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AGENDA ORO VALLEY TOWN COUNCIL SPECIAL SESSION MARCH 15, 2004 ORO VALLEY COUNCIL CHAMBERS 11,000 N. LA CANADA DRIVE SPECIAL SESSION AT OR AFTER 4:30 PM CALL TO ORDER ROLL CALL The Mayor and Council may consider and/or take action on the item listed below: 1. PUBLIC HEARING — ORDINANCE NO. (0)04-10 AUTHORIZING AND APPROVING THE TOWN TO ENTER INTO AN ECONOMIC DEVELOPMENT AGREEMENT BY AND BETWEEN THE TOWN OF ORO VALLEY AND VESTAR ARIZONA XXXIX, L.L.C. TO FACILITATE THE DEVELOPMENT OF A REGIONAL LIFESTYLE/ENTERTAINMENT/POWER RETAIL SHOPPING CENTER WITHIN THE TOWN OF ORO VALLEY ADJOURNMENT When possible, a packet of agenda materials as listed above is available for public inspection at least 24 hours prior to the Council meeting in the office of the Town Clerk between the hours of 8:00 a.m. — 5:00 p.m. 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 Oro Valley Town Clerk, at 229-4700 POSTED: 03/08/04 4:00 p.m. Ih 1 TOWN OF ORO VALLEY COUNCIL COMMUNICATION MEETING DATE: March 15, 2004 TO: HONORABLE MAYOR & COUNCIL FROM: JEFFREY H.WEIR, CEcD ECONOMIC DEVELOPMENT ADMINISTRATOR SUBJECT: VESTAR ARIZONA XXXIX,L.L.C.'S REQUEST FOR AN ECONOMIC DEVELOPMENT AGREEMENT FOR THE CONSTRUCTION AND DEVELOPMENT OF THE ORO VALLEY MARKETPLACE RETAIL CENTER PROJECT. SUMMARY: COMMUNITY ECONOMIC DEVELOPMENT STRATEGY. In 1997 the Town Council adopted the Community Economic Development Strategy (CEDS). Various 9 P action items were identified including: #11 —Develop a strategy to encourage northern Town and unincorporated area residents to shopand do business in Oro Valley....; #12 —Develop and adopt a Business Incentive Policy. The Town may from time to time wish to use some form of incentives to attract or retain desirable businesses. Guidelines and review criteria will be established to assist the Town in deciding when to grant such incentives; #19—The Town will target the following list of retail, tourism and industrial uses . Targeted Retail Uses: Furniture & Home Furnishings,Big-box Discount Stores, Restaurants, Drugstores, Movie Theaters, and Clothing stores. ECONOMIC DEVELOPMENT INCENTIVE POLICY GUIDELINES. 3, 2001 the Mayor and Council approved Resolution,NO.(R) 01 -90 Adopting Economic On October _ :.� -- �- - - -- • - -- - -(copy � � -= '' ana uzoeiines are attached). The � Development Incentive Polk �'Guiaeiines of the resolution g P 3 Guidelinesprovide rovide 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. priority of business types was identified and they are: 1. Resorts, 2.Retail, 3. Other Lodging, 4. High Ap � 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 r period.within a ten year All Retail projects should generate significant sales tax revenues similar ValleyVestar a community or regional ional shopping center. The developers of Oro Marketplace,Vest r Arizona g XXXIX L.L.C. have requested consideration of an Economic Development Agreement between the Town and the developer. Based on the extraordinary front end development costs for infrastructure improvements the Developer has requested a higher portion of revenue sharing in the Initial Period (first five years), an equal sharing q higher � four years. When duringthe Middle Period (second five years) and a minority portion during the final averaged over the fourteen (14) year Developer sharing period the De eloper receives 47.5% of the new sales taxes. TOWN OF ORO VALLEY � COMMUNICATION PAGE 2 OF 5 COUNCIL COMMUNICAT BACKGROUND: THE PROJECT. A. LocLocation. This approximately 100 acre site was identified as the preferred location for a sized retail center as part of the 1987 Rancho Vistoso PAD. Located at the southwest regionally the intersection of two oroadways, Tangerine and Oracle Roads, this site offers corner of majorAND access to the residents of Oro Valley AND provides a desirable and accessible location for 'n shoppers in the nearby communities of Catalina, Saddlebrook, and the planned attracting pp 3 community of Springs.Willow S rin s. Given the ease of use of Oracle Road it is anticipated that many of the residents of the un-incorporated area of Casa Adobes would also shop here. B. Development ment Team. The well known and long term established Arizona firm of Vestar Development Companywill lead the development team. The Vestar Development Company has a proven successful track record of developing and managing regional retail centers. The project leader, Mr. David Larcher, is a senior Executive Vice President for the firm and has an extensive background and experience in developing and managing successful regional retail centers. Other 3 e uall qualified management persons will be assigned as needed. q C. Project Viability. Duringthe past several months the Town entered into a contract with the Buxton Company for the completion of a Retail Trade Area Analysis. Three retail development sites analysis.selected for the anal sis. One of the three sites studied was the Tangerine and Oracle � � ' that Road siteplanned as the home for the new Oro Valley Marketplace. The analysis indicates ,• this site has the potential annual sales volume; based on existing households, income levels and actualspendingpatterns, of more than $ 965 Million ($ 882 Million excluding Automotive). It is - -- - ent that this site bolds significant-potential as a regional-ret-ail center. appar • ' area analysis (based on drive times only) does NOT include the large retail Additionally, the trade 3 potential of the existingSaddlebrook residential development and the future potential of the Willow Springs residential development. It is apparent that the overall and long term potential and viability of this project is highly positive. D. Projectp as Proposed. Oro Valley Marketplace Retail Center as proposed is an 810,000+ g square feet Regional Commercial Retail Center located on the western side of Oracle Road and south of Tangerine Road. The site sits in a low lying area at the southwest corner of Tangerine and Oracle Roads. The retail center as currently planned will be constructed in four phases. Potential tenants include Major and Minor Retail shops, Restaurants,Interior Design & Furniture Stores, and a multi-screen Theater Complex. The Developer is committing to completion of and submission to the Town of a Development Plan for Phase 1 (approximately 300,000 sq.ft.) within twelve (12) months of the approval of the Economic Development Agreement (EDA). i TOWN OF ORO VALLEY COUNCIL COMMUNICATION TION PAGE 3 OF 5 SiteThe Developer will be responsible for the construction of on-site and off-site E. Challenges. P P improvements. It is anticipated that the infrastructure improvements planned will cost an estimated $ 23.2 Million. Accesses to both Tangerine and Oracle Roads will require extensive ramping and s preparation. iteMan y new community infrastructure improvements will also be � partdevelopment.as of this develo ment. These include: 1. Signalization at Oracle Road and the State Park entrance, 2. Improvements to the eastside levee alongBig Catalina Wash including P major trail enhancements, 3. a one (1) mile paved trail system along the rear of the property that is eight (8) feet wide, landscaped and available to the public, and 4. The Revegetation of Big Wash requiring more than 1,300 trees, shrubs and cacti and hydroseeding of an additional 40 acres of currently barren ground. . Another improvement site is the expansion (raising and widening) of the levee located on the western edge project.d e of the The topof the levee will provide a twenty (20) foot multi-use trail and access points to the project. Furthermore, it is anticipated that the Sun Trans Regional many a . ,. & ride Transportation System will be expanded to include service to the project, possibly a park designated area, and in the future a local transit destination point. F. Request for Revenue Sharing. The Developer has requested consideration by Consideration) of the Town Council for Revenue Sharing for a portion of the Town of Oro Valley's Sales Tax Revenuesgenerated from each phase of the project for a period of fourteen (14) years. At this time it is anticipated that there will be four (4) phases to the project. Each phase will have a fourteen � requested that an average(14) year revenue sharing period. The Developer has of 47.5% of the Town's existing2% Sales Tax be returned to the Developer. The Developers request asks for a n the new sales taxes generated by each of the four phases of the project of: 64% during return of 1 —5. 