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HomeMy WebLinkAboutPackets - Council Packets (1189) AGENDA ORO VALLEY TOWN COUNCIL STUDY SESSION JANUARY 05, 2004 ORO VALLEY TOWN COUNCIL CHAMBERS 11000 N. LA CANADA DRIVE STUDY SESSION - AT OR AFTER 4:30 P.M. CALL TO ORDER ROLL CALL 1. DISCUSSION OF B.P. MAGEE, L.L.C. (ORACLE CROSSINGS RETAIL CENTER) ECONOMIC DEVELOPMENT AGREEMENT 2. PRESENTATION BY AND DISCUSSION OF COMMUNITY FACILITIES DISTRICTS (CFD'S) ADJOURNMENT The Town of Oro Valley complies with the Americans with Disabilities Act (ADA). If any person with a disability needs any type of accommodation, please notify the Town Clerk's Office at 229-4700. Posted: 12/31/03 3:00 p.m. rg TOWN OF ORO VALLEY STUDY SESSION COUNCIL COMMUNICATION MEETING DATE: January 5, 2004 TO: HONORABLE MAYOR& COUNCIL FROM: JEFFREY H. WEIR, CEcD ECONOMIC DEVELOPMENT ADMINISTRATOR SUBJECT: B.P. MAGEE,L.L.C. (ORACLE CROSSINGS RETAIL CENTER) ECONOMIC DEVELOPMENT AGREEMENT SUMMARY: ECONOMIC DEVELOPMENT INCENTIVE POLICY GUIDELINES. On October 3, 2001 the Mayor and Council approved Resolution NO. (R) 01--90 Adopting Economic Development Incentive Policy Guidelines (copy of the resolution and guidelines are attached). The Guidelines provide the Town Council provisions to authorize the use of incentives for the retention and attraction of certain businesses that are considered beneficial in the diversification of the local economy. A priority of business types was identified and they are: 1. Resorts, 2. Retail, 3. Other Lodging,4. High Tech Job Creation, and 5. Service Providers. One of the incentives considered available to the Town Council to be offered to the qualifying businesses include no more than 50% of the NEW retail sales taxes that the project could reasonably be expected to return within a ten year period. All Retail projects should generate significant sales tax revenues similar to a community or regional shopping center. The developers of Oro Valley Town Centre, Canada Del Oro Partners, have requested consideration of an Economic Development Agreement between the Town and the developer. BACKGROUND: THE PROJECT. Oracle Crossings Retail Center as proposed is a 296,900 square feet Regional Commercial Retail Center located on the western side of Oracle Road and south of Magee Road. The planned retail center will be built in one phase and includes the following uses: Retail shops,Restaurants, a Bank, and Professional offices. The Developer intends to begin earthwork in October 2004 with an early fall 2005 anticipated opening for most of the tenants. The Developer will be responsible for the construction of on-site and off-site improvements. Many new community infrastructure improvements will be included as part of this development. These include: 1. Signalization at Oracle Road and Suffolk Drive, 2. Improvements on Suffolk Drive at Oracle Road addressing existing southbound turning movements and 3. Elimination of an existing drainage issue on Northern Avenue through construction of a box culvert that addresses neighborhood drainage issues. TOWN OF ORO VALLEY STUDY SESSION COUNCIL COMMUNICATION PAGE 2 OF 3 The Developer has requested Revenue Sharing for a portion of the Town of Oro Valley's Sales Tax Revenues generated from the project for a period of ten (10)years. The Developer has requested that an average of 40% of the Town's existing 2% Sales Tax be returned to the Developer. The Developers request asks for a return of the new sales taxes generated by the project of 60% during years 1 —3; 40% during years 4-6 and 25% during years 7— 10. The Town is anticipating application of the new revenues from this project to be assigned to retirement of new Community Facility District(CFD) bonds. The Town projects being considered include: 1. Improvements to Magee Road from the intersection at Northern Avenue eastward to Christie Drive (First Avenue alignment), 2. Intersection improvements at Northern Avenue and Magee Road, and 3. Other Area B Public Works Improvements. Attached for your review are copies of Resolution NO. (R) 01-90 Economic Development Incentive Policy Guidelines, the proposed Economic Development Agreement and two spreadsheets, Oro Valley Town Centre Development Projections and Retail Sales Tax Revenue Sharing Calculations. The Developer has provided the Capital Investment and Development Estimates, Square Footage and Compositions of Buildings and Revenue Projections. ATTACHMENTS: 1. Copy of Resolution NO. (R) 01 —90,Adopting Economic Development Policy Guidelines. 2. Proposed Economic Development Agreement between the Town of Oro Valley and B.P. Magee, L.L.C. 3. Oracle Crossings Preliminary Construction Cost Estimate. 4. Oracle Crossings Revenue Projections Spreadsheet. 5. Oracle Crossings Retail Sales Tax Revenue Sharing Calculations Spreadsheet. FISCAL IMPACT: • The Development Projections indicate total Retail Sales by Fiscal Year and applicable Town Sales Tax Revenues at the current rate of 2%. • The Retail Sales Tax Revenue Sharing sheet has incorporated the specific timing for each revenue sharing phase for the ten year period. • The Project is estimated to cost in excess of$ 50.0 Million. • The twenty year forecast window indicates that the Project will generate in excess of$2.5 Billion of Retail Sales. • The total estimated Retail Sales Tax Revenues for the twenty year period is $ 45.7 Million. • The proposed Revenue Sharing for the twenty (20)years associated with the agreement would provide the following: TOWN OF ORO VALLEY STUDY SESSION COUNCIL COMMUNICATION PAGE 3 OF 3 FISCAL IMPACT: CON'T. o Town of Oro Valley $38,965,327 Developer $ 6,765,485 Total $45,730,812 RECOMMENDATION: NOT APPLICABLE. SUGGESTED MOTION: NOT APPLICABLE. / cJA . 