TITLE
The Mayor and City Council shall discuss and approve the Collateral Assignment of Development Incentive Agreement and Subordination or Right to Repurchase (Agreement) by and among TTRG AZ Maricopa Phase II Development, LLC (TTRG), a Delaware limited liability company, Thompson Thrift Development, Inc., an Indiana corporation, City of Maricopa, an Arizona municipal corporation, and Johnson Bank, its successors and/or assigns related to the development of Lots 1, 2, 3, 4, 5, 6, and 7 of Southbridge Marketplace Phase 2 and associated Easements. Discussion and Action.
AGENDA ITEM DESCRIPTION
Johnson Bank has committed to making a construction loan to TTRG (per the terms of a Construction Loan Agreement and Promissory Note, both dated October 27, 2025), the fee simple owner of the property described above and in Exhibit A of the attached Agreement. The obligations of TTRG under the Note are secured by that certain Construction Deed of Trust, Assignment of Rents, Security Agreement and Fixture Financing Statement dated as of October 27, 2025 (together with all renewals, amendments, modifications, increases and extensions thereof, the “Deed of Trust”), filed of record in the Official Records of the Pinal County Recorder on October 27, 2025, as Document No. 2025-086918.
The City of Maricopa, Thompson Thrift Development, LLC, and TTRG entered into that certain Development Incentive Agreement dated as of December 12, 2023 (together with all renewals, amendments, modifications, increases and extensions thereof), concerning the development of the property filed of record in the Official Records of the Pinal County Recorder on January 8, 2024, as Document No. 2024-001719.
Johnson Bank has required as a condition of entering into the Loan Agreement and making the Loan that (i) TTRG assign all of its rights under the Development Agreement to Johnson Bank to secure the obligations of TTRG to Johnson Bank under the Loan Documents, (ii) Thompson Thrift Development, Inc. assign all of its rights under the Development Agreement to Johnson Bank to secure the obligations of TTRG to Johnson bank under the Loan Documents, (iii) the rights of the City of Maricopa under the Development Agreement be subordinated to the Deed of Trust, and (iv) the City of Maricopa, Thompson Thrift Development, Inc., and TTRG agree to certain other matters.
As part of the Collateral Assignment of Development Incentive Agreement and Subordination or Right to Repurchase, the City of Maricopa must consent to any such assignment and subordination or right.
PRESENTER
This item will be presented by Josh Bowman, Chief Strategy Officer.
STAFF RECOMMENDATION
Staff recommends Council approve the Collateral Assignment of Development Incentive Agreement and Subordination or Right to Repurchase.