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AGENDA FULL PACKET
City of Pleasanton
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2020 - PRESENT
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2024
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05-08
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AGENDA FULL PACKET
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5/20/2024 4:10:32 PM
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5/20/2024 4:08:58 PM
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
5/8/2024
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Resolution No. PC-2024-09 <br />Page 5 <br />RECORDING REQUESTED BY <br />CITY OF PLEASANTON <br />When Recorded, Return to: <br />Office of the City Clerk <br />City of Pleasanton <br />P.O. Box 520 <br />Pleasanton, CA 94566 <br />Recording Requested Pursuant to Government <br />Code Sections 27383 & 6103 – no fee <br />SIXTH AMENDMENT TO DEVELOPMENT AGREEMENT <br />THIS SIXTH AMENDMENT TO DEVELOPMENT AGREEMENT (the “Sixth Amendment”) is <br />made and entered into by and between the CITY OF PLEASANTON, a municipal corporation of the <br />State of California (“City”), and STONERIDGE PROPERTIES LLC, a Delaware limited liability <br />company, doing business in California as STONERIDGE ASSOCIATES, LLC, as successor in <br />interest to SECURITY TRUST COMPANY, as TRUSTEE under Trust No. 1860-0 (“Developer”), <br />pursuant to the authority of California Government Code Sections 65864-65869.5. <br />RECITALS <br />A. The City and Developer are parties to a Development Agreement (the "Agreement") <br />dated as of November 5, 1992, as approved by the City Council under Ordinance No. 1578. The <br />Agreement was recorded on April 2, 1993, as Instrument No. 93103418 in the Official Records of <br />Alameda County. (Capitalized terms not otherwise defined in this Amendment shall have the <br />meanings given to them in the Agreement; all references to the Agreement shall refer to the same as <br />modified by the First, Second, Third and Fourth Amendments.) <br />B. The parties entered into the First Amendment to Development Agreement (the "First <br />Amendment"), dated as of January 6, 1998, as approved by the City Council by its Ordinance No. <br />1732. The First Amendment to Development Agreement was recorded on February 5, 1998, as <br />Instrument No. 98048535 in the Official Records of Alameda County. <br />C. The parties entered into the Second Amendment to Development Agreement (the <br />"Second Amendment"), dated as of June 18, 2013, as approved by the City Council by its Ordinance <br />No. 2073. The Second Amendment to Development Agreement was recorded on September 5, 2013, <br />as Instrument No. 2013299219 in the Official Records of Alameda County. <br />D. The parties entered into the Third Amendment to Development Agreement (the "Third <br />Amendment"), dated as of August 21, 2018, as approved by the City Council by its Ordinance No. <br />2173. The Third Amendment to Development Agreement was recorded on September 19, 2018, as <br />Instrument No. 2018182964 in the Official Records of Alameda County. <br />E. The parties entered into the Fourth Amendment to Development Agreement (the <br />“Fourth Amendment”), dated as of September 6, 2022, as approved by the City Council by its <br />Ordinance 2230. The Fourth Amendment was recorded on September 12, 2022, as Instrument No. <br />2022156727 in the Official Records of Alameda County. <br />F. The parties entered into the Fifth Amendment to Development Agreement (the “Fifth <br />Amendment”), as approved by the City Council by its Ordinance 2249. The Fifth Amendment was <br />recorded on March 4, 2024, as Instrument No. 2024031835 in the Official Records of Alameda <br />County. It provides that the Agreement shall terminate July 1, 2024. <br />G. The City and Developer desire to extend the term of the Agreement. In order to <br />strengthen the planning process, encourage private participation in comprehensive planning, secure <br />the orderly development of the shopping center expansion and provide greater opportunities for traffic <br />management and cohesive, attractive site design and improvements and related economic benefits <br />to the City, and to facilitate the future development of a comprehensive master plan for the shopping
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