STONERIDGE PROPERTIES BART MOU - Laserfiche WebLink

~ ~ SUPPLEMENT TO BART MOU THIS SUPPLEMENT TO BART MOU ("SMOU"), dated as of April 7, 2003, is entered into by and between THE CITY OF PLEASANTON ("City") and STONERIDGE PROPERTIES LLC, a Delaware limited liability company ("Stoneridge"). RECITALS A. The San Francisco Bay Area Rapid Transit District ("BART") is the owner of a 7.35-acre parcel (the "Property") fronting on Stoneridge Mall Road in Pleasanton, California. Across Stoneridge Mall Road ("SMR") is the Stoneridge Regional Shopping Center (the "Shopping Center"), a major retail facility developed over the past 20 years by Stoneridge, which is the owner of the enclosed mall at the Shopping Center and the manager and operator of the Shopping Center under a Reciprocal Easement and Operating Agreement with the major department stores. B. In connection with its construction and operation of the planned West Dublin/Pleasanton Station (the "BART Station"), BART intends to develop a portion of the Property with afive-story parking garage for the use of BART patrons. (For purposes of this SMOU, the parking garage and all related improvements (including on-site circulation elements), together with the supporting land, is referred to herein as the "BART Parking"). BART has indicated its intention to enter into along-term ground lease of the remainder of the Property with an office developer (the "Office Developer"), pursuant to which the Office Developer would develop an office building and related improvements (the "Office Building", and, together with the BART Parking, the "BART Project"). C. The City and BART, together with the City of Dublin, have entered into a Memorandum of Understanding dated July 5, 2000 under which the parties have agreed in principle that a combination of "BART Revenues" and "City Project Revenues" will support bond indebtedness, the proceeds of which will cover a portion of the capital costs of the BART Parking and related BART improvements. In connection with the development of both the BART Parking and the Office Building, the City will be requested to amend the zoning applicable to the Property, approve the subdivision thereof and grant certain other discretionary approvals under applicable law. D. In the original development and the ongoing operation of the Shopping Center, Stoneridge and the department stores have made significant investments in the planning, design and implementation of road and other traffic improvements and parking improvements (including parking structures) in the vicinity of and within the Shopping Center, including with respect to adequate access, circulation and parking for the Shopping Center. In recognition and furtherance of the foregoing, Stoneridge imposed,