File #: RES 24-20    Version: 1 Name: 1st Amendment to RES 23-77
Type: Resolution Status: Passed
File created: 5/13/2024 In control: City Council Regular Meeting
On agenda: 5/21/2024 Final action: 5/21/2024
Title: A Resolution of the Mayor and City Council of the City of Maricopa, Arizona, approving and adopting the First Amendment to the Development Incentive Agreement between the City of Maricopa, TTRG AZ Maricopa Honeycutt 1, LLC, a Delaware limited liability company, TTRG AZ Maricopa Honeycutt 2, LLC, a Delaware limited liability company, TTRG AZ Maricopa Honeycutt 3, LLC, a Delaware limited liability company, TTRG AZ Maricopa Honeycutt 4, LLC, a Delaware limited liability company, TTRG AZ Maricopa Honeycutt 5, LLC, a Delaware limited liability company, TTRG AZ Maricopa Honeycutt 6, LLC, a Delaware limited liability company, TTRG AZ Maricopa Honeycutt 7, LLC, a Delaware limited liability company, and Thompson Thrift Development, Inc., an Indiana corporation in compliance with A.R.S. ยง9-500.05. Discussion and Action.
Sponsors: Rick Horst
Attachments: 1. Resolution, 2. Development Agreement, 3. Exhibit B to Development Agreement

TITLE

A Resolution of the Mayor and City Council of the City of Maricopa, Arizona, approving and adopting the First Amendment to the Development Incentive Agreement between the City of Maricopa, TTRG AZ Maricopa Honeycutt 1, LLC, a Delaware limited liability company, TTRG AZ Maricopa Honeycutt 2, LLC, a Delaware limited liability company, TTRG AZ Maricopa Honeycutt 3, LLC, a Delaware limited liability company, TTRG AZ Maricopa Honeycutt 4, LLC, a Delaware limited liability company, TTRG AZ Maricopa Honeycutt 5, LLC, a Delaware limited liability company, TTRG AZ Maricopa Honeycutt 6, LLC, a Delaware limited liability company, TTRG AZ Maricopa Honeycutt 7, LLC, a Delaware limited liability company, and Thompson Thrift Development, Inc., an Indiana corporation in compliance with A.R.S. §9-500.05.  Discussion and Action.

 

AGENDA ITEM DESCRIPTION

The First Amendment to the Development Incentive Agreement will address the parties desire to amend the Development Incentive Agreement for the City to consent to subordinate its security interest to the Easements, Covenants, Conditions and Restrictions to be recorded against the Property.

 

PRESENTER

This item will be presented by City Manager Ben Bitter.

 

STAFF RECOMMENDATION

Staff recommends the approval of Resolution RES 24-20