50% duringyears 5-10; and 30% during years 11 — 14. if this request is granted the years � percent sh arin allowed in the existingIncentive Developer will realize less than the fifty (50%) Q Guidelines. FISCAL IMPACT: • The Development velo Projections indicate total Retail Sales by Fiscal Year and applicable Town Sales Tax Revenues at the current rate of 2%. • The Project is estimated to cost approximately $ 100.0 Million including $ 23.2 Million for Infra- structure. • The tweny (20)t 'ear forecast window indicates that the Project will generate in excess of$ 3.6 Billion 3 of Retail Sales that would be considered as part of the Revenue Sharing agreement. • The total estimated Retail Sales Tax Revenues for the twenty (20) year period is $ 96.0 Million. TOWN OF ORO VALLEY COUNCIL COMMUNICATION PAGE 4 OF 5 FISCAL IMPACT CON'T: • Thero osed Revenue Sharing for the fourteen (14) year segments associated with the agreement P p would provide the following: O Town of Oro Valley $ 37,886,622 52.5% Developer $ 34,271,425 47.5% Total Shared Revenues $ 72,158,048 Non-Shared Revenues $ 23,845.523 Total Revenues $ 96,003,570 O Fee's & Permits $ 595,369 Sales Tax on Construction @ 4% $ 1,120,084 Total $ 1,715,453 • The following additional Town personnel positions are deemed needed as this development comes on line. In most cases these added costs reflect the staff's best estimates at this time. A continuing review of needs and the associated assessment will be considered based on actual experiences. Estimated Town Services and Increased Costs: o Finance Department—Additional Clerical '/2 staff $ 20,000 O Police Department—Two added officers $ 130,000 O Community Development Enforcement (1) staff $ 40,000 o Court system—Additional '/2 staff $ 20,000 Total $ 210,000 • An additional consideration is the amount of added property taxes that the Oro valley Marketplace Retail Center 'ect will generate. These new property taxes accomplish many positive results project b including: 1. The amount of property taxes collected by each agency will assist, if not prevent, any increase to the amount paid by existing residential owners; 2. Providing many of the recipients of the property tax additional funding without demanding increases in services such as Pima County, P t3 Amphi Unified School District, Pima Community College and the County Free Library; and 3. ° versus10% residential assessment rate, thereby are assessed at a rate that is 25 /° a significantly generatingsi nificantly higher amounts as compared to an equal amount of residential investment. The anticipated annually collected taxes are: o AMPHITHEATER UNIFIED SCHOOL DISTRICT $ 1,323,869 O PIMA COUNTY $ 1,049,425 o GOLDER RANCH FIRE DISTRICT $ 383,838 o PIMA COMMUNITY COLLEGE $ 291,482 o FLOOD CONTROL DISTRICT $ 69,443 o COUNTY FREE LIBRARY $ 41,596 o CENTRAL ARIZONA PROJECT $ 23,500 o FIRE DISTRICT ASSISTANCE TAX $ 8.636 Total Annual New Taxes $ 3,191,790 TOWN OF ORO VALLEY COUNCIL COMMUNICATION PAGE 5 OF 5 ATTACHMENTS: of Resolution NO. (R) 01 -- 90,Adopting Economic Development Policy Guidelines. 1. copy 2. Ordinance (0) 04 - , Economic Development Agreement between the Town of Oro V alley and Vestar Arizona XXXIX,L.L.C. Listing of some of the know Development Agreements in other Arizona community's. 3. L g RevenuesInformation Oro ValleyMarketplace & Tax Sharing Summary 4. Investment, Sales (including S readsheet Total New Revenues and New Town Revenues Charts). p 5. Annual New Property Taxes Generated by the Project Spreadsheet and Chart. 6. Aerial Site Plan that includes Improvements to Tangerine and Oracle Roads. 7. Community Economic Development Strategy (CEDS) report. 8. Oro Valley Marketplace Master Site Plan and elevations. RECOMMENDATION: The Town Manager and Economic Development Administrator, based upon Resolution (R) 01-90 Town g Councilpolicy olic for Economic Development Incentives and the recommendations contained within the uni Economic Development Strategy, recommend the Town Council approve Ordinance (0) Community p 04 - . SUGGESTED MOTION: The Council may wish to consider one of the following motions: I move to approve Ordinance (0) 04 - authorizing the Mayor to approve an Economic Valley Vestar Development Agreement between the Town of Oro Valley and V estar Arizona XXXIX L.L.C. OR I move to deny Ordinance (0) 04 - . '� ` r ff 1.or 77t 1 l Jeffrey H. Weir, CEcD Economic Development Administrator i / / 4 1 4,, -Ai Chuck Sweet Town Manager Cn Ill W r 11:;', J w O Q W M N Na.„ M > Z W r' :-• C4 V, O i-- OC W E- z W V J W W Q � W = W Z Z �' Z M W W W o > > N o 1- L 2 Q J Z J O O w J W o co O j W > N Ll. W O ... M J W > <W I o i— a) VN w r'a) 0 O co -- 4 oc) MJ kw LL W Q N OCoMN0w 0 = R. to CO 1- L1J v)Fryli -----\ po 41 WE � � < _ c O --111A7 U I CO ~ % �tea 0 I � co Ua P- 0 al' W F- cn LLI r- Liu 1)4:34L c LiJ F- uz _ 0 L DW o UO o�� FA ZF Qp Q 8 ::_i:U _ - zN F-Ce vg 2 UQO0J ICD - cn p Q W Z J QO n0 J T J . > , Ii Ia. U 1 re W Q > E U ti Z Q Q o Z `- o Q 0 \___\ o 0 Eft \ 0 80- O N i A 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. Valley's General Plan has identified pursuing diversification of WHEREAS,the Town of Oro the local economy as highly hi hl desirable and is well supported by the community, and; WHEREAS,the existing Community Economic Development Strategy states that one major he developmentand ado tion of a Business Incentive Policy, and; action step desired is t P Community Economic Development Strategy further states that the WHEREAS,S,the existing Com y Town may from time to time wish to use some form of incentives to attract or retain targeted businesses, and; WHEREAS,the Town of recognizes Oro Valley the importance of developing a policy and 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 Guidelines, attached herewith, provides examples of items that a business owner/developer may request consideration for. y AND APPROVED b the Mayor and Town Council of the Town of Oro PASSED, ADOPTED v alley, z- I,i-1 a,-this 3-.-d A . cif c..t.. ..,_2001 . TOWN .. -- TOWN OF ORO VAL EY, ARIZONA , ... .‘4°...;: eif7 - Paul H. Loomis, Mayor ATTEST: 1 • KO-4--ti.)--t--8,-; at n Cuvelier, Town Clerk PROVED : : FORT\ i A ail. Abilliffa 4_ !fr . _ Dan L. Dudley, Town Attorney EXHIBIT A TOWN OF ORO VALLEY ECONOMIC DEVELOPA1ENT INCENTIVE POLICY GUIDELINES GOAL: 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 e ultin 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 og r retain targeted businesses. These incentives will only be used when the Town satisfies itself f 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 that generate significant sales tax revenues. As a guideline the following listing can be viewed as a prioritized 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 • business �� Townwhere it� ;-'�� ^;v ..•-•,,�11 e'pans:on of an existing to the or _ .cnt_Yc� _ artuall 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. Theproject'ect will have a substantial positive economic impact on the community, i.e.; the number ofjobs 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. firms that provide diversification (within targeted 5. An emphasis should be placed on industrial or commercial sectors)to the Town's economy. 6. The Town will not } existing buy land or buildings or construct buildings for purely private ' position should be to offer incentives that have a relationship to objectives. The Towns p public benefit. Improvements such as streets, water lines, traffic signals, storm drainage, structures, parks and open space, and similar publicly assessed improvements are parking P p p examples of public-private financed incentives. Acquisition of property and construction of buildings, if necessary, must be related to a public purpose. 7. The dollar amount of the incentives offered shall not exceed the cost of the project 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. P 8. Private to dollars should be utilized whenever possible to up-front identified project costs a and then to be reimbursed bythe 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. 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. 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 pp should be considered alongwith other factors when making decisions on incentives. projects 12. GenerallyRetail rots which qualify should generate significant sales tax revenues �ec ; shopping similar to projects normally identified at a comm».nity or reQional gL opp g center level. p 13. Specific ific P erformance criteria for each project will be established. 14. New Retail development should have an emphasis on meeting a need not currently being in the community, providing a higher level of service /goods /products than filled or . sent] available, or providingsimilar services in an area not currently being served. presently 15. Final authority foray napproval of the use of an incentive and/or inducement rests with the Town Council. 16. Each action is separate and independent from all other actions associated with the approval of the use of an incentive and/or inducement. ORDINANCE NO. (0) 04 - 10 OF THE TOWN OF ORO AN ORDINANCEVALLEY, ARIZONA TO ENTER� INTOAN AND APPROVING THE TOWN AUTHORIZING TOWN PMEN T AGREEMENT BY AND BETWEEN THE ECONOMIC DEVELOPMENT OF ORO VALLEY ANDVESTAR ARIZONA XXXIX, L.L.C. TO FACILITATE ILITAT E THE DEVELOPMENT OF A REGIONAL LIFESTYLE/ENTERTAINMENT/ TOPOWERWN RETAIL SI3 OPPING CENTER WITHIN THE TOWN OF ORO VALLEY. is political subdivision of the State of Arizona, and WHEREAS, the Town of Oro Valley a al l . • of the Arizona Constitution, is vested with all the rights, pursuant to Article 13, Section 7 . . benefits, which entitles the Town to immunities and exemptions grantedto a privileges, and and the • • subdivision under the Constitution as well as the laws of the State of Arizona political subd�v�s�on United States; and WHEREAS, pursuant to ARS § 9-500.11,], the Town may appropriate public monies for and in connection with the economic development; and WHEREAS, the Town of Oro Valley General Plan has identified expansion of the presence of the retail industry as highly• hl desirable and well-supported by the community; and ValleyEconomic Development Incentives Policy Guidelines WHEREAS, the Town of Oro provide for economic incentives to attract community or regional shopping centers; and WHEREAS, the Town recognizesimportance the im ortance of the tax revenue impact of community or regional shopping Genters; and __ WHEREAS, pursuant to ARS § 9 -500.11 the Town may appropriate public monies for and in development of a Regional Lifestyle/ Entertainment/ Power connection with the economic p Retail Shopping Center byVestar Arizona XXXIX, L.L.C.; and X L.L.0 intends to construct and operate a Regional WHEREAS, Vestar Arizona a�'� Power Retail Shopping Center primarily consisting of an entertainment Lifestyle/ Entertainment/ PP center, retail shops, �� restaurants, and other amenities (the "Center"): and ARS §§ WHEREAS, pursuant to9-500.05 and 9-500.11, the Town may