ECONOMIC VITALITY COMMITTEE AGENDA PACKET

Page 2 of 3 The City entered into a Development Agreement (DA) in 1981 and subsequently in 1992 (with the property owners at the time) that outlined allowable development beyond the existing mall square footage. SPG succeeded the previous property owners and is now the sole party to the DA with the City. There have been subsequent amendments to the DA, but the basic terms have remained unchanged. In August 2022, the City began work on the Stoneridge Mall Framework (Framework). The Framework was a focused six-month planning effort to identify and provide guidance for the location, configuration and desired land use, circulation, and urban design intent for the properties in the Stoneridge Mall, concurrent with planning for the City’s 6th Cycle Housing Element. The planning effort included community workshops, broad outreach meetings, and public hearings. In January 2023, the City Council adopted the Stoneridge Shopping Center Framework Components, Exhibit A. The adopted Framework includes: • Background information; • Vision statement; • Guiding principles; • Allocation of housing units for each of the six mall parcels for the 2023-2031 (6th Cycle) Housing Element; and • Design and placemaking elements that would be reflected in a future Framework Plan or other comprehensive master plan. The intent of the document is to provide guidance for any subsequent efforts related to the comprehensive, long-range planning of the mall. DISCUSSION Since approval of the Framework, Stoneridge Mall planning has continued to progress with the four property owners in the planning area. In June 2024, the City Council approved a sixth extension of a Development Agreement with Simon Property Group. As part of the extension, the City Council required funding and an initial commitment from SPG to collaborate with the other property owners and City staff to make progress on master planning for the Stoneridge Mall properties. As a further condition of the DA, if SPG and/or the other owners provided additional funding for planning before the end of 2024, the DA was to be extended for a further two years (also tied to an expectation that progress will be made toward development of a master plan). From June 2024 through December 2024, City staff had a series of productive meetings with the four property owners. The City and owners discussed existing conditions and constraints at Stoneridge Mall, each owners’ development interests and priorities, assessed key issues to be identified as part of the next phase (i.e., a master planning effort), and discussed elements of developing a master plan. In December 2024, the City received additional funding from SPG to continue the Stoneridge Mall master planning effort. As a next step, staff will be working with the property owners to develop a more detailed work plan and schedule for the master planning process.