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Page 1 of 8 <br />Item #15 <br /> CITY COUNCIL AGENDA REPORT <br /> <br />June 4, 2024 <br />Community Development <br /> <br />TITLE: INTRODUCE AND WAIVE FIRST READING OF AN ORDINANCE APPROVING <br />THE SIXTH AMENDMENT TO THE DEVELOPMENT AGREEMENT FOR THE <br />STONERIDGE SHOPPING CENTER, LOCATED AT 1008 THROUGH 1700 <br />STONERIDGE MALL ROAD, GOVERNING A PREVIOUSLY-APPROVED <br />APPROXIMATELY 362,790 SQUARE-FOOT SHOPPING CENTER EXPANSION <br />TO EXTEND THE TERM FOR SIX MONTHS, WITH POTENTIAL ADDITIONAL <br />EXTENSIONS OF EITHER 18 MONTHS OR TWO YEARS, AND A FURTHER <br />POTENTIAL EXTENSION OF TWO YEARS THEREAFTER, SUBJECT TO THE <br />COMPLETION OF PERFORMANCE STANDARDS AS SET FORTH IN THE <br />PROPOSED AMENDMENT <br /> <br />SUMMARY <br />The applicant, Stoneridge Properties, LLC (Simon Property Group), proposes to amend and <br />extend the existing Stoneridge Shopping Center Development Agreement (DA) for six months; <br />plus, an additional extension of either 18 months or two years; and a further potential <br />extension of two years thereafter, subject to the completion of performance standards as set <br />forth in this proposed amendment, generally intended to support advancement of master <br />planning at the mall to improve the future vitality of the property. The applicant’s proposal <br />would not allow for additional development beyond the 362,790-square-foot shopping center <br />expansion already approved in the existing DA. This would be the sixth amendment to the DA. <br />The Planning Commission on May 8, 2024, voted to recommend approval of the amendment. <br /> <br />RECOMMENDATION <br />1. Find the proposed sixth amendment to the Stoneridge Shopping Center Development <br />Agreement to be exempt from further review under the California Environmental Quality <br />Act (CEQA) pursuant to Public Resources Code section 21083.3 and CEQA Guidelines <br />section 15183. <br />2. Introduce the ordinance as shown in Attachment 1 approving the Sixth Amendment to <br />the Development Agreement to extend the term for six months with potential additional <br />extensions of the term and direct the City Manager to execute the same. <br /> <br /> <br />BACKGROUND <br />The Stoneridge Shopping Center was constructed in the early 1980s by the Taubman <br />Company. As part of the City’s approval of the regional shopping center, the Taubman <br />Company participated in funding portions of the I-680/Stoneridge Drive freeway interchange, <br />construction of improvements to the nearby City streets and intersections that accessed the <br />shopping center from the I-580 and I-680 freeways, and construction of Fire Station No. 2 <br />(6300 Stoneridge Mall Road). <br /> <br />Page 315 of 428