SEGMENT E/SEGMENT N/BOX CULVERT PRE-PAYMENT AGREEMENT RECOMMENDATION: ADOPT RESOLUTION NO. 14-1660 APPROVING AND AUTHORIZING EXECUTION OF SEGMENT E/SEGMENT N/BOX CULVERT PRE-PAYMENT AGREEMENT BETWEEN THE CITY OF GOODYEAR AND SUN MP INVESTMENT PROPERTIES, LLC. (“PRE-PAYMENT AGREEMENT”) REGARDING REIMBURSEMENTS FOR THE CONSTRUCTION OF INFRASTRUCTURE IMPROVEMENTS; APPROVING AND AUTHORIZING ACCEPTANCE AND EXECUTION OF SPECIAL WARRANTY DEED WITH RESERVATION OF RIGHT TO DRAIN STORMWATER AND TAILWATER; APPROVING GRANT OF EASEMENT AND AUTHORIZING EXECUTION OF STORM WATER DRAINAGE EASEMENT AGREEMENT; APPROVING AND AUTHORIZING ACCEPTANCE AND EXECUTION OF NONEXCLUSIVE TEMPORARY LICENSE TO ENTER; AUTHORIZING BUDGET TRANSFERS; PROVIDING AUTHORIZATION FOR CORRECTION OF SCRIVENERS ERRORS AND NON-SUBSTANTIVE CHANGES TO DOCUMENTS; PROVIDING AUTHORIZATION AND DIRECTION TO CARRY OUT INTENT OF RESOLUTION AND PRE-PAYMENT AGREEMENT; AND PROVIDING FOR AN EFFECTIVE DATE. PURPOSE: Resolution No. 14-1660 approves Segment E/Segment N/Box Culvert Prepayment Agreement (“Pre-Payment Agreement”), pursuant to which: the City is agreeing to construct certain infrastructure improvements for which Sun MP is responsible for constructing and/or paying the City for under the Development Agreement for City Center Airpark (“Airpark Agreement”) in exchange for Sun MP’s agreement to pay for the costs of such improvements; to construct certain storm water facilities pursuant to an agreement between the former developer of Ballpark Village/Wood Corporate Campus (“Ballpark Village Developer”) in exchange for Sun MP’s agreement to pay for the agreed upon costs of such improvements; and the Airpark Agreement is modified to reflect the parties’ satisfactions of the obligations related to the improvements that are being completed; identifying the parties remaining obligations with respect to the improvements. In addition, Resolution No. 14-1660 also authorizes the acceptance of the conveyance documents identified in the Pre-Payment Agreement and provides for a budget transfer of the funds that are to be received pursuant to the Pre-Payment Agreement to allow the City to undertake the work it is required to complete under the terms of the Pre-Payment Agreement and the Ballpark Settlement Agreement. (Sarah Chilton, Asst. City Attorney)

Committee

City Council Regular Meeting

Introduced

August 19, 2014

On agenda

August 25, 2014