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• Understanding the cumulative environmental impacts of the project in association with future development around the Stoneridge mall. • Requesting staff provide the City Council with a brief analysis of how the project would or would not affect and/or be integrated with the Vision Statement and guiding principles outlined in the Stoneridge Mall Framework. Staff's responses to the points raised, and the Planning Commission's discussion on these comments, are provided in the appropriate subject areas of the Analysis section within this report; the Planning Commission's action is outlined in the meeting minutes (Attachment 8). After listening to public testimony and discussing the project, the Commission, on a four-one vote, voted to recommend adoption of the Addendum and approval of the PUD Development Plan, subject to the recommended conditions of approval. HOUSING COMMISSION ACTION The Inclusionary Zoning Ordinance (IZO) (PMC Ch. 17.44) requires all new multi-family residential projects of 15 units or more to provide at least 15 percent of the project's total units at prices that are affordable to very low- and/or low-income households. Based on this requirement, the project would be required to provide 36 affordable units. The applicant has proposed 24 percent of the base units (58 total units), which exceeds the IZO requirement, all to be offered at low-income levels. The proportion and affordability levels of the units would meet the requirements of State housing density bonus law, use of which is proposed to qualify the project for a 50 percent density bonus (see discussion below). The Housing Commission, at its November 17, 2022, meeting, reviewed the proposal, concurred with staff's recommendation for the 58 units at low-income levels, and unanimously recommended the approval of the AHA to the City Council. Details of the Housing Commission meeting can be found in the Housing Commission agenda report and meeting minutes in Attachment 9. Additionally, the draft Affordable Housing Agreement (AHA) can be found in Attachment 3. Consistent with the City's AHA, the proposed 58 restricted units will be affordable in perpetuity, will be dispersed throughout the development, will have comparable interior standards of quality as the market rate units, and will be rented to income-eligible households in accordance with the City's Preference System as permitted by federal or state fair housing law. BACKGROUND The Stoneridge Shopping Center The regional Stoneridge Shopping Center (Stoneridge Mall) is part of the overall mixed- use retail/office/hotel development located in the northwest area of Pleasanton defined by 1-580, 1-680, Stoneridge Drive, and Foothill Road. The area within the inner loop of Stoneridge Mall Road is approximately 75 acres, as shown in Figure 1. The central mall building, containing a variety of restaurants, shops, and services, is owned by Simon Property Group and is located on an approximately 29-acre property that also contains the project site, located within one of several fields of surface parking that surround the mall. Attached to and interconnected with the central mall building are five department Page 4 of 41