enter into agreements L.L.C. regardingthe development of and economic development with Vestar Arizona a��Xlx from the Center; and "Economic Development Agreement" between the Town and WHEREAS, a document entitled E P Exhibit A and incorporated herein by this reference, shall prescribe Developer, attached hereto as p � ��estar certain agreements between the Town of Oro V alley and the terms and conditions of �. Oro Valley Marketplace EDA Ord3nanct in the development of the Center and the creation and payment of Arizona��►�X L.L.0 regarding p x revenues for the Town derived from the Center, assisting in the taxes upon retail sales to creation and retention of jobs for the residents of the Town; and WHEREAS, the Town finds that development of the Center will substantially increase economic development activity in the Town as follows: 1. Significantly increasing sales tax revenue with the Town; 2. Creating jobs within the Town; e development of community and regional shopping centers, as provided 3. Encouraging th p in the Town's economic development plan; 4. Expanding Ex andin the Town's retail sales tax base necessary to finance Town Government Services. pursuant to ARS 9-461, the Economic Development Agreement has been WHEREAS,S, § determined by the Mayor and Council to be consistent with the Town's General Plan and that the terms and conditions of the Agreement substantially improve and enhance the economic welfare of the residents of the Town of Oro Valleyand the Town of Oro Valley is not subject to the restrictions of ARS 9-500.6 byvirtue of the application of ARS § 9-500.6 (F). § NOW, THEREFORE, BE IT ORDAINED by the Mayor and the Council of the Town of Oro Valley, Arizona as follows: Section 1: That the attached Economic Development Agreement (Exhibit A) between the Town of Oro Valley and Vestar Arizona XXXIX L.L.C.., to facilitate the development of a Regional Lifestyle/Entertainment/Power Retail Shopping Center Project within the jurisdictional limits of the Town of Oro Valley, is hereby approved. Pursuant to ARS 9-500.05 and not later than 10 days after the Town enters into the Section 2: § Agreement, the Town shall record a copy of the Agreement with the Pima County Recorder's office constituting notice '11.•��..^- A *�r:�i` -t- w. to all persons. - olflce of the Ag1 cc cnl pe,sons. Section 3. Pursuant to 41-1346, the Town shall maintain efficient record management for local public records and it has been determined that this Ordinance is a public record with three copies of said Ordinance to remain on file in the office of the Town Clerk. Section 4. All Oro Valley Ordinances, Resolutions, or Motions and parts of Ordinances, Resolutions, or Motions of the Council in conflict with the provisions of this Ordinance are hereby repealed. Section 5. If anysection, subsection, sentence, clause, phrase or portion of this . . Ordinance is for anyreason held to be invalid or unconstitutional by the decision of any . . court of competent jurisdiction, such decision shall not affect the validity of the P remaining portions thereof Oro Valley Marketplace EDA Ordinance BE IT FURTHER ORDAINED that the Mayor and any other administrative officials of the Town of Oro Valley } are hereby authorized to take such steps as are necessary to execute and implement the terms of the Economic Development Agreement. PASSED AND Mayor ADOPTEDbyMa yor and Town Council, the Town of Oro Valley, Arizona, this 15th day of March, 2004. TOWN OF ORO VALLEY ATTEST: Paul H. Loomis, Mayor Kathryn E. Cuvelier, Town Clerk APPROVED AS TO FORM: Mark Langlitz, Town Attorney Oro Valley Marketplace EDA Ordinance Exhibit A ECONOMIC DEVELOPMENT AGREEMENT DEVELOPMENT AGREEMENT This Development Agreement (the "Agreement") is entered into this day of p g , 2003, by and between the Town of Oro Valley, an Arizona municipal corporation (the "Town") and Vestar Arizona XXXIX, L.L.C., an Arizona limited liability rp company (the "Owner/Developer"). RECITALS A. Owner/Developer was formed and exists for the purposes of owning and developing p approximately 100 acres of realproperty located within the corporate limits of the Town, pp legally described and on Exhibit A attached hereto (the "Property"). B. Owner/Developer intends and desires to develop a regional lifestyle/entertainment/power retail shopping center of approximately 900,000 square feet within the jurisdictional limits of the Town consistent with state law, the Oro Valley Town Code, and applicable Town policies. 1. Proposed Uses: This retail center is planned to accommodate a range of differing but complementary retail-related land uses on an integrated and master-planned basis. Typical uses envisioned in the center include destination and major anchor retailers not otherwise found or clustered in the Town, lifestyle and other retail shops, restaurants, entertainment facilities, national electronic and other hard goods retailing, financial institutions and other service businesses, landscaping, and distinctive common areas (the "Development"). Overall, the Development, which will have a unique regional draw, will create substantial 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 by bringing customers to the Development from the Town and surrounding communities. Attached hereto es _ Exhibit B is a conceptual description of the master site plan for the Development. This master site plan will be updated in accordance with Section 3 below at the time of the submission of the Phase I plan as described in Section 3 below. a. For the purposes of this Agreement, the Development will be developed in phases (the "Phases," Phase," or Phase #"), each of which shall be considered an independent and separate project and shall be consistent with applicable development standards. Owner/Developer will designate the specific area to be included in each Phase prior to the approval by the Town of each Phase as developed. b. The Town and Owner/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. C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc March 5,2004 Community Economic Development Strategy: The Development comports with the 2. Comm y � Town's CommunityEconomic Development Incentive Policy Guidelines and is expected to create a source of significant tax revenue for the Town for many years. a. The Town has determined that incentives are needed in order to develop the Property and to induce businesses to locate their operations in the Development. p y The incentives for each Phase shall not continue for more than fourteen (14) years as more fully set forth below. b. The Development will have a substantial positive economic impact on the Town because it is expected to provide diverse commercial and retail service opportunities consistent with the businesses targeted in the Town's Community Economic Development Strategy (September 1997). The Development is expected toproduce a significant number of new jobs and generate substantial p � sales tax revenues as well as additional economic benefit by reason of the facilities to be constructed as part of the Development. Consequently, the long- term benefits of the Development will offset and significantly outweigh the costs of the incentives. c. The Development will offer significant intangible benefits to the Town as a retail lifestyle/entertainment/power center. It will provide retail, service, lifestyle, and entertainment uses consistent with the surrounding existing uses. C. The Developmentcompliance is in with the Town's adopted and approved General Plan. On 2003, the Town Council adopted Ordinance No. which approves and authorized the execution and delivery of this Agreement. D. A.R.S. §9-500.05 authorizes the Town to enter into a development agreement with a landowner or othererson having an interest in real property located within the Town to p ._. facilitate development of the property by providing for, among other things, the conditions, p p p terms, restrictions, requirements for development and public infrastructure and the and financingof public infrastructure. Because of its location and typography, the Development will entail significant atypical additional offsite and site costs requiring assistance for feasible development. E. In approving Agreement,this A eement, the Town Council has found and determined that certain activities relatingto the Development are economic development activities within the p meaning of A.R.S. §9-500.11, that all expenditures by the Town pursuant to the Agreement constituteappropriation expenditure the ro riation and ex enditure of public monies for and in connection with economic development activities and that it is appropriate to provide Owner/Developer with the benefits in this Agreement as an inducement to cause Owner/Developer to construct, own, and operate the Development in the Town. F. The Town a population of Oro Valleyhas o ulation of less than 100,000 persons and the provision of A.R.S. §9-500.6 are inapplicable. 2 C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc March 5,2004 NOW, THEREFORE, in consideration of the mutual promises made herein, the parties agree as follows: AGREEMENTS of the Recitals: The parties hereby acknowledge and confirm the accuracy of the 1. Accuracy Recitals, which are incorporated herein by this reference. 