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File #: RES 20-02    Version: 1 Name: Sonoran Creek Development Agreement
Type: Resolution Status: Passed
File created: 1/9/2020 In control: City Council Regular Meeting
On agenda: 1/21/2020 Final action: 1/21/2020
Title: A Resolution of the Mayor and City Council of the City of Maricopa, Arizona, approving and adopting a Development Incentive Agreement between the City of Maricopa and Thompson Thrift Development, Inc., an Indiana corporation, in compliance with A.R.S. §9-500.05 and authorizing the City Manager to execute the exhibits and related documents in a form substantially similar to the documents presently before the Mayor and City Council. Dicussion and Action.
Attachments: 1. Resolution, 2. Development Agreement, 3. Purchase Agreement

TITLE

A Resolution of the Mayor and City Council of the City of Maricopa, Arizona, approving and adopting a Development Incentive Agreement between the City of Maricopa and Thompson Thrift Development, Inc., an Indiana corporation, in compliance with A.R.S. §9-500.05 and authorizing the City Manager to execute the exhibits and related documents in a form substantially similar to the documents presently before the Mayor and City Council.  Dicussion and Action.

 

AGENDA ITEM DESCRIPTION

 

Thomspson Thrift Development, Inc. has an interest in certain real property on the southwest corner of John Wayne Parkway and Edison Road and intends to develop a shopping center to be known as Sonoran Creek Marketplace.  This project will have signficiant benefits to the City and general public including, but not limited to, additional employment, increased property value and increased tax revenues.  In order to facilitiate this proper developmet of this project, the City is agreeing to provide certain incentives including, but not limited to, the construction of a portion of Edison Road, the defferal or waiver of certain fees and the purchase of a portion of this property known as Lot 3. 

 

 

STAFF RECOMMENDATION

 

 Staff recommends that City Council approve this Resolutiona nd the Development Incentive Agreement with Thompson Thrift Devleopment, Inc.