Laserfiche WebLink
Page 1 of 7 <br />Item #5 <br /> CITY COUNCIL AGENDA REPORT <br /> <br />December 5, 2023 <br />Community Development <br /> <br />TITLE: INTRODUCE AN ORDINANCE TO AMEND THE STONERIDGE SHOPPING <br />CENTER DEVELOPMENT AGREEMENT, FOR A PREVIOUSLY APPROVED <br />362,790-SQUARE-FOOT SHOPPING CENTER EXPANSION, TO EXTEND THE <br />TERM FOR ONE YEAR WITH AN OPTION TO EXTEND FOR AN ADDITIONAL <br />YEAR SUBJECT TO THE COMPLETION OF PERFORMANCE STANDARDS, <br />AND WAIVE FIRST READING <br /> <br />SUMMARY <br />The applicant, Stoneridge Properties, LLC (Simon Property Group), proposes to amend and <br />extend the existing Development Agreement (DA) for the Stoneridge Shopping Center by <br />extending the term by one year until December 2024, with a City Manager option to extend for <br />one additional year until December 2025, subject to the completion of performance milestones <br />related to the Stoneridge Mall Framework. The applicant’s proposal would not allow for <br />additional development beyond the 362,790-square-foot shopping center expansion already <br />approved in the existing DA. This would be the fifth amendment to the DA. The Planning <br />Commission on November 8, 2023, voted to recommend approval of the amendment. <br /> <br />RECOMMENDATION <br />1. Find the proposed Fifth Amendment to the Stoneridge Shopping Center Development <br />Agreement to be exempt from further review the California Environmental Quality Act <br />(CEQA) pursuant to Public Resources Code section 21083.3 and CEQA Guidelines <br />section 15183. <br />2. Introduce the ordinance to amend and extend the agreement as set forth in the Fifth <br />Amendment shown in Attachment 1 and direct the City Manager to execute the same. <br /> <br /> <br />BACKGROUND <br />The Stoneridge Shopping Center was constructed in the early 1980s by the Taubman <br />Company. As part of the City’s approval of the regional shopping center, the Taubman <br />Company participated in funding portions of the I-680/Stoneridge Drive freeway interchange, <br />construction of improvements to the nearby city streets and intersections that accessed the <br />shopping center from the I-580 and I-680 freeways, and construction of Fire Station No. 2 at <br />6300 Stoneridge Mall Road. <br /> <br />Development Agreement <br />Development agreements (DA) are public/private contracts specifically authorized by state law <br />with the purpose of providing property owners with more certainty about the entitlements and <br />obligations that will apply to their property. The local government receives a legally binding <br />promise that the developer will provide infrastructure and/or pay fees required by a new <br />project; the developer receives a legally binding promise it can build a project. The DA sets <br />Page 28 of 371