3_Exhibit E - Laserfiche WebLink

Page - 1 - Housing Commission Agenda Report November 17, 2022 Item 04 SUBJECT Review and Recommendation to City Council an Affordable Housing Agreement with Stoneridge Associates, LLC for the Stoneridge Mall Residential project (PUD-136) RECOMMENDATION Review the Affordable Housing Agreement for the Stoneridge Mall Residential Project and recommend its approval to the City Council. ATTACHMENTS 1.Draft Affordable Housing Agreement (AHA) 2.Inclusionary Zoning Ordinance (PMC Ch. 17.44) BACKGROUND The Simon Property Group (SPG), also referred as Stoneridge Associates, LLC, (the “Applicant”), has submitted an application to construct 360 residential units and a new parking garage exclusively serving the residents of the proposed Stoneridge Mall Residential Project (“Project”). Located at 1008 Stoneridge Mall Road in Pleasanton, the Project will redevelop the southeast corner of the existing Stoneridge Shopping Center by replacing a portion of the existing southeast surface parking lot located adjacent to the existing parking deck of the former Sears store and east of the Macy’s Women’s store with 360 residential rental units and a new parking garage for the Project residents. The location of the proposed residential project (APN 941-1201-94-3) is shown in the figure on the opposite page. Originally constructed in the early 1980s, the Stoneridge Shopping Center, commonly referred to as Stoneridge Mall, is a 1.34 million square foot mall with over 6,600 parking spaces on an approximately 75-acre property. As described below, the property is one of two locations within the mall that were zoned for residential development in 2012, as part of the 4th Cycle Housing Element Update, with the other location in the northwest portion of the mall. These two sites, and the proposed residential development, is separate and distinct from the potential housing sites being considered as part of the current (6th Cycle) Housing Element update. 4th Cycle Housing Element (2012) Residential Rezoning In the 4th Cycle Housing Element update, which was adopted and certified in 2012, the City designated the mall site as one of several sites that were rezoned for multifamily residential housing in order to accommodate the City’s Regional Housing Needs Allocation (RHNA). The mall site already has an existing utility infrastructure and street access, and since the site is an in-fill site, it can be efficiently developed without the design and construction of major new public facilities or private improvements. The site is also located near public transit, has