Title
Development Agreement with Overture for Kierland Area Sewer Main Extension (Ordinance S-43815)
Description
Request to authorize the City Manager, or his designee, to enter into a development agreement with the developer Overture Kierland (Overture).
Report
Summary
Overture is developing a senior living community north of Kierland Boulevard along 71st Street. Both Overture and a separate developer, Optima Kierland (Optima), were stipulated to build a new sewer main in the area to serve both new developments. Due to the timing of each development and the need for the sewer improvements, Optima has agreed to design and construct the sewer improvements and Overture has agreed to pay its proportional share of costs. The development agreement with Overture will stipulate the amount to be paid and the timing for payment, such that the City can collect the funds for the sewer infrastructure.
Financial Impact
Overture Kierland will pay for its share of the sewer main improvements. There will be no cost to the City in this development agreement.
Concurrence/Previous Council Action
A development agreement with the second developer, Optima Kierland, is also on the July 6, 2017, Phoenix City Council formal agenda.
Location
Kierland Boulevard and 71st Street.
Department
Responsible Department
This item is submitted by Deputy City Managers Karen Peters and Paul Blue, and the Water Services and Community and Economic Development departments.