'v Date: This Agreement shall be effective upon adoption and effective date of 2. Effective g1" Town Ordinance No. and the execution of this Agreement by both parties and as provided by law. 3. Submission of Development Plan: As a condition precedent to the rights of Owner/Developer to share with the Town the site-specific sales tax revenues generated from the first and successive Phases of this Development in accordance with the provisions of Paragraph 8 of this Agreement ("Revenue Sharing") and the obligation of the Town to provide such Revenue Sharing, the Owner/Developer shall prepare and submit to the Town within twelve (12) months of the Effective Date of this Agreement a development plan for Phase 1 of the Development (the "Phase 1 Plan") presently estimated to be approximately 300,000 square feet. The Town will, within the ensuing six (6) months (or as soon thereafter as feasible), review and pursue final approvals of the Phase 1 Plan by the Town Council. Thereafter, the parties will diligently cooperate to complete and process plans and specificationsnecessary for building permits for the approved Phase I plan. At the time that Owner/Developer er submits the Phase I Plan, it shall also submit an updated revised conceptual master site plan for the entire Development. The parties agree that time is of essence in the preparation, submittal, review and, if appropriate, approval of the the P P Phase 1 Plan. 4. Designation of Phase Areas: Owner/Developer shall by right designate up to five (5) __. which Phases shall not total in excess of 900,000 square feet of rentable Phases, commercial space unless otherwise approved by the Town. Owner/Developer shall designate each Phase area when Owner/Developer submits a development plan for each PP Phase for the Town's review and approval. Owner/Developer shall utilize commercially reasonable efforts to bringadditional retail users to the site for subsequent Phases and to submitdevelopmentplan a for each subsequent Phase within two (2) years following the date of approval by the Town of the development plan for the prior Phase. 5. Development: Development The Develo ment shall be developed and constructed in accordance with Town ordinances and development standards in effect at the time of the execution of the To n P this Agreement. In that regard, the Town shall not apply any hereinafter enacted development or v o impact fees to development on the Property and shall not apply to the p anyso-called Large Retail User or Big Box Ordinances (i.e., ordinances Development g whichimposesspecial s ecial limitations or restrictions on the development of single user retail facilities in excess of a certain size limitation [such as 100,000 square feet or more of retail space] for retail facilities on the Property). 3 C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc March 5,2004 6. Cooperation: To further the commitment of the parties to cooperate in the implementation of this Agreement, the Town and Owner/Developer each shall designate and appoint a representative to act as liaison between the Town and its various departments and Owner/Developer. The representatives shall be available at all reasonable times to discuss and review the performance of the parties to this Agreement. The initiation representatives of the parties are: Town: Town Manager or his Designee Owner/Developer: David J. Larcher or his Designee 7. Fast Track: The Town shall, consistent with its adopted policies, provide to Owner/Developer of the Development priority in the processing, review and, if appropriate, approval of all plans, permits, and other applications and all shall be processed in an expeditious and priority fashion in order to ensure "fast track" treatment of the Development. If requested by Owner/Developer, the Town will dedicate an on-site inspector to expeditiously review and, if appropriate, approve or coordinate the review and approval of all construction and building approvals required in connection with the Development. If fast track treatment in the form of extra personnel is requested by Owner/Developer, all costs associates with such extra personnel, including without limitation, the dedication of an on-site inspector, shall be borne by Owner/Developer. Further, to facilitate the foregoing, the parties agree that if at any time the Owner/Developer believes an impasse has been reached with Town staff (the "Town Staff') on any issue affecting commercial development on the Property, the Owner/Developer shall have the right to immediately appeal to the Town Manager for an expedited decision on such matter. Such decision shall be made by the Town Manager (in such circumstances where a final decision can be reached by Town Staff) within seven (7) days after the Owner/Developer's request for an expedited decision. If the issue on which an impasse has been reached is one where a final decision requires action by the Town Council, the Town Manager shall schedule a Town Council hearing on the issue to take place within thirty (30) s after Owner/Developer's request for an expedited decision; days provided, however, that if the issue must first be reviewed by the Town's Planning and Zoning Commission, the matter shall be submitted to the Commission within thirty (30) days and then to the Town Council at the first meeting following the Planning Commission hearing. 8. Revenue Sharing: A. Sales Tax Revenue Sharing: The Town agrees to share with Owner/Developer a portion of the sales tax revenue generated by each Phase of the Development as provided in Article 4 of the Oro Valley Tax Code, but not including any construction sales tax revenue. The present sales tax rate in effect is two percent (2%). The Town shall retain thirty-six percent (36%) of the Town's sales tax revenue generated by each Phase of the Development from the Town's sales tax during the five (5)-year period (the "Initial Sharing Period") commencing on the first day of the month following issuance of certificates of occupancy for a majority of the rentable space 4 C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OL.K6\Stone Canyon Retail Dev Agmt-CLN.doc March 5,2004 forapplicableapprovedhea Phase. Owner/Developer shall receive the remaining sixty-four percent (64%) of the Town's sales tax revenue generated by each Phase y during the Initial Sharing Period for such Phase from the Town's sales tax. During the five (5)-year period following the expiration of the Initial Sharing Period for the applicable Phase (the "Middle Sharing Period"), the Town shall retain fifty percent (50%) of the Town's sales tax revenue generated by such Phase of the Development from the Town's sales tax, and Owner/Developer shall receive the remaining fifty percent (50%) of the Town's sales tax revenue generated by such Phase of the Development from the Town's sales tax. During the four (4)-year period following expiration of the Middle Sharing Period (the "Final Sharing Period"), the Town shall pTown'sgenerated retain seventy percent (70%) of the sales tax revenue by such Phase of the Development from the Town's sales tax, and the Owner/Developer shall receive(subject subject to Section 8.E below) the remaining thirty percent (30%) of the Town's Sales Tax revenue generated by such Phase of the Development from the Town's Sales Tax. In order to incentivize the prompt development of subsequent Phases, the fourteen (14)-year tax revenue sharing period for each subsequent Phase shall commence no later than two (2) years following the issuance of certificates of occupancy for a majority of the rentable space from the prior approved Phase. If the p • y (2%), hall not be tax rate increases beyond the current two percent Owner/Developer s entitled to share in any tax revenues in excess of the two percent (2%) rate. B. Revenue SharingProcedures: Revenue Sharing as provided in this Paragraph 8 will be based on documentation that indicates proof of taxes remitted to the Arizona Department of Revenue ("ADOR") from or upon each Phase of the Development, as reasonably determined by the Town's Finance Director. The Town shall pay sums payable able to Owner/Developer hereunder within sixty (60) days after the quarterly sales tax revenuesg enerated from each Phase of the Development have been determined provided, however, that the Town shall have received payment from the ADOR. In the event the sales tax due from any Phase of the Development is adjusted due to error, overpayment, ayment, or miscalculation, Town and Owner/Developer underpayment, each agree to remit to the other any amounts necessary so that Owner/Developer and Town each receive their proportionate share of the sales tax revenue ultimately determined to be due for the applicable period. C. Maximum Cumulative Revenue Sharing: Under no circumstances shall Owner/Developer be entitled to share sales tax revenues, the total of which, for each Phase, exceeds the lower of the following amounts: i. The cost of that Phase; or ii. The percentages described in paragraph 8.A. D. Rebate — Not a Pledge: This Agreement creates rights and obligations regarding the paymentofmoney, but nothing contained herein shall constitute a pledge of tax revenues. Nothing contained in this Agreement shall impair or restrict the right of the Town to pledge sales tax revenue from the Development. 5 C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc March 5,2004 E. Reconciliation Calculation: Notwithstanding the provisions of Sections 8.A and 8.B above, thep ortion of sales tax revenue otherwise payable to Owner/Developer during the final year of the Final Sharing Period of each Phase shall be held back by the Town for a period no longer than sixty (60) days after quarterly sales tax revenues have been determined for the final quarter of the Final Sharing Period. As soon as feasible, but no later than the expiration of such sixty (60)-day period, a comparison shall be made as to the respective sales tax revenues received by the Town and the Owner/Developer during the entire term of this Agreement for such Phase (with the Town's calculation to include any construction sales tax received by the Town). In the event that the Town's sales tax revenue proceeds are less than fifty percent (50%) of the total received by the Town and the Owner/Developer, the Town shall receive such portion of the final year sales tax revenues for such Phase otherwise payable to the Owner/Developer but withheld by the Town as above-described as may be necessary to increase the Town's share of sales tax revenues of such Phase up to fifty percent (50%) of the total of sales tax revenues received by the Town and the Owner/Developer for such Phase. The balance, if any, of the withheld revenue shall be paid to Owner/Developer. In the event that it is clear at any point that the Town has (or will) receive more than fifty percent (50%) of the sales tax revenues for the fourteen (14)-year tax revenue sharing period, there shall be no withholding of sales tax revenues from Owner/Developer. 