11/ wl Jefre., . eir, CEcD Econ$ ~ ic Development Administrator adt. Chuck Sweet Town Manager 41 RESOLUTION NO. (R) 01 - 90 A RESOLUTION OF THE MAYOR AND TOWN COUNCIL OF THE TOWN OF ORO VALLEY, ARIZONA, ADOPTING ECONOMIC DEVELOPMENT INCENTIVE POLICY GUIDELINES. WHEREAS,the Town of Oro Valley's General Plan has identified pursuing diversification of the local economy as highly desirable and is well supported by the community, and; WHEREAS,the existing CommunityEconomic Development Strategy states that one major action step desired is the development do evelo ment and adoption of a Business Incentive Policy, and; p Community Economic Development Strategy further states that the WHEREAS,the existing Co y Town may from time to time wish to use some form of incentives to attract or retain targeted businesses, and; Oro Valleyrecognizes the importance of developing a policy and WHEREAS,the Town of guidelines that include similar considerations for the retention and expansion of existing targeted businesses as those that apply to the attraction of new targeted businesses; NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND TOWN COUNCIL OF THE TOWN OF ORO VALLEY, ARIZONA: The adoption of Exhibit A, Town of Oro Valley Economic Development Incentive Policy • herewith, provides examples of items that a business owner/developer may Guidelines, attached request consideration for. PASSED,ADOPTED AND APPROVED bythe Mayor and Town Council of the Town of Oro Valley, Arizona, this 3rd day of oc t ob er 2001 . TOWN OF ORO VAL EY, ARIZONA , .. °I.:4°.;. /00 .. Paul H. Loomis, Mayor ATTEST: 41 Kat n Cuvelier, Town Clerk giiPROVED : • " : FO ' ili VP.64. APPANOVI ,_ .'..1 .„. Dan L. Dudley, Town Attorney EXHIBIT A TOWN OF ORO VALLEY ECONOMIC DEVELOPMENT INCENTIVE POLICY GUIDELINES To provide the Town Council a set of guidelines that assist in the retention of targeted businesses and the attraction of new or expanding targeted businesses to the Town of Oro Valley resulting in the diversification of the existing tax base and the creation of employment opportunities. POLICIES: In certain cases the Town may consider using some form of incentives in order to attract or retain targeted businesses. These incentives will only be used when the Town satisfies itself that the addition of the new business or retention and/or expansion of an existing business would have a significant, positive effect on the Oro Valley economy. The need for diversification of the local economy which minimizes dependence of residential sales tax revenues is a necessity. This policy places a priority emphasis on new and existing businesses thatenerate significant sales tax revenues. As a guideline the following listing can be viewed as g g a ze ioriti P rd preference: 1. Resorts, 2. Retail, 3. Other Lodging, 4. High Tech Job Creation, and 5. Service Providers. The following general provisions shall be considered prior to offering incentives. 1. Incentives will only be offered if they are actually necessary in order to affect the retention and/or expansion of an existing business or to attract a new business to the Town. This would include: - A situation in which the Town of Oro Valley has determined that the retention of an existing business is desirable. - A situation in which the Town of Oro Valley is competing with other cities for the expansion of an existing business to the Town or where incentives are actually necessary to affect the expansion of an existing business. - A situation wherein incentives are needed to induce a business to relocate or expand their operation to the Town of Oro Valley from an existing site in another city. - A situation wherein incentives are needed to induce a business to locate their operation to the Town of Oro Valley. 2. A priority h should be placed on the businesses "targeted"in the Community Economic Development Strategic (CEDS) Plan (1997, or the most recent update). 3. TheJro'ect will have a substantial positive economic impact on the community, i.e.; the P number of jobs created or the sales tax created by the project in the long-term will offset the short-term costs offered by incentives. Additionally, the project will be of such size or consequence to produce significant employment or sales in related sectors. 4. Incentives should not continue for more than a 10 year period. 5, An emphasis should beP laced on firms that provide diversification (within targeted industrial or commercial sectors)to the Town's economy. will not buyland or existingbuildings or construct buildings for purely private 6. The Town position The Town's should be to offer incentives that have a relationship to public benefit. Improvements such as streets, water lines,traffic signals, storm drainage, parking structures, parks and open space, and similar publicly assessed improvements are p g examplesp of public-private financed incentives. Acquisition of property and construction p of buildings, if necessary, must be related to a public purpose. dollar amount of the incentives offered shall not exceed the cost of the project 7. The considered nor shall the incentive value be more than 50%that the project could reasonably expect to return in benefits within a ten year period. 8. Private to dollars should be utilized whenever possible to up-front identified project costs a and then to be reimbursed by the Town to avoid straining the Town's operational or bonding capacity and reduce the Town's front-end risks. 9. Incentives can be utilized for resort, retail, commercial and industrial projects Town- wide. own-wi e. 10. In certain instances incentives may be offered in conjunction with annexation activities which are viewed as important strategically. In the case of large-scale development areas, incentives should be combined with a community facilities district, where feasible, to offer maximum flexibility in attracting development. g 11. The intangible or unmeasurable benefits of a business to a community, such as the location of a headquarters facility, enhancement of attractiveness to other similar businesses or suppliers, or other similar image-related items are also very important and should be considered along with other factors when making decisions on incentives. 