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ORDINANCE NO._____ <br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PLEASANTON <br />APPROVING THE SIXTH AMENDMENT TO THE STONERIDGE SHOPPING <br />CENTER DEVELOPMENT AGREEMENT TO EXTEND THE TERM FOR SIX <br />MONTHS WITH POTENTIAL ADDITIONAL EXTENSIONS OF THE TERM <br />WHEREAS, Stoneridge Properties LLC (Developer) has applied for a Sixth Amendment to <br />the Development Agreement for the properties at 1008 - 1700 Stoneridge Mall Road for a six <br />(6) month extension of the term to December 31, 2024, contingent upon a contribution of $50,000 by <br />Developer towards the Stoneridge Mall Framework planning effort, plus an additional potential further <br />extension of two (2) to four (4) years, contingent upon the deposit of an additional funds and a <br />determination by the City Manager or City Council that Developer has made good faith material <br />progress toward funding a master plan by December 31, 2026, regarding its approximately 362,790- <br />square-foot remaining permitted expansion of the Stoneridge Shopping Center; and <br />WHEREAS, a Supplemental Environmental Impact Report (SEIR) was prepared and <br />certified on January 4, 2012, for the Housing Element update and Climate Action Plan General <br />Plan Amendments and Rezonings that supplemented the Environmental Impact Report (EIR) <br />prepared for the Pleasanton 2005-2025 General Plan, certified in July 2009. This SEIR and the <br />Addendum for the Stoneridge Mall Commercial Replacement and Expansion Project dated <br />April 16, 2019 anticipated completion of the subject 362,790 square foot expansion of the <br />Stoneridge Shopping Center. In addition, the cumulative impacts of the development permitted <br />under the Development Agreement and Sixth Amendment, plus all development proposed <br />under the City of Pleasanton’s 2023-2031 Housing Element, was studied in the Program <br />Environmental Impact Report (SCH 2022040091) for that Housing Element certified by the City <br />Council on January 26, 2023, by Resolution 23-1357. The California Environmental Quality Act <br />(CEQA) specifies that individual development projects that are covered by a previously certified <br />EIR or SEIR are exempt from additional environmental review. Therefore, there is no additional <br />environmental document regarding this Development Agreement extension is required <br />pursuant to Public Resources Code §21083.3 and CEQA Guidelines §15183; and; and <br />WHEREAS, the Planning Commission held a public hearing on May 8, 2024, and <br />adopted Resolution No. PC-2024-09, recommending the City Council approve the Sixth <br />Amendment; and <br />WHEREAS, on June 4, 2024, the City Council held a duly noticed public hearing on this <br />application and considered all public testimony, agenda report, and related materials, including <br />the recommendations of City staff and the Planning Commission; and <br />WHEREAS, the City Council finds that accepting the initial $50,000 contribution and <br />accepting potential additional deposits up to $150,000 will advance planning efforts for the <br />Stoneridge Mall Framework plan, in conjunction with the 6-month to 4.5-year extension of the <br />Development Agreement, is consistent with the City’s General Plan and will advance the master <br />planning anticipated in the Stoneridge Mall Framework components adopted by the City Council on <br />January 26, 2023. <br />Attachment 1 <br />Page 323 of 428