Title
Authorization to Enter into Escrow Agreement to Accept Tracts A and C of Gold Key Racquet Club Estates (Ordinance S-43900)
Description
Request authorization to enter into escrow agreements and to accept conveyances for Tracts A and C from Gold Key Racquet Club Estates owners subject to terms and conditions set forth in the agreements. Further request authorization to dedicate Tracts A and C to public right-of-way upon recording of the conveyance instruments.
Report
Summary
A significant majority of Gold Key Racket Club Estates owners recently agreed to move forward and work with the City of Phoenix to form an improvement district to fund street improvements and other related public infrastructure to convert the private residential streets to public right-of-way. As part of forming the improvement district, Gold Key owners must first conditionally convey their interests in Tracts A and C to the City. The City will enter into escrow agreements with the owners of record of Tracts A and C, and the conveyance instruments will be held in escrow. The conveyance instruments will not be recorded until all requirements are met to convey clear title to the City and the City Council passes a resolution to order the construction of public improvements. Under the terms of the escrow agreements, the conveyance instruments will be returned to the respective owner if the escrow conditions are not met. If all escrow conditions are met and upon the recording of the conveyance instruments, Tracts A and C will be dedicated as public right-of-way.
Location
Aster Drive, 1st Street, 2nd Street, 2nd Place and Dahlia Drive; located between Central Avenue and 3rd Street, also identified as assessor parcel numbers 159-02-330 and 159-02-332A.
Council District: 3
Department
Responsible Department
This item is submitted by Deputy City Manager Mario Paniagua and the Street Transportation and Finance departments.