12. Generally Retail projects which qualify should generate significant sales tax revenues similar toJ ro'ects normally identified at a community or regional shopping center level. P 13. Specific performance criteria for each project will be established. P New Retail development should have an emphasis on meeting a need not currently being 14. P filled in the community, or providing a higher level of service/goods/products than Py resentl available, or providing similar services in an area not currently being served. an 15. Final authorityfor approval of the use of an incentive and/or inducement rests with Y PP the Town Council. 16. Each action is separate and independent from all other actions associated with the P approval of the use of an incentive and/or inducement. ECONOMIC DEVELOPMENT AGREEMENT ORACLE CROSSING This ECONOMIC DEVELOPMENT AGREEMENT (this "Agreement") is made and entered into byand between the Town of Oro Valley, a municipal corporation (the "Town"), and B. P. Magee, L.L.C., an Arizona limited liability company (the "Developer") this day of g 200 . The Town and Developer are referred to herein collectively as the "Parties". RECITALS Authority A. A.R.S. § 9-500.05 authorizes the Town to enter into a development agreement with a landowner or other person having an interest in real property located within the Town to facilitate development of the property by providing for, among other things, the conditions, terms, restrictions and requirements for development and public infrastructure and the financing of public infrastructure. B. A.R.S. § 9-500.11 authorizes the Town to appropriate and spend public monies for and in connection with economic development activities that the Town has found and determined will assist in the creation or retention of jobs or otherwise improve and enhance the economic welfare of the residents of the Town. Pursuant to this authority, the Town has adopted Community Economic Development Incentive Policy Guidelines (the "Guidelines"). The Guidelines authorize the use of incentives for the retention and attraction of certain businesses that are considered beneficial in the diversification of the Town's economy. One of the incentives authorized by the Guidelines is the limited sharing of new sales tax revenues received by the Town from new development. The Guidelines further authorize the Town to enter into an economic development agreement with property owners and developers governing such incentives, and recognize the availability of such incentives offered in conjunction with annexation activities which are viewed as important strategically. C. A.R.S. § 48-701 et seq. authorizes municipalities to establish Community Facilities Districts ("CFD"). The Town and Developer have concluded that a CFD may be an appropriate ro riate means of financing both on-site and off-site public infrastructure improvements associated with the Project(as defined herein). D. The Town has a population of less than 100,000 persons, and the provisions of A.R.S. § 9-500.06 are inapplicable. The Property E. Developer owns approximately 30 acres of land located at the southwest corner of Oracle Road and Magee Road within the boundaries of the Town, immediately south of and adjacent to the existing Entrada del Oro shopping center, legally described in Exhibit A attached hereto (collectively the "Property"). The Property was identified by the Town as potentially important strategically strate ically in the Town's annexation plan and, in April 2003, the Town annexed the Property and the Entrada Del Oro shopping center with Developer's cooperation. B.P. Magee Draft EDA (Oracle Crossing) 1 12/31/2003 148907.3 F. Developer intends to develop the Property into a regional commercial retail center (the "Project"). A conceptual preliminary development plan (the "Plan") for the Project is attached as Exhibit B. Functionally, the Project will maximize the benefits of integrated development concept, such as common driveways, internal circulation, shared parking p opportunities and spin-off economic benefits among the various activities. Typical uses envisioned asp art of the Project include new major retail tenants, smaller retail shops, restaurants, banks and financial institutions, municipal and general office space, landscaped areas and some convenience uses (the "Development"). Overall, the Development will create additional sales tax revenues for the Town, will assist in the creation or retention of jobs and will otherwise improve or enhance the economic welfare of the residents of the Town. G. In support of the goals expressed in the Guidelines and consequent to the successful annexation of the Property into the Town and Developer's cooperation in that process, the Town and Developer desire to establish certain agreements regarding the Development pursuant to A.R.S. § 9-500.05 and certain agreements in connection with economic development activities for the economic benefit of the Town pursuant to A.R.S. § 9-500.11 upon and in accordance with the terms and conditions hereinafter set forth. Economic Development Policy H. The Project comports with the Guidelines and is anticipated to create a source of significant tax revenue for the Town. I. The Town has determined that incentives are needed in order to develop the Property and to induce businesses to locate their operations in the Project. The incentives shall p Y not continue for more than ten (10)years. The total dollar amount of incentives offered by the Town is