File #: RES 25-40    Version: 1 Name: 3rd Amendment to DA Southbridge Marketplace
Type: Resolution Status: Consent Agenda
File created: 8/25/2025 In control: City Council Regular Meeting
On agenda: 9/16/2025 Final action:
Title: A Resolution of the Mayor and City Council of the City of Maricopa, Arizona, approving and adopting the Third Amendment to the Development Incentive Agreement between the City of Maricopa, TTRG AZ Maricopa Honeycutt Development, 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.  
Sponsors: Joshua Bowman
Attachments: 1. Resolution, 2. Agreement
Related files: RES 25-13, RES 24-20, RES 23-77, CON 24-29
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TITLE

A Resolution of the Mayor and City Council of the City of Maricopa, Arizona, approving and adopting the Third Amendment to the Development Incentive Agreement between the City of Maricopa, TTRG AZ Maricopa Honeycutt Development, 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 City of Maricopa, the buyers and Thompson Thrift Development, Inc. entered into a Development Incentive Agreement for the Southbridge Marketplace Project, which has successfully brought Lowe’s to the site, with additional retail development planned for the remaining property. The Third Amendment to the Development Incentive Agreement will address the parties' desire to amend the Development Incentive Agreement for the parties to extend the tenant opening deadline to December 31, 2027, by written notice to the City and dependent upon the Developer fulfilling certain requirements outlined in the amendment.

 

PRESENTER

This item will be presented by Josh Bowman, Chief Strategy Officer.

 

STAFF RECOMMENDATION

Staff recommends the approval and adoption for the third amendment to RES 23-77.