HomeMy WebLinkAboutRes 2015-06RESOLUTION NO.2015-06
A RESOLUTION OF THE MAYOR AND COUNCIL OF THE TOWN OF
FOUNTAIN HILLS,ARIZONA,TERMINATING CERTAIN DEVELOPMENT
AGREEMENTS RELATING TO TOWN CENTER PROPERTY.
WHEREAS,the Mayor and Council of the Town of Fountain Hills (the "Town
Council")approved a Development Agreement with MCO Properties,LP,recorded May 5,
1997,MCR Document No.1997-0300066 (the "Original Town Center Agreement"),relating to
property transfers and land development rights,as follows:(i)an exchange of the Town's then-
existing civiccenter property (in Town Center)fortheland where the current Civic Center is
constructed (including a release of deed restrictions);(ii)a transfer of the Fountain Park property
to the Town;(iii)a dedication of certain preserve property to the Town;and (iv)establishing
certain development rights for multifamily projects inthe Town Center area;and
WHEREAS,the Original TownCenter Agreement was amended once,as recorded on
October 26,1998,MCR Document No.1998-0956087 (the "First Amendment")to reduce the
number of units permissible in the Town Center area and to eliminate completed obligations;and
WHEREAS,the property covered by the Original Town Center Agreement and the First
Amendment was transferred from MCO Properties,LP to Park Place Properties,LLC ("Park
Place");and
WHEREAS,Park Place has requested the Town agree to terminate the Original Town
Center Agreement and the First Amendment in order to facilitate a new development within the
Town Center area;and
WHEREAS,Park Place has executed the Notice of Termination of Development
Agreement,attached hereto as Exhibit A and incorporated herein by reference,evidencing its
consentto termination oftheOriginalTownCenter Agreement andtheFirst Amendment;and
WHEREAS,the Town Council finds and determines that allof the obligations under the
Original Town Center Agreement and the First Amendment have been fully satisfied orareofa
naturethatshouldbe abandoned tofacilitate development withinTownCenter.
NOW,THEREFORE,BE IT RESOLVED BYTHEMAYORAND COUNCIL OF
THE TOWN OF FOUNTAIN HILLS as follows:
SECTION 1.The recitals above are hereby incorporated asif fully set forth herein.
SECTION 2.The Original Town Center Agreement,recorded May 5,1997,MCR
DocumentNo.1997-0300066andtheFirstAmendment,recordedonOctober26,1998,MCR
DocumentNo.1998-0956087,areherebyterminated.
SECTION 3.The Mayor,the Town Manager,the Town Clerk and the Town Attorney
are hereby authorized and directed to execute the Notice of Termination of Development
Agreement andtotakeallsteps necessary tocarryoutthe purpose andintentofthis Resolution.
2312142.1
PASSED AND ADOPTED by the Mayor and Council of the Town of Fountain Hills,
February 19,2015.
FOR THE TOWN OF FOUNTAIN HILLS:ATTESTED TO:
/6u^Jj_
Bevelyn J.Be
REVIEWED BY:APPROVED AS TO FORM:
KennethW.Buchanan,TownManager AndrewJ.McGuire,TownAttorney
2312142.1
2312142.1
EXHIBIT A
TO
RESOLUTION NO.2015-06
[Notice of Termination of Development Agreement]
Seefollowingpages.
When recorded return to:
ParkPlaceProperties,LLC
1221 Cleveland Street,
Wilmette,IL 60091
Attn:Mr.Sam Gambacorta
NOTICE OF TERMINATION
OF
DEVELOPMENT AGREEMENT
This Notice of Termination of Development Agreement ("Notice of Termination")with
respect tothat certain Development Agreement recorded onMay5,1997,as Document No.
1997-0300066,as amended by that certain Amendment to Town Center Development
Agreement recorded on October 26,1998,as Document No.1998-956087,as memorialized by
that certain Memorandum Regarding Town Center Development Agreement (collectively,the
"Development Agreement")asit applies to the real property described in Exhibit A hereto,is
executed on fUA-riAOXV /?<2015,by the Town of Fountain Hills,an Arizona municipal
corporation (the "Town")and Park Place Properties,LLC,an Arizona limited liability company
("Owner").
The Town and Owner hereby acknowledge and represent that the terms,conditions,
rights and obligations under the Development Agreement have been either fully satisfied or are
hereby abandoned with respect to that certain real property more particularly described in
Exhibit A.attached hereto and made a part hereof (the "Property"),and agree that the
Development Agreement is hereby terminated with respect to the Property.This Notice of
Termination is public notice that from and after the date of recordation hereof,the Development
Agreement shall have no further force or effect with respect to the Property and shall no longer
burden the Property in any respect,nor shall the Town,or Owner,nor any of their respective
successors or assigns,haveany further rights or obligations under the Development Agreement
asitrelatestotheProperty.
This Notice of Termination may be executed inany number of counterparts,each of
which shall be deemed tobean original andallof which,when taken together,shall constitute
one and the same instrument.
EXECUTION PAGES FOLLOW
Page1 of4
2303653.2
"Town"
TOWNOF FOUNTAIN HILLS,
anArizona municipal corporation
Kenneth W.Buchanan,Town Manager
ATTEST:
Bevelyn J.Be/ider,#own Clerk
App/6ve*j asto Form:
U±
/AA/voAndrewJ.McGuire,Town Attorney
(ACKNOWLEDGMENT)
STATE OF ARIZONA )
)ss.
COUNTYOFMARICOPA)
On
2303653.2
13.,2015,beforeme personally appearedKenneth W.Buchanan,
the Town Manager of the TOWN OF FOUNTAIN HILLS,an Arizona municipal corporation,
whose identity was proven to me on the basis of satisfactory evidence to be the person who he
claims tobe,and acknowledged thathe signed the above document,onbehalfofthe Town of
Fountain Hills.
JANICE E.BAXTER
My Cwnmlsateo Expfrw
December 5,2016
tary Public
Page2 of4
"Owner"
PARKPLACEPROPERTIES,LLC,
an Arizona limited liability company
'+^-+-.lA^
Sam
(ACKNOWLEDGMENT)
STATE OF
COUNTYO
On/^JU/fUAAALf c9 0 2015,before me personally appeared Sam
Gambacoi(ta^4anager of *>ARK PLACE PROPERTIES,LLC,an Arizona limited liability
company,wnose identity was proven to me on the basis of satisfactory evidence tobe the person
who he claims tobe,and acknowledged thathe signed the above document onbehalfofthe
limited liability company.
(Affixnotarysealhere)
2303653.2
NANCY A WALTER
$W*b NotafyPuWfe.State ofArizonaWig&jl MARICOPA COUNTY
^---<*MyCommission Expires Jan.1.2016
Page3 of4
Exhibit A
to
NoticeofTerminationofDevelopmentAgreement
LegalDescriptionoftheProperty
Lots1,2,3and5of"AFinalReplatofBlock7,PlatNo.208,Fountain Hills,Arizona,Book
144 of Maps,Page 4,"according to the Platof Record inthe Office ofthe County Recorder of
Maricopa County,Arizona,recorded inBook615ofMaps,Page49.
Lot1of"A Final Replat of Block 2,Plat No.208,Fountain Hills,Arizona,Book 144of Maps,
Page 4,"according tothePlatof Record inthe Office ofthe County Recorder of Maricopa
County,Arizona,recordedinBook615ofMaps,Page48.
Page4of4
2303653.2