consistent with the Guidelines, which provides that such incentives can be no greater than the lower of(i)the cost of the project; or (ii) 50% of the amount of sales tax revenue from the 2% local sales tax generated during the term of the incentives. J. The development of the Property will have a substantial positive economic benefit to the Town because it is expected to provide diverse commercial and retail service opportunities consistent with the business targeted in the Town's Community Economic Development Strategy (September 1997). The Project will include new retail uses that are expected to meet community needs not currently being filled or to provide a higher level of goods, services and products than arep resently available within the Town. Further, the Project is expected to create a significant number of new jobs and generate substantial sales tax revenues. Consequently, the long-term benefits of the development of the Property will offset the short term costs of the incentives. K. Additionally, development and operation of the Property will make it necessary to fund and construct on-site and off-site improvements that will also provide a public benefit, including but not limited to a new traffic signal on Oracle Road, new deceleration lanes and curb cuts on Oracle Road, improvements to the Suffolk Hills Road egress onto Oracle Road, roadway and storm drainage improvements to Northern Avenue and to the Property itself(the "Project Improvements"), as described in Exhibit C attached hereto. Developer expects the Project Improvements to cost approximately $3 million. B.P. Magee Draft EDA (Oracle Crossing) 2 12/31/2003 148907.3 L. The Development is consistent with the zoning approved for the Property under Ordinance No. (0)03-29 adopted on September 3, 2003. Further, the Development will provide retail, commercial and other uses consistent with the surrounding existing uses and complementary to the Town's Community Commercial General Plan designation. On , 200 , the Town Council adopted Ordinance No. , which approves and authorizes the execution and delivery of this Agreement. M. In approving this Agreement, the Town Council has found that certain activities relating to the Development of the Property are economic development activities within the meaning of A.R.S. § 9-500.11, that all expenditures by the Town pursuant to the Agreement constitute the appropriation and expenditure of public monies for and in connection with economic development activities, and that it is appropriate to provide Developer with the benefits described in this Agreement as an inducement to Developer to construct, own and operate the Property in the Town. N. The extent of Town's financial participation under this Agreement in the construction of public infrastructure needed to serve the Property and the general public in the vicinity of the Property and surrounding areas is justified by the additional Town income resulting from the annexation. AGREEMENT NOW,THEREFORE, in consideration of the foregoing recitals, which are incorporated here as the purpose and intent of the Parties in entering into this Agreement, and in consideration of the mutual covenants and obligations contained in this Agreement, the Parties agree as follows: 1. Accuracy of the Recitals. The Parties hereby acknowledge and confirm the accuracy of the Recitals, which are incorporated herein by this reference. 2. Effective Date. This Agreement shall be effective upon adoption and the effective date of Town Ordinance No. and the execution of this Agreement by both Parties and as provided by law (the "Effective Date"). 3. Revenue Sharing. 3.1. Condition Precedent. Developer shall prepare and submit to the Town a development plan (consistent with the Town's applicable standards) for the Project within one (1) year after the Effective Date. The Town shall expeditiously process such development plan within six (6) months after its submittal. The Parties agree that time is of the essence in the preparation, submittal and approval of the development plan. 3.2. Sales Tax Revenue Sharing. The Town agrees to share with Developer a portion of the sales tax revenue generated by the Project as provided in Article 4 of the Oro Valley Tax Code ("Revenue Sharing"). The present local sales tax rate in effect is two percent (2%). The Town shall retain sixty percent (60%) of the Town's 2% local sales tax revenue generated by the Project and Developer shall receive the remaining forty percent (40%) of the Town's 2% local sales tax revenue generated by the Project over the length of the Revenue B.P. Magee Draft EDA (Oracle Crossing) 3 12/31/2003 148907.3 SharingTerm as defined in Section 3.3. If the local tax rate increases beyond the current 2%, o Developer shall not be entitled to share in any tax revenues in excess of the current 2% rate. 3.3. Revenue Sharing Term. The term for purposes of determining the local sales tax revenues to be shared between the Town and Developer (the "Revenue Sharing Term") shall begin with the earlier of either September 1, 2005, or the issuance of the third certificate of occupancy for the Project, depending on the timing of review and approval of development, p y construction and other plans by the Town, and shall terminate ten (10) years thereafter or until Developer has received the maximum cumulative amount of Revenue Sharing as provided in Section 3.5. The schedule for Revenue Sharing allocation to Developer shall be as follows:. Years 1 through 3: 60% Years 4 through 6: 40% Years 7 through 10: 25% 3.4. Revenue Sharing Procedures. Revenue Sharing as provided in this Section will be based on documentation that indicates proof of taxes remitted to the Arizona Department of Revenue ("ADOR") from or upon the Project, as reasonably determined by the Town's Finance Director. The Town shall pay sums payable to Developer hereunder within sixty (60) days after the quarterly local sales tax revenues generated from the Project have been determined, provided that such sums have been received by the Town from ADOR, or as soon as possible thereafter. In the event the local sales tax due from the Project is adjusted due to error, overpayment,ment, underpayment or miscalculation, Town and Developer each agree to remit to the other any amounts necessary so that Developer and Town each receive their proportionate share of the local sales tax revenue ultimately determined to be due for the applicable period. 