CITY COUNCIL AGENDA PACKET - Laserfiche WebLink

Ordinance No. Page of 6 3.5 (not used). 5. Section 4.4 is hereby amended and restated as follows: 4.4 Architectural Review of Project. The City may apply the rules and regulations regarding architectural review, and objective design standards for any residential development incorporated into the Project, in effect in the City at the time the Developer applies for design review approval for any aspect of the Project, as long as applying these rules and regulations does not conflict with Developer’s rights under this Agreement to expand the Shopping Center by the number of square feet specified in this Agreement. 6. Section 15 is hereby amended and restated as follows: 15. Right to Assign, etc. Developer’s rights hereunder may be encumbered, sold or assigned in conjunction with the transfer, sale, assignment or financing of all or any portion of the Property at any time during the terms of this Agreement. If the proposed buyer or assignee is not an affiliate of Developer, then Developer may still assign its interest in the Property so long as Developer receives the City’s prior written consent. Upon the sale, transfer or assignment of Developer’s rights and interests under this Agreement, memorialized in an assignment and assumption agreement, Developer shall be released from its obligations pursuant to this Agreement with respect to the Property or portion thereof so transferred which arise subsequent to the effective date of the transfer. 7. In extending the Development Agreement, the City and Developer anticipate that Developer will work with the other owners of property at Stoneridge Mall (defined as the “Shopping Center” in the Agreement) to move forward with developing a master plan. Accordingly, new Sections 19.14, 19.15 and 19.16 are added as follows: 19.14. Good Faith Efforts Towards Master Plan. Developer shall make good faith efforts with City to develop and process for approval a Master Plan for the Shopping Center that furthers the goals of the Stoneridge Mall Framework Components approved by the City Council in Resolution No. 23-1356, adopted on January 26, 2023, as those Components may be amended by the City with the reasonable consent of Developer (“Master Plan” and “Framework Components,” respectively). While Developer cannot control the actions of other owners of property at the Shopping Center (“Other Owners”), Developer’s good faith efforts shall include working with and attempting to persuade Other Owners to participate in developing and processing the Master Plan. Developer’s good faith efforts shall strive to meet the following goals: (a) By March 2024, City’s Community Development Director and other City staff will meet with the Developer and such Other Owners as are willing to participate to develop a schedule for completing items (b), (c) and (d) below by December 31, 2025: (b) Developer and such Other Owners as are willing to participate will submit to the City an initial conceptual site plan for the Master Plan that includes commercial, retail, housing, infrastructure and open Page 40 of 371