Laserfiche WebLink
<br />. <br /> <br />2. Amendment to the Stoneridge Rel!ional ShODDin~ Center Development Aereement <br /> <br />Application of Stoneridge Regional Shopping Center owners (Security Trust Company l as <br /> <br />Trustee under Trust #1860-0) for an amendment to its Development Agreement which: (1) <br />would allow presently permitted uses for an additional 15 years; (2) would allow new <br />development of 220,000 square feet (in addition to the 180,000 square feet of approved but not <br />built new development) of leasable floor area in additional department stores, specialty stores, <br />and/or additional mall stores; (3) would establish minimum parking ratios; (4) would reserve <br />sufficient sewage treatment capacity for the proposed additional buildings; and (5) would <br />establish the owners' obligations for further traffic mitigation improvements. The Development <br />Agreement would be applicable to 35 acres of the Stoneridge Regional Shopping Center located <br />within the Stoneridge Mall Road oval. The Planning Commission will also consider the Negative <br />Declaration prepared for this project. <br /> <br />Mr. Swift presented the staff reports for the modification to the development agreements of Wells <br />Fargo and the Stoneridge Regional Shopping Center (Taubman Company). These agreements <br />contemplated future traffic improvements to be made at the Stoneridge Drive/Stoneridge Mall Road <br />and Dublin Canyon/Foothill Road intersections. A mechanism was adopted through the Wells Fargo <br />development agreement in which Wells Fargo would build the improvements as necessary, with the <br />Taubman Company reimbursing Wells Fargo as they developed the Stoneridge Mall. However, <br />Taubman has been making developments and Wells Fargo is still an undeveloped lot. <br /> <br />In the Summer of 1996, staff attempted to work out a funding mechanism for the Canyon <br />Way/Foothill intersection. This is the most expensive of the improvements needed. The Taubman <br />Company agreed to front the cost for the project. Wells Fargo, on the other hand, stated since they <br />have never taken out a building permit, it was unfair for them to have to pay at this point in time. <br />Staff concurred. <br /> <br />. <br /> <br />Staff felt the various agreements had to be modified to reflect this fact. In this process, staff worked <br />with both Wells Fargo and the Taubman Company to make other modifications that they wished to <br />have in their development agreement and which staff felt were beneficial to the City. <br /> <br />Wells Fargo Agreement modifications: <br />Five year extension to the term. <br />Reimbursement agreement (same language as in the Taubman agreement). <br />Modification to the development deferment agreement - extending the sewer permits for the <br />full period of the Development Agreement. <br /> <br />Taubman Agreement modifications: <br />Apply the benefits of the Development Agreement to the department store properties as well <br />as to the Taubman Company-owned mall property. <br />Ensure the streets are built in a timely manner and anyone who puts in more than their pro <br />rata share is reimbursed, <br /> <br />Increase the square footage allowed to be built in the shopping center by 222,000 sq. ft. <br />(Further development would necessitate the use of parking structures.) <br />Reduce the parking requirement for department stores and mall store space from 4.75 spaces <br />per 1,000 square feet to 4.5 spaces per 1,000 square feet. <br />Extend the term of the agreement another five years. <br /> <br />. <br /> <br />Planning Commission Minutes <br /> <br />Page 11 <br /> <br />November 20, 1996 <br />