TITLE
A Resolution of the Mayor and City Council of the City of Maricopa, Arizona, authorizing the City Manager to execute documents, agreements, and applications necessary to act as a sponsor or designated grantee for federal and state grants and loans, at no cost to the City, for planning and infrastructure related to Redevco Solutions LLC’s development of approximately 680 acres of real property generally located south of Maricopa Casa Grande Highway between N. White and Parker Road and N. Hartman Road within the City of Maricopa. Discussion and Action.
AGENDA ITEM DESCRIPTION
Redevco Solutions LLC and or its Assignee ("the “Developer") has entered into Purchase and Sale Agreement with the City of Maricopa to purchase 680 acres (+/-) of real property in Pinal County, Arizona, within the City of Maricopa, Arizona, on which it plans to construct their proposed SMARTRail Park I & II, comprising of two rail-served industrial parks, which will provide millions of square feet of Class A industrial space, with buildings and lots available for sale, lease or build-to-suit, plus an intramodal/transload station with rail storage, switching, and trans-loading services plus a 1,500+-unit apartment complex and retail center (Maricopa Living Village) on 680 acres (the " Maricopa Project").
The Developer is working with the City of Maricopa to request that the City of Maricopa act as either as the Sponsor or Designated Grantee for any grant funding and capital assistance through credit programs that it may apply for through the United States Department of Transportation for the Maricopa Project, at no cost to the City of Maricopa. If there are administrative costs that are borne by the City of Maricopa, the City of Maricopa will be reimbursed by the Developer for those administrative costs.
The City Council of the City of Maricopa believes that the success of the Project may help with economic development and generally improve the quality of life in the City of Maricopa, Arizona. Reference CON24-25 and CON24-27 for full PSA information.
PRESENTER
This item will be presented by Josh Bowman, Chief Strategy Officer
STAFF RECOMMENDATION
Staff recommends approval of this resolution.