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PXXX17-0904, 1008-1700 Stoneridge Mall Road Planning Commission 4 of 7 SITE AND AREA DESCRIPTION The Stoneridge Shopping Center is located on an oval-shaped property defined entirely by Stoneridge Mall Road. Figure 1, below, shows the Stoneridge Shopping Center and portions of the I-580 and I-680 freeways and Foothill Road. The properties surrounding the mall are located between Stoneridge Mall Road and the I-580 I-680 freeways, Stoneridge Drive, and Foothill Road and are developed with a variety of office, hotel, medical, restaurant, retail, and residential uses, including the recently constructed buildings within the 10x Genomics and Workday campuses. The recently approved 360-unit Stoneridge Mall Apartment project will be located on a site in the southeast quadrant of the mall. PROJECT DESCRIPTION AND ANALYSIS The applicant requests the term of the DA be extended as follows: • For an initial six months, until December 30, 2024, with payment of a $50,000 contribution to the City in support of its efforts to advance Master Planning for the Mall. During this period, efforts would be made to secure matching funding from the other Mall owners to support the planning effort. • If matching funding is secured from the other Mall owners in the amount of $150,000, and other milestones are achieved, the DA would extend for another 18 months through June 30, 2026. The City may, at its option, reduce this amount by up to $50,000.2 • If matching funding is not secured from the other Mall owners, then the applicant may opt to contribute the equivalent amount of additional funds (up to $150,000), in which case the DA would be extended for another 24 months through December 31, 2026. • At the discretion of the City Manager or the City Council, the DA may be extended for an additional two years from December 31, 2026, or December 31, 2028, if it is determined that adequate progress has been made towards the master planning effort. Each of the above extensions is contingent on the completion of performance milestones intended to advance the Stoneridge Mall Framework and additional master planning for the mall. The proposed Sixth Amendment and the existing agreements are attached as Exhibit A and Exhibit B, respectively. The proposed Sixth Amendment does not allow for any additional development beyond that identified in the existing agreement and continues to require all n ew commercial projects be subject to Planning Commission Design Review approval adm inistered at a public hearing.3 2 This provision is included to account for the event that not all of the owners decide to contribute, and still allow the extension to be provided. 3 Residential development permitted by the 4th, 5th and 6th Cycle Housing Elements is not part of the DA and is subject to the Objective Design Standards and process for approval set forth in other City regulations.