Title
Authorization to Enter into Development Agreement with AZ Deer Valley Industrial LP (Ordinance S-47709)
Description
Request to authorize the City Manager, or his designee, to enter into a Development Agreement with AZ Deer Valley Industrial LP, for the installation of public roadway infrastructure, and necessary public easement dedications, on behalf of the City related to the north half street of Pinnacle Peak Road from Central Avenue to 7th Street. Further request to authorize the City Controller to disburse funds related to this item. The value of the agreement will not exceed $2 million.
Report
Summary
The City of Phoenix, in 2007, entered into Development Agreement (DA) 122225 with Airpark 80, LLC for Improvements to and Realignment of Pinnacle Peak Road, Central Avenue to Seventh Street, which was recorded in the Official Records of Maricopa County, Arizona on Sept. 21, 2007, as Document 2007-1046057, pursuant to which, the City agreed to design and construct certain public infrastructure improvements to the north side of Pinnacle Peak Road between Central Avenue and 7th Street. AZ Deer Valley Industrial LP (Developer) has since acquired the subject parcel from Airpark 80, LLC and has requested to complete the north half roadway improvements of Pinnacle Peak Road as outlined in the previous Development Agreement on behalf of the City in advance of the City's scheduled Capital Improvement Project currently budgeted in Fiscal Year 2024.
Developer will publicly procure the roadway design and construction in accord with A.R.S. Title 34 requirements in order to seek reimbursement for the City responsible improvements in an amount not to exceed $2 million.
Contract Term
Developer shall use commercially reasonable efforts to complete the construction of the Public Infrastructure Improvements by no later than Dec. 31, 2024. Developer acknowledges that if it has not completed the construction of the Public Infrastructure Improvements by Dec. 31, 2024, the City shall have the right to terminate this Agreement by recording a notice of termination in the Official Records of Maricopa County, Ariz.
Financial Impact
Funding is available through the Street Transportation Department’s Capital Improvement Program.
Concurrence/Previous Council Action
The City Council approved DA 122225 (Ordinance S-34293) on July 2, 2007.
Location
Pinnacle Peak Road, Central Avenue to 7th Street
Council Districts: 1 and 2
Department
Responsible Department
This item is submitted by Deputy City Manager Mario Paniagua on behalf of the Street Transportation Department.