3.5. Maximum Cumulative Revenue Sharing. Under no circumstances shall Developer be entitled to share local sales tax revenues, the total of which exceeds the lesser of the following amounts: (i) the cost of the Project; or (ii) forty percent (40%) of the total amount of sales tax revenues generated from the 2% local sales tax during the Revenue Sharing Term. 3.6. Rebate Not a Pledge. This Agreement creates rights and obligations regarding the payment of money, but nothing contained herein shall constitute a pledge of tax g g py revenues. Nothing shall impair or restrict the right of the Town to pledge sales tax revenue from the Project. 3.7. Limited Sources of Funds. The Town's sales tax revenue sharing obligations set forth in this Section are payable solely out of the revenues derived from the Town's 2% local sales taxg enerated by the Project at the levels afforded to Developer hereunder, provided such local sales tax at the specified level is in effect. 4. Community Facilities District Financing. As described in Exhibit C attached hereto, the on-site and off-site Project Improvements will provide substantial public benefit to the Town, to the community in the immediate vicinity of the Development and to Developer. The Town also wishes to construct extensive transportation infrastructure improvements near the Property that will provide substantial public benefit to the entire Town, including but not limited to those improvements described in Exhibit D attached hereto. The Town and Developer B.P. Magee Draft EDA (Oracle Crossing) 4 12/31/2003 148907.3 acknowledge that a CFD offers advantages for the financing of the Project Improvements and additional infrastructure improvements. Accordingly, the Parties agree to cooperate in the formation of a Community Facilities District ("CFD"), as authorized by A.R.S. § 48-701 et seq., in which Developer retains a controlling interest in at least 75% of the total land area included in the CFD. Developer may contribute part or all of Developer's portion of the Revenue Sharing generated by the Property for the legally qualified Project Improvements identified in Exhibit C to be financed by the CFD or, alternatively, may use Developer's Revenue Sharing portion directly to finance the construction of the legally qualified Project Improvements identified in Exhibit C. The Town shall [may] contribute part or all of its portion of the Revenue Sharing generated by the Property to finance the legally qualified improvements identified in Exhibit D. The Parties shall use all best efforts to form the CFD within eight (8) months after the Effective Date. 5. Cooperation. To further the commitment of the Parties to cooperate in the implementation of this Agreement, the Town and Developer each shall designate and appoint a p g representative to act as liaison between the Town and its various departments and Developer. The Town shall have appointed a Project Manager dedicated to the coordination of development review and permitting by the Planning and Zoning Department, the Fire Department, the Water Department, the Building Department and any other Town department involved in the development review process. The representatives shall be available at all reasonable times to discuss and review the performance of the Parties to this Agreement. The initial representatives of the Parties are: Town Manager: Chuck Sweet Developer: Dennis St. John 6. General Provisions. 6.1. Headings and Recitals. The descriptive headings of the sections of this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. The Recitals set forth at the beginning of this are Agreement herebyacknowledged and incorporated herein and the Parties hereby confirm the g accuracy thereof. 6.2. Exhibits. Any exhibit attached to this Agreement shall be deemed to have been incorporated in this Agreement by this reference with the same force and effect as if it were � g fully set forth in the body of the Agreement. 6.3. Entire Agreement. This Agreement and the attached exhibits constitute the entire agreement between the Parties pertaining to the subject matter of the Agreement. All prior and contemporaneous agreements, representations and understandings of the Parties, oral or written, are superseded and merged in this Agreement. 6.4. Further Acts. Each of the Parties to this Agreement shall promptly and expeditiously execute and deliver all of such documents and perform all of such acts as reasonably necessary, from time to time, to carry out the matters contemplated by this Agreement. B.P. Magee Draft EDA (Oracle Crossing) 5 12/31/2003 148907.3 6.5. Recordation. The Parties agree to cause an original counterpart of this Agreement to be recorded in the real estate records of the office of the Recorder of Pima County,Arizona, within ten (10) days of the full and complete execution and delivery of this Agreement. 6.6. Amendments. No change or addition is to be made to this Agreement except by a written amendment executed by the Town and Developer. Within ten (10) days after any amendment to this Agreement, such amendment shall be recorded in the official records of Pima County, Arizona. 