9. Signage:e: The parties acknowledge that Owner/Developer will submit a comprehensive � sign package as part of the approval process for Development. While Owner/Developer will endeavor to comply with existing signage standards to the greatest extent feasible, the Town acknowledges and agrees that it will reasonably accommodate its signage approval process to accommodate to retail user's distinctive building and site identifications and attributes. � nr.Pr has been 10. Acknowle0 ement of Increase in Construction Sales Tax: Owner/Develop__ advised that the construction sales tax of the Town has or may be increased from two percent (2%) to four percent (4%). Owner/Developer acknowledges and agrees that the construction it four percent (4%) construction sales tax figure shall apply to performedby in the Development. 11. General Provisions: A. 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 Agreement are hereby acknowledged and incorporated herein and the parties hereby confirm the accuracy thereof. B. 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 fully set forth in the body of the Agreement. 6 C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc March 5,2004 C. Entire Agreement: This Agreement and the attached exhibits constitute the entire gr theparties pertainingto the subject matter of the Agreement. All agreement between prior and contemporaneousagreements, representations, and understandings of the g1" parties, oral or written, are superseded and merged in this Agreement. D. 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. E. Recordation: agree parties a ee 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) yda s of the full and complete execution and delivery of this Agreement by all parties. F. Amendments: No change or addition is to be made to this Agreement except by a written amendment executed bythe Town and Owner/Developer. Within ten (10 days after any amendment to this Agreement, such amendment shall be recorded in the Official Records of Pima County, Arizona. G. 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 provision 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 significantlyinvolved initiating, negotiating, securing, drafting, or creating the person g contract on behalf of the Town is, at any time while the contract or any extension effect, an employee or agent of any other party to the contract in any thereof is in _other capacity or a any consultant to party to the contract with respect 10 the subject 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 Owner/Developer. Notices: noticesgiven pursuant to this Agreement shall be given in person or by H. All first class, pre-paid certified mail (return receipt requested) to the following persons or any other persons a party may designate in writing: To the Town: To the Owner/Developer: Town of Oro ValleyVestar Arizona XXXIX, L.L.C. 11000 N. La Canada Drive 2425 E. Camelback Rd, Suite 750 Oro Valley, AZ 85737 Phoenix, AZ 85016 Attn: Town Manager Attn: David J. Larcher cc. Town of Oro Valleycc: Vestar Arizona XXXIX, L.L.C. 11000 N. La Canada Dr. 2425 E. Camelback Rd, Suite 750 C:\Documents and Settings'p.eir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc March 5,2004 AZ 85701 Phoenix, AZ 85016 Oro Valley, Attn: Mark Langlitz, Esq. Esq. Attn: Allan J. Kasen,g . Town Attorney Nothingshall preclude non-binding arbitration if the parties so I. jjgation: herein elect in the event of a dispute hereunder. Agreement shall inure to the benefit of and be binding J. Successors and Assigns: This gr sors and assi s of each of the parties to this Agreement pursuant to upon the succes � receive its share of Owner/Developer shall retain the right toA.R.S. §9-500.05(D). the Town's sales tax revenue generatedby each Phase of the Development from the Town's 2% sales tax asprovide by Paragraph ap h 8 of this Agreement regardless of the ownership of anyor all of the Property unless Owner/Developer status of title or owne p expressly assigns rights such ri hts as provided herein. No assignment, however, shall relieve either party of its obligations hereunder, except that an assignment by connection with the transfer of title to the Property shall relieve Owner/Developer in to be of its obligations hereunder provided such transferee agrees Owner/Developerg er shall be theprovisions hereof. Any assignment by Owner/Develop fully bound by withheld or approval of the Town, which shall not be unreasonably subject to the pp delayed. Notwithstandingthe foregoing, Owner/Developer may, without the Town's consent, assign Agreement this A eement to any Affiliate of Owner/Developer or any entity in or an Affiliate of Owner/Developer is a managing member which Owner/Developer or managing partner.artner. As used herein, the term "Affiliate" means any entity under common control with Owner/Developer.er. Further, notwithstanding the fact that this Agreement is being recorded in the Official Records of Pima County, it is intended that this Agreement shall not be an encumbrance upon the title of any person portion of the Property, and that the terms purchasing or owning a and conditions of the Agreement are not covenants running with the land and that no person is bound by (or entitled to) the burdens and benefits of this Agreement unless such burdens are expressly assumed or such benefits are expressly assigned by such person: K. Force Majeure: Notwithstanding any other term, condition, or provision hereof to the event anypartyhereto is precluded from satisfying or fulfilling any contrary, in the labor strikes, imposed upon such party by the tern'is hereof due to duty or obligationp p disasters, acts material shortages, war, civil disturbances, weather conditions, natural . the control of such party, the time period provided of God, or other events beyond herein for the party performancebysuch of such duty or obligation shall be extended for a9 eriod equal to the delay occasioned by such events. p provision of this Agreement is held to be illegal, invalid, or L. Severability. If any g shall in whole or in part, under present or future laws, such provisions unenforceable, this Agreement shall be construed and enforced as if such be fully severable and g illegal, this provision had never comprised invalid, or unenforceable a part of provisions of this Agreement shall remain in full force Agreement and the remaining and effect and shall not be affected illegal,bythe ille al, invalid, or unenforceable provision or by the severance of such provision from this Agreement. Furthermore, in lieu of 8 C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc March 5,2004 unenforceable provision, there shall be added automatically as such illegal, invalid, or t provision as similar in terms to such illegal, invalid, or part of this Agreement, a unenforceable possible provisionsas maybe and still be legal, valid, and enforceable shall be deemed reformed accordingly. Without limiting the and this Agreement . foregoing, if all or anyportion of the payments required by the terms generality of the f �, g, . are determined, bya court of competent jurisdiction in a final non- appealableof this Agreement precluded, the to be contraryto public policy or otherwise precl judgment, ' parties shall utilize their reasonable,best efforts to promptly restructure andlor amend enter into a new agreement Agreement, or to to afford the Owner/Developer the economic benefits of this Agreement in light of the benefits to the Town. M. Time is of the Essence: Time is of the essence in the performance of each and every obligation bythe Town and Owner/Developer as provided for herein. The Town is aware that financing for development, construction, N. Lender Provisions: p and operation of the Development may be provided, in whole or in part, from time to one or more third parties (collectively, "Lender"), which Lender may request time, by a collateral assignment Agreement ent of this A eement as part of its collateral for its loan to Owner/Developer. The Town agrees that such collateral assignments are permissible of the Town. In the event of default by Owner/Developer, the Town without consent shall provide notice of such default at the same time notice is provided to previously to anyLender identified in writing to the Town. If a Lender is permitted,itted, under the terms of its agreement with Owner/Developer to cure the default andlor to assume Owner/Developer's position with respect to this agrees the Town a ees to recognize the rights of Lender and to otherwise me such rights and obligations of Owner/Developer under this permit Lender to assn g Nothing Agreement. contained in this Agreement shall be deemed to prohibit, right or limit in any waythe ri ht of a Lender to take title to all or any portion of to a foreclosure proceeding, trustee's sale, or deed in lieu of the Property, pursuant -,, Town shall, at any ?itne upon►n request by Owner/Developer or foreclosure. The �po__ n Lender an estoppel certificate, acknowledgement of collateral Lender, provide