TITLE
A Resolution of the Mayor and City Council of the City of Maricopa, Arizona, approving and adopting a Development Agreement between the City of Maricopa and Copper Sky Commercial Senior Housing, LLC, an Arizona limited liability company (“Copper Sky Senior Housing”), Copper Sky Commercial Mixed Use North, LLC, an Arizona limited liability company (“Copper Sky Mixed Use North”), Copper Sky Commercial Mixed Use South, LLC, an Arizona limited liability company (“Copper Sky Mixed Use South”), and Shea Connelly Development, LLC, an Arizona limited liability company (“Shea Connelly”) in compliance with A.R.S. §9-500.05 and authorizing the City Manager to execute the exhibits and related documents including the Purchase and Sale Agreements in a form substantially similar to the documents presently before the Mayor and City Council. Discussion and Action.
AGENDA ITEM DESCRIPTION
Summary: As the Master Planning and Marketing Agreement for Copper Sky Commercial has been assigned to Copper Sky Senior Housing, Copper Sky Mixed Use North, Copper Sky Mixed Use South and Shea Connelly, this Development Agreement details the agreement between these parties and the City of Maricopa. Shea Connelly has been appointed as Master Developer by the buyers. Economic Development staff published an Invitation for Bid for the purchase or lease and development of all or a portion of the Real Property for the property known as Bowlin Plaza and Shea Connelly did respond and has been awarded the right to purchase a portion of the Bowlin Plaza property.
Shea Connelly, as the developer for all four parcels, has requested an incentive of $3,750,000 to develop the public infrastructure for the overall Copper Sky Commercial Complex including the expansion of Martin Luther King Jr. Blvd. Shea Connelly will complete the construction of the public infrastructure within 18 months of the close of Copper Sky Commercial Mixed Use North’s purchase of Lot 2. Upon completion of the roa...
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