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TH E CITY OF <br />PLEASANTON. <br />Date: <br />To: <br />From: <br />MEMORANDUM <br />January 26,2023 <br />Mayor and City Council <br />Ge.ry,Beaudin, City Mana g*(4) <br />Ellen Clark, Director of Community Development <br />Agenda Item l: Stoneridge Mall Framework, Supplemental MaterialSubject: <br />The following memorandum outlines revisions to the Draft Stoneridge Shopping Center Framework <br />Components, addressing comments received in a letter dated January 25,2023, on behalf of Simon <br />Property Group, Macy's/Lowe and 300 Venture Group. <br />The letter requested a number of significant modifications to the Framework Components, including the <br />following items, for which a staff response is provided in italics: <br />a Summary of Comment: Revise Guiding Principles to delete Guiding Principle I l, related to <br />ensuring new commercial development "occurs in a manner that provides a neutral or positive <br />fiscal balance forthe City..." <br />Response; lt is staff's expectation that the analysis of the fiscal costs and benefits offuture <br />development at the Mall would occur through afiscal study, which would include a thorough <br />scoping of baseline and future assumptions, direct and indirect fiscal costs and benefits to be <br />analyzed, and consideration offactors such as stability of potential revenue sources in <br />determining the appropriate balance offiscal costs and benefits. Nonetheless, recognizing the <br />concern with the Guiding Principle as written, staffrecommends modifying Guiding Principle l2 <br />to instead reference existing General Plan Land Use Element Program I1.2, which calls for <br />major commercial projects to prepore afiscal and market study. Such studies are typically used <br />by City Council to inform ond guide decision-making on major projects, alongside other policy <br />considerations, such as economic revitalization, achieving community amenities, or generating <br />employment, ond thus aligned with the intent of this Guiding Principle. Accordingly, Guiding <br />Principle I2 is proposed to be amended as follows: <br />PI a ln <br />with General Land Use Element ProPram 1.2. which states: " For commercial <br />'.,!@ <br />,s <br />the <br />viabiliv of the pro.iect." <br />Summary of Comment: Revise Guiding Principle l2,-which addresses how the City would <br />establish the aggregate quantities of future land uses, including that this "shall be established in <br />consideration of traffrc and other environmental impacts, and shall be set at levels that would not <br />t <br />t <br />o