CITY COUNCIL REGULAR MEETING AGENDA PACKET

Framework Components (as defined in subsection (i) below), including, but not limited to: (i) developing a scope of work, schedule and budget for the next phase of planning work, including commencing the process to select urban design/architectural professionals to develop design and placemaking elements of the Framework Components; (ii) initiating collaboration between Developer and Other Owners (as defined in subsection (i) below) regarding desired land uses, potential development scenarios for various properties, and addressing issues of shared concern, such as parking requirements and parking management, interface of new or expanded uses with the existing shopping center, and shared infrastructure; and (iii) seeking qualified consultants to begin development of development standards or other master planning documents for the Stoneridge Mall. (c) If, prior to December 1, 2024, City receives additional deposits totaling $150,000 from one or more of the Other Owners to supplement the Initial City Master Plan Costs (“Supplemental Master Plan Costs”), then the termination date of this Agreement shall be extended an additional 18 months to July 1, 2026, with this period to be used to further advance the efforts initiated during the initial six- month period. The City may, at its sole discretion, reduce this amount by up to $50,000, provided that so doing would, in the City’s determination, allow the planning to continue to proceed towards the development of the Master Plan. (d) If City does not receive deposits for the Supplemental Master Plan Costs from the Other Owners by December 1, 2024, then Developer may elect thereafter to deposit with City, prior to December 31, 2024, the greater of (i) $100,000 or (2) the unfunded Supplemental Master Plan Costs (not to exceed $150,000), in which case this Agreement shall be extended an additional 24 months to December 31, 2026, with this period to be used to further advance the efforts initiated during the initial six-month period. By November 1, 2026, the City Manager shall determine, in writing with notice to the Developer, whether Developer has worked in good faith to make material progress towards the Master Plan, including funding and/or working with the Other Owners to develop a plan to fund, the Master Plan. If the City Manager makes an affirmative determination regarding Developer’s actions, or fails to make any findings with regard to Developer’s actions, the Development Agreement shall be extended an additional two years to December 31, 2028. (e)The City Manager may refer the duty to determine whether the Developer has made material progress toward the Master Plan to the City Council, provided the referral is made by November 1, 2026. Developer may appeal the City Manager’s findings to the City Council within ten (10) days of the date of notice of such findings, by providing notice of such appeal to the City Clerk by overnight courier or personal delivery. (f)Upon referral or appeal, the City Council’s review of the matter shall be de novo and the City Council may consider evidence that was not presented to the City Manager. City shall use reasonable efforts to ensure that any findings to be made by the City Council are Page 329 of 428