TITLE
A Resolution of the Mayor and City Council of the City of Maricopa, Arizona, approving and adopting the First Amendment to the amended and restated development agreement between the City of Maricopa and Vestar Arizona XLIX, LLC, an Arizona Limited Liability Company in compliance with A.R.S. §9-500.05. Discussion and Action.
AGENDA ITEM DESCRIPTION
The City of Maricopa and Vestar Arizona XLIX, LLC entered into a certain Pre-Annexation Development Agreement dated May 17, 2006 and recorded in the Official Records of Pinal County Recorder on May 26, 2006 as Fee No. 2006-076047, as amended and restated by that certain Amended and Restated Development Agreement dated May 17, 2022 and recorded May 24, 2022, as Fee No. 2022-061141. The First Amendment to the Amended and Restated Development Agreement will address the parties desire to amend the First Amendment to the Amended and Restated Development Agreement for the City to extend the term, extend the schedule to complete construction of requisite improvements and acknowledge the completion of the obligations related to the Sonoran Desert Parkway.
PRESENTER
This item will be presented by Josh Bowman, Chief Strategy Officer.
STAFF RECOMMENDATION
Staff recommends the approval and adoption of the First Amendment to the amended and restated development agreement.