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stores, each located on their separately owned properties, including Macy's men's <br /> store, Macy's women's store, JC Penney, Nordstrom (closed since 2021), and Sears <br /> (closed since 2018 and purchased by Simon Property Group for future redevelopment). <br /> The Stoneridge Mall is governed by a development agreement2, amended since its <br /> original approval, which grants to the mall ownership vested rights to certain <br /> entitlements. In 1992, the City and The Taubman Company — original owners of the <br /> Stoneridge Mall — granted rights to the mall to expand by approximately 178,000 square <br /> feet in the Development Agreement. In January 1998, the City approved the First <br /> Amendment to the Development Agreement to further increase the Stoneridge <br /> Shopping Center by an additional approximately 202,000 square feet, allowing for a <br /> total of approximately 380,000 square feet of additional floor area. The City Council <br /> subsequently approved the second, third and fourth amendments to the Development <br /> Agreement to extend the term through December 31, 2023. <br /> Figure 1: Stonerid a Shoppin Center Aerial <br /> a <br /> r. <br /> a '` StoneridgeShopp-,9 <br /> tCenter ,� <br /> v s <br /> N++i fib,�i+ �. <br /> Jw <br /> •, I,�� .,,. ��n��. a4�... '.. It <br /> w f <br /> 2 A development agreement is contract authorized by state law to allow a local agency and property <br /> owner to enter into a long-term agreement for the development of property. <br /> Page 5 of 41 <br />