CITY COUNCIL REGULAR MEETING AGENDA PACKET

Page 2 of 8 Development Agreement Development agreements (DAs) are public/private contracts specifically authorized by state law with the purpose of providing property owners with more certainty about the entitlements and obligations that will apply to their property. The local government receives a legally binding promise that the developer will provide infrastructure and/or pay fees required by a new project. The developer receives a legally binding promise it can build a project. The DA sets forth the rights and responsibilities between the City and the property owner/developer. DAs are primarily utilized on large, master-planned developments constructed in a phased manner over a relatively long period of time, and often require significant investments in public infrastructure on the part of the private developer. DAs encourage private investment, including the provision of public facilities that would not normally be required under a typical development plan review. In November 1992, the City Council approved the original DA (Attachment 2) for the Stoneridge Shopping Center, which granted rights to expand the shopping center by approximately 178,000 square feet in exchange for developer contributions to various traffic improvements and approved a related Sewer Agreement that reserved and allocated sewer capacity for the uses within the shopping center. On January 6, 1998, the City Council approved the First Amendment to the DA, further increasing the Stoneridge Shopping Center by an additional 202,000 square feet, thereby totaling 380,000 square feet of expansion area, and modified the traffic improvements. An amendment to the Sewer Agreement was also approved at that time which reserved 10,000 gallons of sewer capacity for the shopping center. In summary, the original DA, as amended by the First Amendment, and related Sewer Agreement, granted the following entitlements and restrictions to the owners of the shopping center and their successors: • Permitted the expansion of the shopping center floor area by a total of 380,000 square feet (the additional to-be-developed area has been reduced to 362,790 square feet of floor area due to the past construction of the P.F. Chang’s and Cheesecake Factory restaurants). Also, Design Review approval was granted in 2019 for the Stoneridge Mall Commercial Replacement and Expansion Project by Planning Commission Resolution PC-2019-10 for net new construction of 79,269 square feet, but none of that square footage has been constructed. Accordingly, the total approved expansion remains at 362,790 square feet). • Reserved 10,000 gallons per day of sewer capacity for the entire shopping center (This capacity has been used completely by the present shopping center retail businesses and restaurants). • Referenced the permitted and conditional uses of the Regional Commercial – Mall Complex (CR(m)) District of the Pleasanton Municipal Code (PMC) for the shopping center with the applicable City approvals. • Established parking ratios between 3.5 and 4.5 parking spaces per 1,000 square feet of floor area for different categories of shopping center uses (these vested parking ratios exceed the City’s current typical retail parking standard of 3.33 parking spaces per 1,000 square feet). Page 316 of 428