CITY COUNCIL REGULAR MEETING AGENDA PACKET

Ordinance No. 2282 Page 8 of 9 additional 24 months to December 31, 2026, with this period to be used to further advance the efforts initiated during the initial six- month period. By November 1, 2026, the City Manager shall determine, in writing with notice to the Developer, whether Developer has worked in good faith to make material progress towards the Master Plan, including funding and/or working with the Other Owners to develop a plan to fund, the Master Plan. If the City Manager makes an affirmative determination regarding Developer’s actions, or fails to make any findings with regard to Developer’s actions, the Development Agreement shall be extended an additional two years to December 31, 2028. (e) The City Manager may refer the duty to determine whether the Developer has made material progress toward the Master Plan to the City Council, provided the referral is made by November 1, 2026. Developer may appeal the City Manager’s findings to the City Council within ten (10) days of the date of notice of such findings, by providing notice of such appeal to the City Clerk by overnight courier or personal delivery. (f) Upon referral or appeal, the City Council’s review of the matter shall be de novo and the City Council may consider evidence that was not presented to the City Manager. City shall use reasonable efforts to ensure that any findings to be made by the City Council are adopted by December 31, 2026. If such findings are not adopted by such date, the term of this Agreement will be automatically extended until the date such findings are adopted. (g) It is the intent of City and Developer to work with the Other Owners during any extension provided by subsections (c) and (d) above, to have Developer and/or the Other Owners provide additional funding towards Master Plan costs. (h) If City does not receive deposits for the Supplemental Master Plan costs from either the Other Owners by December 1, 2024, or the Developer by December 31, 2024, this Agreement shall terminate on January 1, 2025. All funds provided by Developer to City for the Initial Master Plan Costs shall be retained by City. (i) While this Agreement remains in effect, Developer agrees to make good faith efforts to work with City and the Other Owners 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”). While Developer cannot control the actions of other owners of property at the entire Shopping Center as depicted in the First Amendment Section 1.b. and Exhibit A thereto (“Other Owners”), Developer’s good faith efforts shall Page 29 of 248