Title
Authorization to Enter into a Development Agreement for Funding to Help Complete Sonoran Desert Drive and Dove Valley Road (Ordinance S-49976)
Description
Request to authorize the City Manager, or his designee, to negotiate and enter into a development agreement between the City of Phoenix, Taylor Morrison/Arizona, INC., and Macewen Ranch LLC outlining the parties' participation contributions to Sonoran Desert Drive and Dove Valley Road. Further request authorization for the City Treasurer to accept, and for the City Controller to disburse, funds related to this item.
Report
Summary
Taylor Morrison is proposing a contribution to address their traffic impacts to Sonoran Desert Drive resulting from their development of a residential community (Verdin) in north Phoenix. The contribution is consistent with the City Council adopted Sonoran Desert Drive Funding Policy as follows:
- The developer will make a contribution for each home built within their development at the time building permits are purchased for new home construction.
- The funds will be combined with other funding to design and construct Sonoran Desert Drive in the future.
- The contribution will be adjusted for inflation periodically in accordance with an agreed upon index.
- The developer anticipates an approximately 8-10 year development horizon to reach full build out of the parcel.
Financial Impact
The City will receive a proportionate funding contribution in lieu of built improvements to be held in a separate account for future completion of Sonoran Desert Drive and Dove Valley Road between North Valley Parkway and Cave Creek Road.
Concurrence/Previous Council Action
City Council has approved:
- Sonoran Desert Drive Funding Policy (Resolution 22048) on July 1, 2022.
- Formation of the Verdin Community Facilities District (CFD) (Resolution 22114) on April 19, 2023.
- Authorization to negotiate a development agreement for CFD administrative costs (Ordinance S-49611) on April 19, 2023.
Location
The Verdin CFD is generally the 473 acres of land on the south side of Sonoran Desert Drive between the 16th and 24th Street alignments.
Council District: 2
Department
Responsible Department
This item is submitted by Deputy City Manager Alan Stephenson, and the Planning and Development and the Streets Transportation departments.