6.7. Governing Law; Cancellation Pursuant to A.R.S. § 38-511. This Agreement is entered into in Arizona and shall be construed and interpreted under the laws of Arizona. In particular, this Agreement is subject to the provisions of A.R.S. § 38-511. Under A.R.S. § 38- 511, as amended, the Town may cancel any contract it is a party to within three (3) years after its execution without penalty or further obligation if any person significantly involved in initiating, negotiating, securing, drafting, or creating the contract on behalf of the Town is, at any time while the contract or any extension thereof is in effect, an employee or agent of any other party to the contract in any capacity or a consultant to any other party to the contract with respect to the subjJect nature of the contract. In the event the Town elects to exercise its rights under A.R.S. § 38-511, as amended, the Town agrees to immediately give notice thereof to Developer. 6.8. Notices. All notices given pursuant to this Agreement shall be given in person or by first class pre-paid mail to the following persons or any other persons a party may designate in writing: To the Town: To Developer: Town of Oro Valley B. P. Magee, L.L.C. 11000 North La Canada Drive 3915 East Broadway, 4th Floor Oro Valley, Arizona 85737 Tucson, Arizona 85711 Attention: Town Manager Attention: Dennis St. John Copies to: Town Attorney Mary Beth Savel, Esq. Lewis and Roca LLP One South Church, Suite 700 Tucson, Arizona 85701-1611 6.9. Litigation. Should litigation be necessary to enforce any term or provision of this Agreement, or to collect any damages claimed or portion of the amount payable under this g Agreement, then all litigation and collection expenses, witness fees, court costs and attorney's fees shall be paid to the prevailing party as provided by A.R.S. § 12-341.01. Nothing herein shallp reclude non-binding arbitration if the Parties so elect in the event of a dispute hereunder. 6.10. Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the Parties to this Agreement pursuant to A.R.S. § 9-500.05(D). Developer shall retain the right to receive its share of the Town's sales B.P. Magee Draft EDA (Oracle Crossing) 6 12/31/2003 148907.3 tax revenue generated by the Project from the Town's 2% local sales tax as provided in Section 4 of this Agreement regardless of the status of title or ownership of any or all of the Property unless Developer expressly assigns such rights as provided herein. No assignment, p Y however, shall relieve either party of its obligations hereunder, except that an assignment by Developer in connection with the transfer of title to the Property shall relieve Developer of its obligations hereunder provided such transferee agrees to be fully bound by the provisions hereof. Any assignment by Developer shall be subject to the approval of the Town. 6.11. Force Majeure. Notwithstanding any other term, condition or provision hereof to the contrary, in the event any party hereto is precluded from satisfying or fulfilling any duty or obligation imposed upon such party by the terms hereof due to labor strikes, material shortages, war, civil disturbances, weather conditions, natural disasters, acts of God, or other events beyond the control of such party, the time period provided herein for the performance by suchp arty of such duty or obligation shall be extended for period equal to the delay occasioned by such events. 6.12. Severability. If any term, provision, covenant, or condition of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions of this Agreement shall continue in full force and effect, provided that the overall intent of the Parties is not vitiated by such severability. 6.13. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The signature pages from one or more counterparts may be removed from such counterparts and such signature pages all attached to a single instrument so that the signatures of all Parties may be physically attached to a single document. 6.14. Time Is of the Essence. Time is of the essence in the performance of each and every obligation by the Town and Developer as provided for herein. IN WITNESS WHEREOF, the Parties hereto have caused to be executed, the day and year herein written. TOWN OF ORO VALLEY,an Arizona municipal corporation By: Paul H. Loomis, Mayor B.P. Magee Draft EDA (Oracle Crossing) 7 12/31/2003 148907.3 ATTEST: By: Town Clerk Dated: APPROVED AS TO FORM: By: Town Attorney Dated: B.P. Magee Draft EDA (Oracle Crossing) 8 12/31/2003 148907.3 DEVELOPER B.P.MAGEE,L.L.C.,an Arizona limited liability company By: Its: Manager By: Its: STATE OF ARIZONA ) ) ss. County of Pima ) The g fore oin instrument was acknowledged before me this day of g , 200 , by , of B. P. Magee, L.L.C., an Arizona limited liability company, on behalf of the company in his capacity as Notary Public My Commission Expires: B.P. Magee Draft EDA (Oracle Crossing) 9 12/31/2003 148907.3 EXHIBITS Exhibit A Legal Description of the Property Exhibit B Conceptual Preliminary Development Plan Exhibit C Project Improvements Exhibit D Proposed Town Infrastructure Improvements 10 148907.3 EXHIBIT A Property Legal Description 11 148907.3 EXHIBIT B Conceptual Preliminary Development Plan B.P. Magee Draft EDA (Oracle Crossing) 12 12/31/2003 148907.3 EXHIBIT C Project Improvements New Construction for Public Benefit Improvements — Off-Site New traffic signal—Oracle Road/Suffolk Hills Drive Oracle Road deceleration lanes/curb cuts Suffolk Hills Drive access improvements Northern Ave. box culvert/storm drainage construction Northern Ave. street restructuring Northern Ave. open space: hardscape wall and landscaping Improvements — On-Site First Flush stormwater requirements 404 permit improvements for flood control Additional landscaping on Oracle Four-sided architecture (Northern Ave.) Public site art B.P. Magee Draft EDA (Oracle Crossing) 13 12/31/2003 148907.3 EXHIBIT D Town Proposed Infrastructure Improvements Roadway, median, intersection, landscaping and drainage improvements to Magee Road Potential construction of new Town Service Center Enhanced roadway landscaping, curb cuts New Town gateway and signage B.P. 