to any PP assignment, or other document evidencingthat this Agreement is in full force and not been amended or modified (or, if appropriate, specifying such effect, that it has er exists modification), default and that no by Owner/Develop amendment or hereunder (or, appropriate,if a ro riate, sPecifying the nature and duration of any existing default) and certifying to such other matters reasonably requested by Owner/Developerp or Lender. Upon request by a Lender, the Town will enter into a gI" separate assumption or similar agreement with such Lender consistent with the provisions of this Paragraph. O. Town Representations: The Town represents and warrants to Owner/Developer that: full right, power, and authorization to enter into and perform this I. Town has the g , each of Town's obligation and undertakings under this Agreement and Agreement gand Town's execution, delivery, and performance of this Agreement , 9 C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc March 5,2004 have been duly authorized and agreed to in compliance with the requirements of the Oro ValleyTown Charter and the Town of Oro Valley Code. approvals necessary to the execution, delivery, and 11. Al] consents and pp performance of this Agreement A reement have been obtained, and no further action needs to be taken in connection with such execution and delivery. iii. The Town will execute all documents and take all actions necessary to implement, evidence, and enforce this Agreement. iv. This Agreement and each undertaking of the Town contained herein), constitutes abinding, valid, and enforceable obligation of Town, enforceable accordingexcept its terms, to the extent limited by bankruptcy, insolvency, and other laws of general equity. v. The Town shall defend anyaction brought to contest the validity of this Agreement (except for items for which Owner/Developer is responsible under O.P.iv below) and shall not seek from Owner/Developer any Section contributions, payments,a ents costs, or attorneys' fees incurred in such defense. vi. The y� performance execution, deliver and of this Agreement by Town is not prohlblte d by, and does not conflict with, any other agreements, laws, instruments, or judgments to which Town is a party or is otherwise subject. vii. The Town has been assisted bycounsel of its own choosing and has been fully apprised of all risks associated with the transaction contemplated in this Agreement. P. Owner/Developer Representations: The Owner/Developer represents and warrants to Town that: has the full right, power, and authorization to enter into and i. Owner/Developer ,g perform this Agreement, and the Owner/Developer's execution, delivery, and g performancence of this Agreement have been duly authorized and agreed to in accordance with the organizational documents of the Owner/Developer. ii. All consents and approvals necessary to the execution and delivery of this Agreement have been obtained, and no further action needs to be taken in connection with such execution and delivery. iii. The oP Owner/Developer will execute all documents and take all actions necessary to implement, evidence, and enforce this Agreement. iv. Owner/Developereloper shall defend anyaction brought to contest the validity of this Agreement arising'sin from Owner/Developer's violation of the foregoing 10 C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc March 5.2004 representations and shall not seek from the Town any contribution, payments, costs, or attorneys' fees incurred in such defense. execution, deliver and performance of this Agreement by v. The y� Owner/Developer er does not conflict with, any other agreements, instruments, judgments, or decrees to which Owner/Developer is a party or is otherwise subject. vi. Owner/Developer has not paid or given, and will not pay or give, any third party any money or other consideration for obtaining this Agreement other than normal costs of conductingbusiness and costs of professional services such as the services of architects, engineers, and attorneys. has been assisted by counsel of its own choosing and has vii. The Owner/Developer been fully apprised a rised of all risks associated with the transaction contemplated by this Agreement. c Confirmation. When requested by either Town or Owner/Developer, Q. Compliance which request can be made from time to time, the other shall confirm the following in tothe requesting partyas soon as practicable of the request, but in no event writing q g later than fifteen (15) days from the date of the request: i. This Agreement is unmodified and in full force and effect (or reasons why it is not). i1. Based upon knowledge, there are not any uncured Defaults under this Agreement (or reasons why there are). iii. Such other matters as the requesting party shall reasonably request. matter is expressly stated to be in the sole discretion of R. Consents: Except where any p y art the inperformance of this Agreement or in considering any requested extension party, y' � in good faith and will not act of time, the parties agree that each will act unreasonably, capriciously, arbitrarily, or unreasonably withhold any approval or consent required by this Agreement. S. Counterparts: This Agreement may be executed in counterpart originals. g IN WITNESS WHEREOF, the parties hereto have caused to be executed, the day and year herein written. (Signatures on next page) C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc March 5,2004 TOWN TOWN OF ORO VALLEY, an Arizona municipal corporation By: Name: Paul H. Loomis Title: Mayor ATTEST: By: Kathryn E. Cuvelier, Town Clerk Dated: APPROVED AS TO FORM: By: Mark Langlitz, Town Attorney Date: OWNER/DEVELOPER VESTAR ARIZONA XXXIX, L.L.C., an Arizona limited liability company By: Name: Title; 12 C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc March 5,2004 STATE OF ARIZONA ) ) ss. County of Pima ) The foregoing instrument was acknowledged before me this day of 2003,by as of the Town of Oro Valley. Notary Public My Commission Expires: STATE OF ARIZONA ) ) ss. County of Maricopa ) The foregoing instrument was acknowledged before me this day of g g 2003, by as Manager of Vestar Arizona XXXIX, L.L.C., an Arizona limited liability company. Notary Public r. vl� C Vi E mission Ap i cs: 13 C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc March 5.2004 EXHIBIT A LEGAL DESCRIPTION OF THE PROPERTY C:\Documents g and Settin s\iJweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc EXHIBIT B CONCEPTUAL MASTER SITE PLAN APPROVALS C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLKb\Stone Canyon Retail Dev Agmt-CLN.doc Attachment 3 February 2, 2004 Jeffrey Weir, Economic Development Director Town of Oro Valley 11000 N. La Canada Dr. Oro Valley, AZ 85737 RE: Oro Valley Marketplace Development Agreement Dear Jeff: o Per your request, here is a summaryf pertinent tax reimbursement agreements with Arizona cities or towns. CITY OR TOWN PROJECT PERCENTAGE TIME PERIOD 70% 15 years Tempe Marketplace City of Tempe P City of Scottsdale Los Arcos Mall 69% 40 years City _ Emerald Center 50% 20 years of Tempe _ ��� � � Ivo ' 15 yed,� City of Chandler Emerald a Fashion Jyua,e City of Scottsdale Stacked 40s Automall 671/2% 10 years 50% 15 years Avondale Automall Town of Avondale Please contact me if you have any questions. Sincerely, David Malin DM/de gct 0 0 N_ 00 el in 0 M N 4 0 Co 0101000 NN tO00ID NOOMI1) 0 01 ./ 0101%VNM �+ COM CO M O 00 00 et N N.-1 0 !t N t0 V Net N '0 CO C1 0 .. t0 N re) In Ill e� � Ir1 g0 In R-! 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',--if ..„....,..r!'.-2,--H,'. , K. ..A.fialip,...,‘,\., . 424, ...1'.u.,' . i.:,1.1,;•:...-...-•/2 r.,!:.-,,t--- -• i' ,',' L',' ‘‘.' -,,-Ii‘,..„,:tLf.L.1... -„,14.is-. ' -*..---' * * ,II.•- -- i ,-.e_;,..,.v,sgo ,. : , .z,-,:.,--;(-....',,,, ssf, ..•-:-.51.-.4% PI.$1,.„2'. ,,,..t.,.'T.' • _„•-•• 1 1 Atl,2r110btl ;,-44.AF-';24‘.: 'Pitt,. ,'''''14';F;.•ilikist, ititk- 'rls ' -/ .' -4T.' ' ' ,,.44-0..i..,:,.,......_._j.......:-„,,, „i„___-- ---,-....-... ;„ -..je N.•'•-.4' - /I 77/ /'it / (.1.- " -7R7 Ai, ,5777A7 PLAN Torii,47 4R0 VaZ,X7' _ , 11 mr,v•Of/MY,E•li.1/f7" 711r,cembren: 1 NORTH -.„ A.,4 1•77, rosAwrR rwsr- • /.7.m-1,70174,AA* /CY) V A 1,..,1-F,Y01 .41A.R.,K..F,OROr iP,A1,zA zC;i../-1AR ARIZONA0 A D IA1P11) 7F,W,A1/177:s .17.7""effIter 19X4R1).57.1f7 739r -• TOWN OF ORO VALLEY 0 \__E • 0 — _ y4 - . ';71 — JJ i t . . �' a '` _ . • X11 '0*7; I��..+.1+�^� �; ` � r - - • m k°' 4111/ - . _ .‘ . . ..._ • tc , , °ODEO COMMUNITY ECONOMIC DEVELOPMENT STRATEGY TOWN OF ORO VALLEY COMMUNITY ECONOMIC DEVELOPMENT STRATEGY • SEPTEMBER 1997 0 TOWN OF ORO VALLEY TOWN COUNCIL CHERYL SKALSKY Mayor PAUL PARISI Vice-Mayor BILL KAUTENBURGER Councilmember 410 FRANK BUTRICO Councilmember DICK JOHNSON Cou rciirnember Acknowledgements The following persons were instrumental in the development of the Town of Oro Valley's Community Economic Development Strategy. Economic Development Plan Task Force Cheryl Skalsky Mayor Kit Donley Pro L.A.N.D. Dennis Douglas Chairman, P&Z Commission ri Melissa Franklin Educator, Amphitheater School District Patti Jo Lewis Development Review Board Richard Maes Vistoso Partners Michaele Ann Melton El Burrito Patio Restaurant Patty Morris Tucson Electric Power Oscar Rothenbuecher P&Z Commission Mark Weinberg Diamond Management Town Support Staff Chuck Sweet, Town Manager Norm Phillips, Economic Development Administrator David Andrews, Finance Director Don Chatfield, AICP, Planning & Zoning Director Bryant Nodine, AICP, Senior Planner TABLE OF CONTENTS • Mission Statement ... 1 Background ••• 2 Scope and Organization ... 3 Purpose 4 Action Steps ••• 4 Town of Oro Valley-Assistance for Economic Development ... 9 Challenges and Vision for the Future ... 