HomeMy WebLinkAboutFAILED RESOLUTION NO 2025-41, First Amendment to 2025 Park Place DA (2)RESOLUTION NO. 2025-41
A RESOLUTION OF THE MAYOR AND COUNCIL OF THE TOWN
OF FOUNTAIN HILLS, ARIZONA, APPROVING THE FIRST
AMENDMENT TO THE DEVELOPMENT AGREEMENT
BETWEEN THE TOWN AND N-SHEA GROUP, LLC.
BE IT RESOLVED BY THE MAYOR AND COUNCIL OF THE TOWN OF FOUNTAIN
HILLS as follows:
SECTION 1. The 2025 Development Agreement between the Town of Fountain Hills and N-
Shea Group, LLC is hereby amended in substantially the form and substance attached hereto as
Exhibit A and incorporated herein by reference.
SECTION 2. The Mayor, the Town Manager, the Town Clerk and the Town Attorney are hereby
authorized and directed to execute all documents and take all steps necessary to carry out the
purpose and intent of this Resolution.
PASSED AND ADOPTED by the Mayor and Council of the Town of Fountain Hills, November
18, 2025.
FOR THE TOWN OF FOUNTAIN HILLS: ATTESTED TO:
_______________________________ __________________________________
Gerry Friedel, Mayor Bevelyn Bender, Town Clerk
REVIEWED BY: APPROVED AS TO FORM:
_______________________________ __________________________________
Rachael Goodwin, Town Manager Jennifer J. Wright, Town Attorney
FAILED
EXHIBIT A
TO
RESOLUTION NO. 2025-41
[First Amendment to Development Agreement]
See following pages
FIRST AMENDMENT TO
2025 DEVELOPMENT AGREEMENT
BETWEEN
THE TOWN OF FOUNTAIN HILLS
AND N-SHEA GROUP, LLC
THIS FIRST AMENDMENT TO THE 2025 DEVELOPMENT AGREEMENT (the “First
Amendment”) is made and entered into November 18, 2025 (the “Effective Date”), by and between
the Town of Fountain Hills, an Arizona municipal corporation (the “Town”), and N-Shea Group,
LLC, an Arizona limited liability company, (the “Developer”), and is acknowledged by Park Place
Phases II & III Owner, LLC, a Delaware limited liability company. The Town and Developer are
sometimes referred to herein as the “Parties” or individually as a “Party.”
RECITALS
A. The Parties entered into that certain Development Agreement dated October 21, 2025, Maricopa
County Recorder’s No. 2025-0611917 (the “Development Agreement”), in connection with the
further development and expansion of the “Park Place Phases II and III” located at the southeast
and southwest corners of Verde Drive and Avenue of the Fountains, Fountain Hills, Arizona.
C. In the furtherance of the development of Park Place Phases II and III, the Town is willing to
agree to modify the Development Agreement as provided herein.
FIRST AMENDMENT
NOW THEREFORE, in consideration of the foregoing introduction and recitals, the promises
contained in this First Amendment, and for other good and valuable consideration, the receipt and
sufficiency of which the Parties hereby acknowledge, the Parties hereto agree as follows:
1. Modified Date for Issuing Permits. Section 6.2 E of the DA be amended to read as
follows:
Building Permits. Town acknowledges building permit plans have been reviewed
and approved for all phases. The Town shall coordinate with the third party plan
review firm to ensure any plan amendments submitted adhere to this Agreement
and the applicable Site Plan. The Developer acknowledges that the existing
building permits are expired. Developer further acknowledges that all fees and costs
must be paid in full on or before December 31, 2026 in order to renew the existing
permits. If the permits are renewed on or after January 1, 2027, the Developer
acknowledges the Developer must also resubmit plans for Phases 2 and 3 in
accordance with the 2024 Building Codes and also pay all related fees and costs.
2. Modified Development Schedule. That Exhibit F, Development Schedule, be amended
as follows:
Development Schedule
Deadline to Perform Task
From Effective Date of Agreement Task/Obligation
On or before December 31st, 2026 Developer shall pay for building permits, associated
fees, and charges. Following which, the Town shall
issue building permits.
The Following Milestones are to be achieved after
permits have been issued
On or before 9 Months Developer to have begun construction of Phase 3
improvements, including applicable portion of Public
Infrastructure Improvements.
On or before 12 Months Developer to have begun construction of Phase 2
improvements, including applicable portion of Public
Infrastructure Improvements.
On or before 21 Months Developer to have completed construction of Phase
3 improvements, including applicable portion of
Public Infrastructure Improvements. On or before 27 Months Developer to have completed construction of Phase
2 improvements, including applicable portion of
Public Infrastructure Improvements.
[SIGNATURES ON FOLLOWING PAGES]
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first set forth above.
“Town” TOWN OF FOUNTAIN HILLS, an Arizona municipal corporation
____________________________________ Gerry M. Friedel, Mayor
ATTEST:
___________________________________ Bevelyn J. Bender, Town Clerk
“Developer” N-SHEA GROUP, LLC, an Arizona limited liability company
By: ____________________________________ Bart M. Shea, Managing Member
“Owner” Park Place Phases II & III Owner, LLC,
a Delaware limited liability company
By: Park Place Phases II and III Associates Holdings LLC, a Delaware limited liability company, its sole member
By: N-Shea Group LLC, an Arizona limited liability
company, its Manager By: _______________________________________ Bart M. Shea, Managing Member
By : Button US Manager XIX, LLC, a Delaware limited
liability company, its Manager
By: Button Capital Limited, a Hong Kong limited company
By: _______________________________________ Cheung Tak Chuen Edwin, Authorized Signatory