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(i) cw < (D (D 0- k"-- 3 0 -0 0 -7 0 (D = -1 -I (1) CO 0 = = 0 0 CD CD v) inr-t. rim' < 1-1) ri- 0_ r-11- - --T < r-I- (D5 2 r-e' 6 (1) o t a) (I) #.% ED n 1.1, ,,,„,e. ri- ---. 1 3 ___ , 5• ct —-1 (D (D cl, cv pLo 0 D < = = e. m r--1- r-t. 0_ ca. %.w - c., cn n �-1"D � (I) O c1-0 � (1) p (I) � �, . * Qj -• most Q) 5 ci_ LO ri" --) co to -I rci n". CD (D 0 :30 = n * (D, c n C = r-1- (D...13- v) CI) 73 n n (D-, c < ....h cu c r-i- -• = n a) v) n m .• .. = D =I; N (I) 0CD • n • • • • -om , --n zzOzcJ- Q)0 0 ° 0 C Ft. -I (D ! 0 n —. CT Pi- 4 a q ri v) CA) * r=i: r 1 E 5. go =I" D- ri- ="" %-' „ (D — fil (D CD r---1 (D "-- t id "i 1. ,4 3 — CD --1 al.' ai ci) 3 = r1 = = x --h 3 -0 0 Q) r) -, Q-, (D = r-r. � (p P u (D0 Q �• � o _h MI. (D = , -I * a r9- < r) Q) = "0 ril- Ca) Di_ 0.. cl) I --= � e•-.. CD � (D ci) � n cJO �' � O n ca.. v) RIM, r1:;; r,1-1 0 CD rt (D 4 cin � n 1-1# 72.) = r-r = c n — (Ti 0) = = r-i- v) 0) CI) C r'+ � = D = C -1 O i � mon � p Vi (co iyi• o (;) n 71 0 • • • • 0 T D -I`. T � ! go o_ CD IR r(1) CL -p ,�-r W ' rD . pfr: Fi: V) . p -n (D -8: g (is, Em-1_, CD oi q v) rD CL - -' = Ci) ET _ � :2) r-1- r) = 3 8- < = cf- p --1 (Di cn 7=1:,T, n --1 3 3 ...... (id ED c:0 rn � -r ' , (gyp � =rD n 3 m v) = FP LCD (D -1 t-t-. 0 = Q = = v) Ell) C 0.7 -y, 5' (D4 ca_ ca) -1 ,c1" r) -...h ...... (15- 0 CD X Q el 0 = ED n r-ta cL 0 —I = 0 r-r O ■ 0 M 3 3 la 3 3 c�: < • ' (1) -0 a) DJ(.1) _. 0 (Dcf ME r-1 0 0 fa) 1z3 x (Di (T)3 .3 ri" 0 0(I) • (I) -0 N „ ri- (D LIJ - m- 3 O' rn (Dg (D — fl 0 = -I-1 (DL) 0 o 0 m z CD D'" C7 iDm"0 0 0 0 CD 3 CD • 2 • • Z (p (D .... • sa) cl) ca. = 0 3 = CD 0 ,—•73 R CD (D. (D (D CD Ca- (D ii--i , LC) 73 =- < to < r2L) E. cL < = 1 D. -I (D— D- (1) v) =- Ei. (D Cg. !(D CD 000 0 0— CD ___ , — c3thim v) (70) (D o- -1 (D -1 ,< CD = C1) * rt ...1 5. = (D (f)_ ir_r v) _. _.t., Qj (D —I a_ 0 -0 73 = w cL ° (1) ril: I .... a) _ cu r) CI_ (-1,3• g (,,..) ._„( (n. ca) -1 o ci- n 0 "") = cri- r-r = -,7 c Qj = LCD = 0 __1:, lOij (.1) a_ (f) .7., ET -h = m v) 3 c ' = "0 C il) (1) CI Q) O ' (DD v) N Q Ett. (n ET LEY • Q 0) ci) (D ..„ =Di- ' 0... (Dc"0 in � cr (7, � � O OvD e--1- ..7.—,{ 1/4.1 ""7 .."11 = T. n rh 74: O (D ) Or) Q c _ = , _ ...Mr Fes m o FIJ 3 0) < ED � N � r-r cL CU -1, "," "" 3 a- ca) cl, cL 5 v) (1) Pr, = 0 CI) 1p , =-it- t I- ci = r-r "Ft: t—i- rt 0— D— = = D— Ms r-1-3 (D ■ z : ,:, crm • • • • __• .... . V) er:4- 77 Z (f) < (I) 1 LO c %..0 --1 # m Ci) 00 2v) ! DI' CT ci - -a. 1 3 (n = q '10 -<� (1) r-r D- (D Fr: ,,,< = cv a) , -6 rN 0 r--1- t w r-t- —' -1 0 r% %.• ti) -6 < = = 0 ad'IN -11.1 .1.7 (I) .13 CT 3 > -11 =- -2E (i) 3 . < m.- 0. (p � �. [D lQ fD, 0 � f7 � Cd � --1O � = = r-i- %., Cr) Q. q (1) (1) � rah = 0 CI CT (D = il) (/) C CI) v).-1 CI ) (-) = — --h x* CD rD 0.. 3 o ....., ci o sa) < ej c r-t- = Q) rjQ) &) Ca. rr 1. � rt ca. R.: 1/4.1 0- 0 0 CD = CI) * = c7 r-r c') = Er' 0 -- (r) * -I CD CD n) Q Ca. LC) Cf) (D = v). CT 0OP = (r) il) -0--I--1Q O ■ • z IN M • • • (1)0 0 � co o � � (1)'; �. A- = CD ,T,--t) 0) v) 7:3 cL 0- u) n D.- e-t. — t Id r-i- r-t- 03 -1. (Ds -v -, CD -1 n 5 ,‘, c (D go 0 -1 c al Lo t u n -h c 7:1 = el ...„ rl = m n Diml r-1- CL Ca) r-ri eN —11 (I)DCS nfl7r -0 � (D (D 0) -10 cu --1 n V) 3-‘ = — O (D .... ED --1 - 0 0) m 0) (/) — — 0 O-I' v) 0_ o_ "ci r) �. n fl1 °V-1-. C � Q � rtcn [� CD 0 CL v) Ct. = 0 c (i) r-r 74.: O � O = Q - c .< cv = = * ....._ 0) n_ fl, n, (1) = = 0 Ct. C (f) -3 a) [D -o -h �' 0 --1co � 0 (D I • : z • 0 . rn (1) x , ,-- i rt. z m- m —m u.,/ (i) CD (D 3' El: DI" 5' -1 r-1- 5" = 0-- cD. z n) LC 1 0 5 mo n 0 � oQ; LE x � (n ,... (-7, _,• .- 0- ci.-. = cl (1) 0 = cu 0 3 -, CCD CO = r-i-. n oD (I) = cp O ca.. c - = . r) 5 cL c (i) to `• 0 ca) = _1.1 (f) z el o -1 ta) Dr-i- a, (D r-t- 3 (D D • . n . . . r,r-t- 0 0 : 0 ,., -,„ ...., 1 = . › 0 › 0- 0 * -0 0.) , (Ds �• -� o � � 0 0 p n � el (D . C li 0 ri- CI) -mi- c n , F., ..._ = v) - cn ,,,, (D4 0 (D r-1- = -, . "igi %< 3 %< 0 t=i--11 0 0 _ (f) co cf) c7) < _. n = n ,,.0) 71) (D ...h VI. r-i- - 5' (7),..4. ri"—T 0 = <— as n as ...iy MON, LC) n rt TrD C 0- < n --t, < -1 r-1- C (D '0 (I) -I r-1- (J') 0 f-t- < SD r-t- (D -0 3 rp= cp 0 --I 3 (f)-1 ci) o _.11 a) --I rD r) -o' (D Dm. T.1, (-) N (D mn * = Egi r-r _ = 3 up %.i = r-l- 0_ CD (1) (n 3 Q) (1) rt, r-1- = C6 p CD < -1 r-1- CD (D r-t• = - = 7). cL = 5 ( ) mi- =ii ci) n 73 — cl) = 0 3 (in . . (Ds �. � � CD = '0 < e--t• CD CD C (I) _41 CT 0 m n "0 CD > m 0--1 -7 00) (u = n ri) 0 m 3 3 (--) Oi IrD._, 0-1 k_i. 0 0 = n 0) (i) -1 * r--I- 0 (f) = ri- ci) = C =, = CD (1). cv 1-1- 0_ o < = --I %< %.< --1cD an (/) 0 O (i) CD 0' = 3 -lo CD = n n r-r 2 TOWN OF ORO VALLEY STUDY SESSION COUNCIL COMMUNICATION MEETING DATE: January 5, 2004 TO: HONORABLE MAYOR& COUNCIL FROM: JEFFREY H. WEIR, CEcD ECONOMIC DEVELOPMENT ADMINISTRATOR SUBJECT: PRESENTATION BY DAIN RAUSCHER AND DISCUSSION OF COMMUNITY FACILITIES DISTRICTS (CFD's) SUMMARY: Personnel from the firm of RBC Dain Rauscher whom acts as the Town's Underwriters for Community Facilities Districts (CFD's) will make a presentation to the Mayor and Council concerning the forming and administration of a CFD. A CFD is a district formed at the request of property owner(s) for the purpose financing and constructing public infrastructure and other public related facilities. Such districts provide both developers and municipalities with a mechanism to finance these improvements using the community's ability to provide tax free bonds. The Town Council acts as the Districts Board of Directors for districts of less than 640 acres. :,/7. /cd i Jef r . Weir, CEcD Econo is Development Administrator *1-#/# -, ' Ckte) C Chuck Sweet Town Manager ♦r .. i r r 4 :- : n cra 0...r. : o = d cra 0.1 ph, d1,...., -• fir, al CD M �.