9 Appendix Economic Development Partners — Programs and Assistance ... 12 Economic Development Contacts ... 18 TABLE 1 - GTSPED Targeted Industries ... 19 MISSION STATEMENT "To increase the quality of life for Oro Valley citizens and the business • community by developing a positive business climate consistent with the community's values to ensure the long-term financial and economic sustainability of the Town of Oro Valley." • 1 Background During the past year there has been a concerted effort on the part of Town and private individuals to develop an organized plan of action for economic development in Oro Valley. Oro Valley leaders have begun to realize that resources available for economic development are being depleted. The limited commercial and industrial lands are rapidly being developed. Also, the demand for municipal al services creates an incentive for the Oro Valley community to g establish a stronger commercial/industrial tax base in order to keep local taxes at a minimum. In July 19P 96 the Town adopted the Focus 2020: Oro Valley General Plan, which included an Economic Development Element. A key policy (3.IA) in the Economic Development Element of the Plan states: "Economic Development touches everyone and everything within a community. Policies Eco p made now will have substantial impacts on the future. They will determine the services a town can provide to its residents and the quality. To ensure that future growth reflects the desires of the community in balance with an analysis of the Town's financial needs, 1110 Plan for Economic Development will be detailed to ensure that future a Strategic development will complement community values and work toward implementation of the p community's economic vision for the future." The development ment and use of an economic development strategy was deemed to be an important step providing in rovidin for implementation of the General Plan Goals and Policies. Without a strategic plan for action, the implementation of the poorly Plan Goals and Po!i ies, would likely be sporadic, uncoordinated, poo y timed and inefficient. With a strategic or action plan for economic development the Town can make the best use of limited resources in providing a focused economic development program for the community. As statement in the Economic Development Element of the General Plan says it best; "The success of the General Plan is measured by how well the plan is implemented." - Important actions called for in the General Plan Element include: • App oint an Economic Development Task Force to work closely with the Economic Development Administrator (EDA) to develop a Strategic Plan. • Develop an economic development marketing plan. z with surroundingmunicipal and regional as well as • Coordinate closely Statewide organizations. • Develop and maintain a computer database inventory of available land and buildings • a Developfiscal impact analysis before initiating an annexation. P P • Develop an Economic Development Impact Analysis to be incorporated into the evaluation of significant development proposals. g • Initiate the design of thematic entry monuments at key entry areas to Oro Valley. One purpose of an economic development strategy is to organize and implement these and other actions necessary to provide for an effective economic development effort. The second action item suggested in Economic Development Element was the appointment oP f an Economic Development Task Force to work with the EDA in developing a Strategic Plan. 40 The Economic Development ment Task Force was appointed by the Town Council in August of 1996 to coordinate the completion and adoption of a strategic plan. The first Task Force meetingwas held in October of that year. Care was taken to include members which represented various major groups within the community, i.e., small business, developer, land owner educator, utilities, home owner, etc. The Task Force met monthlyfrom October of 1996 through August 1997. The Town Manager, the Economic Development Administrator, thu Finance Director and the PlanningZoning and Director facilitated the meetings. In September 1997, the strategic plan document was completed and sent to the Town Council for implementation. Scope and Organization isdesigned to bringtogether under one cover the existing and This documentg 9 planned strategies and programs into an overall community economic g development strategy for the Town of Oro Valley. The name of this plan is the Town of Oro Valley CommunityEconomic Development Strategy (CEDS). 411 3 Purpose The purposes of the Community Economic Development Strategy are as follows: • Implement the Goals and Policies of the Economic Development Element of the Town General Plan. • Make the best use of limited resources in providing a focused economic development program for the community. • Link all development-related programs and strategies in a formal way. • Provide guidelines in decision-making to the Town's political and administrative leadership to achieve unity of purpose in the pursuit of economic development goals. • Attract new public and private resources to assist in carrying out the action steps contained in the CEDS. Action Steps • (1) Establish an Action Program and operating budget for the Economic Development Administrator (EDA). The EDA will work with the Finance Director and Town Manager to develop an action program and operating budget for one year and operating guidelines for a three-year program (subject to refinement). This program & budget will provide the general framework in which the EDA is expected to operate and is bases on activities needed to implement the Economic Development Element of the General Plan. The one-year program will provide a focused scope, while the three-year program provides the broader operating context. This process of developing the one and three-year program is advanced by one year and updated. (2) Insure that adequate funding resources are available to implement the action steps contained in this document. The EDA and the Finance Director will work with the Town Manager and Town Council to assure that adequate funding is available to carry out the action steps contained in the Economic Development Strategic Plan. • 4 • (3) Pursue private, county, state and federal funding sources. The EDA will seek out available funding from various sources including the private sector and various governmental agencies. (4) Develop and implement a Business Retention Program. A retention program will be developed which provides for regular visits by Town staff to Oro Valley businesses. A survey will be utilized and information summarized at the end of each year and an annual report produced. The report will be used to analyze and evaluate Town services, development trends and other information relating to the business community. The report will be presented each year to the Town Council. (5) Monitor expansion plans of businesses in the community. In conjunction with the Business Retention Program, the EDA will closely monitor the expansion and relocation plans of businesses in the Town. The EDA will assist expanding businesses with their plans and help to expedite the development review and construction process. • (6) Work with appropriate agencies in assisting local business and retaining local companies in Oro Valley. The EDA will work with the Greater Oro Valley Chamber of Commerce, Greater Tucson Economic Council (GTEC), the Industry Network Corporation (INC), Pima County's Business Assistance Center, the Pima Community College Small Business Development and Training Center and the Arizona Department of Commerce in assisting local businesses and retaining local companies in Oro Valley. (7) Work to attract retail development in the community by maintaining regular contact with the development community. The EDA will maintain regular contact with landowners, real estate professionals, and developers in order to attract new retail development to the Town. Contact with the retail community will be facilitated through attendance at meetings and conferences of the International Conference of Shopping Centers (ICBG) to secure new prospects and network with retail professionals. • 5 (8) Streamline the development review process. Development The EDA will work with the Town D ment Review Ad Hoc Committee and p Town staff to streamline the development ment review process. A procedure will be developed to expedite the permitprocess rocess in response to development requests the Town image,of significant importance to tax base or employment base. (9) Create and foster a positive image the Town and use that image in marketing plans to Create a positive image for promote Oro Valley in industries such as retail, manufacturing and tourism. Specific action steps are: Complete an Identity/Image study for the community. • Y • Use the study in developing st develo in marketing plans for retail, light industry and hospitality and tourism industry attraction. • p y to develop with the Town Council and other appropriate groups p and enhance a sense of communityidentity through landscape and design themes/treatments atentryways to the Town or along major road corridors. • Work with the Town Council, Arts Board, Public Works Department and the Arizona Department of f Trans ortation (ADOT) to provide directional signage 4110 n the I-10 freeway and State Routes 77 and 89. to Oro Valley along Town Hall Complex and surrounding vicinity as the • Work to establish the p "Town Center" of Oro Valley and work to establish this site as the focus and identify for the community. on the move, properly staffed and • Promote Oro Valley asprogressive, favorably disposed to accommodate the need of new retail, high tech industry and resort and tourism developments. as a quality to live, work, shop and recreate. • Portray Oro Valley place , Demonstrate the. commitment of Town officials to accommodate commercia� and industrial developments, which contribute to the community's identity. • Reinforce the competitive strengths of Oro Valley as a place for business, unique recreational opportunities and desert and mountain capitalizing on the citizens, high median income and rapid growth. beauty, highly educated 9 (10) Work with regional organizations to improve the image of the Town in the development community. Work with regional organizations such as the Greater Tucson Economic Council Metropolitan Tucson Convention and Visitors Bureau (MTCVB) and the (GTEC), developingthe Town image. Work Oro ValleyChamber of Commerce in 9 Greater with such organizations to improve the image of the Town within the development community. 