November 15, 2022, meeting, the schedule for adoption of the Housing Element has been adjusted 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 with will dovetail with the Housing Element. For additional background, please refer to the December 15, 2022, Joint Planning Commission and City Council agenda report, attached to this report as Attachment 3. At the request of Stoneridge Mall ownership representatives during the Joint Planning Commission and City Council meeting on December 15, 2022, the Planning Commission and City Council directed staff to allow more time for the Stoneridge Mall ownership representatives to come to an agreement regarding allocation of housing units between the Stoneridge Mall parcels to be reflected in the 2023-2031 (6t" Cycle) Housing Element. Alongside this direction, other feedback provided at the December 15 meeting includes: • Density Bonus: State law establishes a sliding scale for density bonuses generally ranging from 10 percent up to 50 percent, and one or more incentives or concessions, depending on the number of affordable units and the levels of Page 2 of 11