�. -. O 01 � 4 C„.* h f . „ii� F g „, ar J* P ' Y. etI i F ,.. .••.. 4t o -. rii.- et, ,,c,,,,,, ,`: p' ,.... ,..,• o *I ii :ate$ -S eD c, oil, .. K:s .. h ai• 4 t...) : 0 ..._, 0-• t:;A : : ii cm © CD -, illk a a cit II CZ ell+er.) (.04 frill (4f) n limi• o 01 e-i .4.„,, rD *11 01 • 4 Ai, = p n a- rip- - c.) t = emit' ON• TO 0 f' • .7:lir : ...::..,',;',:. 3:sok\ \ \\ \ ,, ..... attlf n ..'8f fir.. 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Q r''' 0) v )7 V VI ,,,', 4ncilj . )e: 4 o *-i 4:..ar N C./1 0 n ri) - ..,. cm w t''' '1 i't ,... *11 -3,1 n tz = ,..4. — c 0- ,-4.- A: : cA E CA 07.1 6 AD C:: g Fit =Now O -•;'' al• C• rD O rD O C ori A v1 ion■ 4 CDr4 CDa " = = ""' C O `""r = " *i rD Cr © 4 = ),* cA o = „.., vs 4 p 0 = *It ,.. „. emth- = *I' ,.., 0.. 1 em4.- . e cA r4.- = *1 Cli "il ''' CA ce) n I n n Ah: I= ,..cr, cr .. 0,..i 0., :- o•at• h AD tit .04.1 A: 0 1 I.....! =is cA A: = 0 0-1 11: t, mom cA Li rip *It GI) A: n C ism■ .,:;.ii- wili,4 M C2.1 p '') el) Ci-t- o m CA = /"t II eD eD et. )7:$ Ai: ci) ik'''' 0 gli cel NI \a" .e- .0 2 .... (-1.- : = ti °17:$ t; fp mil.- eD . k■ = ki rilli PI: ei.4. `" -VIP Cli 1II, /11 n* *1.1 n n ...■ 1.1 CA O ein1.1 rilli cD A 0 CA: :n *t 't 4, g /"11: *" 0 =Z : ':::: Ow• ft. cra ... r..5 0.1 = . rD A: 4 0... A: �. AD N iti: : /111 11 = CD co . :::111114100 . A:$7'TI'''''11: NVAt r ink\�,�.yY` . 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PL n '■■'■ (1)., owiwi n r—T crc = p:i ms o co cp = (1) eD P = = c� c O f'41- 0..,1 LO h( ; { i .„:;.46.1..::j..,„{¢wit_..\�'\\\\\�0 "zics... ::,•,- :„.„:. 0,014titito :::::.::,:., ::„,,,,,,,,„:, \' Kms\:\\\\fit\}.\ o zwittaiss ,cp. . .,i.3.,,,-,„,,,„" 14o,-. .:',us N\`ir'G\\4• r ac--aa:a\v.:.\;a•:a}a'.mov .,- — --— 471-g"''' Z) kC .. n�'\,��,{,�''.\X 7,.*::* \\ h `1' .. nSOF :F ,,,,s.'::: X' V V V CP triw k ?r *11 c.) CD 4.) =,...,• d cr ti. VI P et) :. ...... o n Ai; f2.1 6 CD : DJ -I = •-•• ..... r• ,....., n O = O imod• imml• otz crq st - Cri(-4. „, ..... -• rp rp p ' M 0..., 0 ot *1 etts C7.1 n n � = fl) 4 4 Z . n vA r-'- st 1 0 li OW = d ''.', (1) CD ri :,,-..,et)I cp � C 0-t ii M C p = •-. rp �. ,...,• ,.... za e-p- P i 0 P A: n 0.1 = O g En AD w tc r tip n �• et)so .,r t'. Out eD emi- cli 01 clip) ,... e..., CD En o ti (-1-:11' c o - ot CD �• to CD c O = = rD k 60 rp CU ).1C:$ : P = 0 C ommii. n � M..r rD CD e* = mit- ` O rim11 .. CL • �. CD = ci) - "t ...... © al rp r"'' OPii, = rim (n ••••. cra el zoi ci)P M -. fg I 0 „: illt,.. :,. ,,,:.:. . X11174 A; —1 '10 x � ... jcn�fit-o. ' J: r I.,. ,,,„„:„..,,, :,,,,,,,,,,,,,,„,,,,,,,,„::: ;t: c x) i3 1.1 4,4*.t k r:i,i,,L i,7! 37: V n )7 r) 15,,, m = 3 *-i 0 „, ,,:t., 4:: *-.. ,... 0 = =mi el) N =-1 3 „..., eti rD. ,.4:$ :,,,, ,...,• r) 0...i= = ow. vi -• 3 rD . e4.- p 0,..i• oz$ ri) -.1P 1,....• 0.....1 )1it 0....1ma• e.4„ _ emit- - 3 )..•• p tC M..r• 0 Z .::. ..... = r-t- cf) et) 4, ==mg = = P = zia cl., n i 't1 0,..r. ni o cD 0--r 4 0-r• v� et, **1 = A ow CM cra c, = rD =• II Y ... Ith, 4 ,...:la omi• eit) r! oft = n n = O n i 10 = t•. 41 P = 1 071:: e-1- kin D 1..—r i CP ., M..+. Z.n —I = Oct)eDV1 1--�-it',Z = cin -. ••••• �• '91 n O cii 0.1 = el e* P emit- eD Ft 0 (A0 0omi• eD ” = 0.,...i em.... 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JN *111 n PO 1:,o/ I 0...d• iiiii-1 et, e-p- = fii: er) ,..1,= F cfq =id 01 = (14 — 4mw C4 IE::! P0 rD ik n = c, r-i- 0..i• AD :i O CD o cra rD Cli = ei ppl �. o co ‘w :'j erm) 5 = • • 01 = o = c.....• eci0...d• o t—i. n ph: (-1,.. n est-- e.4- E A: r A: 0,....1 e'D -• cIIII'dD 1_,LA) �J �V C >% c (1) 4.) D ; U 7r C cps O OcCa. '� Ni uo) CA 0 1_.. 0 szu L.r)' 0) (1) 0 F._ (f) Li- >% - >% I> 0 a _ p CO • . 1-. (Ign (111) = (13 D -4(7)) C tir) 0 -1--) 1_.. MS 0 r--) 0 H >% ii. U U • . 13.) ro E E 5 a.) o Uci) co 0 L.,_ 1.... u cn 0 C 0 :4=ro E >. U g �O0 d V � x0 c •- )- .,� CU LLI C E -1-) c CU e.‘ C c ,ti) E %., ai) < >, QED �a) a) uoJ Wa) � o .. (f) 0) D o 0Le5 cn < < .7) C a_ — _c (f) > 4...) -1--) _c) _c .— -I-) 4— 0 — Ct- (i) = 0 S.— (1) .0) (f) Cl- U (I) sa)-- O � � � U c v= Z O � ci) Uro L• ...... ,zu o H 1 Tz-L a, co ( ) > •_. V cu u D O cULLs -) szu fu — ULLJUOU (/) -0 C � 0 3 I- 0 0 LL 1'47, O U CO ca 73 4-)C (Y)Z � CC N CD SI Q 12 E _o © 0 0 ca. _,_, rNiu w ozu _ , 73 0 � � c C (-i5 �0 vii o U 0 co 4-) 2 o o_ la O Q �CU 1- la-) o 4- 0 II= = C co '- Tu ra c 70 0 - > X C C II= : .0 (1) Ca) ° 8 co .i_j c C) c U 0 ,_, a) , ft3 1-- CC ' 'cQ) a) cs 2) D 2 c EE- O) QLo co V cJ) 0UcLU E >, . , z CCi U NI U L -0 (f) O. 2 c 0 (f) 0 T) 4_)._ > Li cL ra u a)• 0 v) Tu a) _o ro > -di D >% ti) C CI -Q CD C a) >% C 0 rE3 U s_ . (I) 71) 'E 4= o) —0- :1-41 411 0 115 c 4_, p — U N c la U Ci- Q) I Li-- ,_ (-1 = V) a) c 4-- I_ 1_. ,, D 4-) .- CD D 0 4-) U Q) _O .C -C •- C (i) CD -5 u L,p, -o c o -0 co _c 0_ 1-- mid liz c o i— c c :4-J co -o c co u co 0 -0 (f) .0)..... VA 78 c O V) a) (f) C (1) = oO � "6 a vQ ,u I a) (1) B Q „, F— a) r -0 (i) (i) 2 -0 76.) u _c cu p c 4..) C Li' 4-) 0- (1) E a ss , ,F, to :r7-) 2 8 = a) v) 4-, 0- 0 2 E 2 Q > .- c:n � = O Dm 7)0) le) L (-53 .--62> c a; ru a; .7) 4..J ca ci= > E (1) EL) �V � . wOoaaia CO C (0 _C C U 0 C L._ co co co 0) Z X cp c c � .... � C C C C co roQ :4= -0 LL_ 11---5 (I) C CU e'" CL >� 73 I-11 D uJ10 C Ca CI) ow a) 0 Ca > E D :4-,z ro o C (0 ..__ •__. m (f) 117) X a) u c EL) 2 O (f) c = co � u 4--) (0 U = fl- CO 0 CD -0c -0 -6-J a) V) c o 76 (1) ,_.c > C cp ._ I— u a) C (f) 0 = 0 a� c co o -v 0 :-47, c L � o � NO ra 73 x Cm v , x co 753 M O C � CD (1) cp .. e— CU © ra 0_ C 0 CD " 0 NI Z < < I— NJ U c co U 41 4.) 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