Title
Authorization to Terminate Development Agreement with the Successors-in-Interest to Central Park East Associates, LLC (Contract 121808) (Ordinance S-44987)
Description
Request authorization for the City Manager, or his designee, to terminate a Development Agreement between the City of Phoenix and Central Park East Associates, LLC for Central Avenue 12-inch Water Main and 1st Street 30-inch Water Main, City Contract 121808, dated June 20, 2007, and recorded with the Maricopa County on July 17, 2007 (2007-0809420). The termination will be executed by AP 355 Central Property, LLC, Apple Nine Hospitality Ownership, Inc., ARCP OFC Phoenix (Central) AZ, LLC, and GRE WP Hotel Owner, LLC, as successors in interest to Central Park East Associates, LLC (collectively, the "Developer").
Report
Summary
The City and Developer agree that the Developer has performed all necessary obligations as set forth in the Development Agreement, and therefore agree to terminate this agreement subsequent to obtaining City Council approval.
Financial Impact
This action has no financial impact on the City of Phoenix.
Location
The site subject to the Development Agreement is located at the northeast corner of Central Avenue and Van Buren Street.
Council District: 7
Department
Responsible Department
The item is submitted by Deputy City Manager Karen Peters and the Water Services Department.