TITLE
The Mayor and City Council shall discuss and take action on approving a realignment, right of first refusal, and option agreement between the City of Maricopa, an Arizona municipal corporation (“City”), and COPA SURF LLC, an Arizona limited liability company (“Copa”), PRLG HOLDINGS LLC, an Arizona limited liability company (“PRLG”), E JAICKS LLC, an Arizona limited liability company (“E Jaicks”) and PHX SURF LLC, an Arizona limited liability company (“PHX Surf”). Discussion and Action.
AGENDA ITEM DESCRIPTION
Currently, Copa is the owner of that certain real property known as Pinal County Assessor Parcel Numbers (APN) 510-17-003H and 510-17-004E pursuant to that certain Special Warranty Deed recorded on November 24, 2021. PRLG is the owner of that certain real property known as APN 510-17-004F pursuant to that certain Special Warranty Deed recorded on November 24, 2021. E Jaicks is the owner of that certain real property known as APN 510-17-003F pursuant to that certain Special Warranty Deed recorded on November 24, 2021. PHX Surf is the “Tenant”, and the City is the “Landlord” under that certain Development, Operating and Maintenance Lease Agreement, dated November 18, 2021, wherein Tenant leases from Landlord APN 510-17-003G.
The Parties have agreed to modify the configuration and ownership of the Owned Properties and the location of the Leased Property to conform to Lot 3 as shown on Exhibit “B” and provide for the City to retain an additional 10-acre parcel as shown as Lot 5 also on Exhibit “B” as follows: (i) Copa will thereafter own the real property identified as Lot 1 as generally shown on Exhibit “B” and legally described and depicted on Exhibit “C”; (ii) PRLG will thereafter own the real property identified as Lot 2 as generally shown on Exhibit “B” and legally described depicted on Exhibit “D”; (iii) E Jaicks will thereafter own the real property identified as Lot 4 as generally shown on Exhibit “B” and legally and depicted on Exhibit “E”; (iv) PHX Surf will thereafter lease the real property identified as Lot 3, which will be owned by the City, as generally shown on Exhibit “B” and legally described and depicted on Exhibit “F”; and (v) City will thereafter own the real property identified as Lot 3 and Lot 5 as generally shown on Exhibit “B”.
Further, upon agreement of the above, the City grants E Jaicks an exclusive option to purchase all of the City’s interest in Lot 5 as is illustrated in Exhibit “B” and described in Exhibit “G” of this Agreement, and grants to E Jaicks a Right of First Refusal under this Agreement.
PRESENTER
This item will be presented by Joshua Bowman, Chief Strategy Officer.
STAFF RECOMMENDATION
Staff recommends the approval of the realignment, right of first refusal, and option agreement between the City of Maricopa, and COPA SURF LLC, E JAICKS LLC, and PHX SURF LLC.