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Item 6c <br />Amendment tO the St0neridge Regional Shopping Center Development Agreement <br />(SR96:351) <br /> <br />I~¢m 6d <br />Molli~cation to the Development A_~reement. Reimbursement A2reement. and Development <br />Deferment Agreement for Wells Fargo. (SR96:350) <br /> <br /> Brian Swift presented the staff reports for both items in order that Council could discuss <br />both items at the same time. <br /> <br /> Mr. Pico asked what happens to traffic circulation if the West Las Positas interchange <br />is not included. <br /> <br /> Mr. Swift stated that with no other mitigations, the levels of service on numerous <br />intersections throughout the City would become worse than LOS D, so they could be LOS E or <br />LOS F. Staff is beginning the analysis of the West Las Positas interchange and consideration <br />of potential mitigations to retain LOS D standard. <br /> <br /> Mr. Pico asked if there was any reason the expansion portion of the agreement had to <br />be approved before the West Las Positas Study is completed. <br /> <br /> Mr. Swift stated this was a request to provide flexibility to the mall to allow expansion <br />of existing anchor stores or some specialty stores. <br /> <br /> Mr. Pico felt this approval would grant the mall flexibility but take away flexibility for <br />the City with respect to traffic circulation. <br /> <br /> Mr. Tarvet asked if these amendments to the development agreements were related to <br />the park fee determination and were new things added that were not covered in previous <br />discussions about park fees. <br /> <br /> Mr. Swift indicated the park fee was only relevant to the Wells Fargo Agreement. That <br />issue was discussed about a year ago by Council because the Wells Fargo development has a <br />specific condition of approval that it mitigate its impacts on City parks. It had approximately <br />$64,000 in the NPID surplus funds, which equals about one-third of its park obligation. No <br />building permits have yet been taken out and there are no employees using park facilities so the <br />park fees have not been collected. The arrangement proposed would allow an early payment of <br />the $64,000 towards park fees, which the City can use now rather than walt until the property <br />develops. <br /> <br /> Mr. Tarver asked for clarification of the relationship between what the Taubman <br />Company wants to accomplish by these amendments and what Wells Fargo wants to accomplish. <br /> <br /> 12 12/03/96 <br /> <br /> <br />