TITLE
A Resolution of the Mayor and City Council of the City of Maricopa, Arizona, approving and adopting a Purchase and Sale Agreement and Escrow Instructions and Development Agreement between the City of Maricopa and J.E.T. Real Estate Holdings LLC, an Idaho limited liability company, in compliance with A.R.S. §9-500.05. Discussion and Action.
AGENDA ITEM DESCRIPTION
Summary: Economic Development staff published an Invitation for Bid for the purchase or lease and development of all or a portion of the Real Property in the Estrella Gin Business Park in May 2019. The evaluation committee selected Woodglen Opportunities as the developer for the entire project and two property buyers are identified - J.E.T. Real Estate Holdings, LLC and Elpida LLC. Woodglen Opportunities requested $2.5 million in assistance to construct the road and utility infrastructure. The city will exchange the value of the property as defined below and fee waivers not to exceed $2.5 million in total for the cost to construct the road and utility infrastructure.
J.E.T. Project - J.E.T., LLC will purchase 12.32 acres generally located on the southeast corner of Edison Road and Estrella Gin Parkway to develop as a mixed-use development containing commercial, light industrial and retail parcels and buildings. The purchase price for the property is $804,989 which represents $1.50 per square foot and it shall be paid with $5,000 Earnest money, $45,000 Additional Cash applied to closing costs and commissions, and road and infrastructure construction. JET Real Estate Holdings or its contractor shall construct the roadways and infrastructure necessary to serve the portion of the Estrella Gin Business Park which abuts, is within and a part of the JET project. Upon completion of the roadway and infrastructure, JET Real Estate Holdings, LLC will dedicate the same free and clear of any encumbrances to the City.
Elpida, LLC will purchase 16.96 acres generally located on the northeast corn...
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