6 (11) Develop a strategy to encourage northern Town and unincorporated area . residents to shop and do business in Oro Valley. It is recognized that it is important to provide nearby shopping opportunities for those Town residents in the Rancho Vistoso section of the Town and citizens north of Oro Valley. This area has significant economic potential and should be included in the Town Marketing Plan. (12) Develop and adopt a Business Incentive Policy The Town may from time to time wish to use some form of incentives to attract or retain desirable businesses. Guidelines and review criteria will be established to assist the Town in deciding when to grant such incentives. (13) Develop a computerized Fiscal Impact Analysis The EDA will develop a computerized fiscal impact analysis for use in measuring the benefit of specific development, rezoning or annexation to the community. (14) Develop and maintain a Database Inventory The EDA will develop and maintain a computer database of available land, • buildings and lease space. (15) Develop and Maintain an Oro Valley Business Directory Develop a Business directory as part of an effort to retain retail dollars in the community and encourage residents to use Oro Valley services. (1F) Develop Economic Development Web pages Develop Economic Development Web pages on the Internet, including a retail, industrial /office and general information and demographics page. The existing Oro Valley tourism page will be updated. (17) Work to increase the number of tourists, both seasonal and year round, that come to Oro Valley. Work with the MTCVB, the GOV Chamber of Commerce and the Sheridan El Conquistador to increase the number of tourists that come to the area. (18) Work to attract uses which support the hospitality/tourism industry. These uses include retail businesses such as hotels and restaurants, which 411 generate sales and bed tax revenues for the Town. 7 (19) The Town will target the following list of retail, tourism and industrial uses for areas identified appropriate in the General Plan. These targeted uses meet one or more of the following criteria: • High paying jobs • Strong projected job growth • Underrepresented in the Oro Valley market Retail * • Furniture & Home Furnishings • Big-box Discount Stores • Restaurants • Drugstores • Movie theaters • Clothing stores Tourism • Resorts • Hotels/motels • Driving range Office 40 • Corporate orate headquarters/regional headquarters • Back-office facilities • Health services • College, institutions • Professional offices Services • Dry Cleaning • Insurance services • Banking and credit institutions • Insurance Agencies • Investment Services Industrial The Town will target the Greater Tucson Strategic Partnership for Economic Development (GTSPED) selected industries** as described in the Greater Tucson Strategic Economic Development Plan, July 1996 (see Table 1). * Well-designedspecialtyretail developments (such as Saint Phillip's Plaza in P Tucson) are much-preferred referred over strip commercial projects. * * industries under the groupheading "Fabricated Metals/Industrial • A group of industr e Machinery & Equipment " has been not been included due to incompatibility with the Town General Plan. 8 (20) Work with appropriate agencies in developing industrial/office leads and prospects. The EDA will work with the GOV Chamber of Commerce, GTEC and the Arizona Department of Commerce in developing industrial/office leads and prospects. This will include coordination on marketing materials and attendance at relevant events, trade shows, conferences and prospecting trips. (21) The status of the Economic Development Plan will be reviewed annually by Town officials. The EDA will review the Economic Development Strategic Plan annually with the Finance Director and Town Manager. Appropriate modifications will be brought forward to the Town Council for adoption. An annual status report will be prepared andpresented resented to the Council reviewing progress on completion of the action steps identified in the Strategic Plan. Town of Oro Valley-Assistance for Economic Development Local governments in the Tucson regional area, individually or in association, promote localregional and economic development. The state grants municipal governments, such as Oro Valley, the power to engage in economic development. These powers allow the Town to provide the leadership, energy to bringtogether the different segments of the community. and perspective Guideline s for the Town use of assistance for business location or expansion are outlined In the Town of Oro Valley Economic Development Incentive Policy. Challenges and Vision for the Future of Oro Valley economic and physical transformationY will occur as a result of combination of physical, political and socio-economic factors which will a p Y influence the directiongrowth of and development in the years to come. External and internal growth forces influencing in Arizona and the region will filter down to generating impacts Valley, eneratin im acts in its economy that are difficult to predict. The Town economy evolved as a result of the work of early pioneers who conquered the desert after harnessing water and energy resources. Later, with the advent of World War II, a diversified industrialization process began to take place. This along largepopulation with o ulation immigration, created by workers coming to take jobs in new area industries, has transformed Oro Valley into the fastest growing town or city in the State of Arizona. • 9 Economic growth and development in the region evolved, until recently, without the uidance of comprehensive planning, fueled primarily by speculative forces 9 o ulation immigration. Planning the future economic and physical growth of and p p 9 the Town, which is closely tied to the City of Tucson and the region, poses many challenges. To be beneficial, economic development must not only help create wealth, it must also generate community benefits and be consistent with the unique character of the Town. A statement at the beginning of the Economic Development Element of the General Plan put this in perspective: "Oro Valley's economic future is interwoven with its distinctive character based y on a residential/resort image and its proximity to the Pusch Ridge Wilderness, Coronado National Forest and Catalina State Park. Diversification in the local revenue base, encouraged through additions to employment and shopping opportunities, is desirable. However, any new development must be consistent pP with the community's vision for the future and values." The Town Council and staff will continue to work diligently to carry out this vision. • 10 APPENDIX Economic Development Partners — Programs and Assistance is best achieved through cooperation with a Success in economic development and State agencies and groups. The following is a number of local, regional 9 important of these or anizations and what they provide in discussion of the most 9 the way ofprograms rams and assistance for economic development. g Arizona Department of Commerce (ADOC) was an elusive function in Arizona until recently. At the Economic development initiative of a variety of individuals and organizations, the State Legislature enacted the Omnibus Economic Development Act in 1989, directing the Department of Commerce to assess Arizona's business climate and draft the first statewide strategic economic development plan. This effort culminated in the design and publication of Arizona's Strategic Plan for Economic development (ASPED) in October 1992. To implement ASPED, the Governor's Strategic for Economic Development Partnership (GSPED) was established. GSPED identified ten keyeconomic clusters upon which to build and expand Arizona's future economy. 111/ 1. Bio-industry 2. Optics 3. Environmental Technology 4.. Software 5. Food, Fiber & Natural Products 6. Tourism and Experience 7. Hgi h Tech Industry8. Transportation 9. Mining & Minerals 10. Senior Living As defined by ASPED, an economic cluster is a geographic concentration of competitive firms in related industries that do business with each other. Clusters include companies that sell inside and outside of the region as well as support firms that supply raw materials. These become magnets for companies to locate in an area and create a spawning ground for start-up companies. Also, these p 9 create large, diverse pools of experienced workers; attract suppliers who tend to congregate in their vicinity for increased efficiency; and foster a competitive spirit that stimulates growth and innovative strategic alliances. 411 ' will be of benefit to the economic growth of Oro Valley. The activities of GSPED In particular, those related High ted to the H i h Tech Industry, Optics, Tourism and Experience, and Senior Living. 12 • The Arizona Department of Commerce is the key agency responsible for marketing promoting and romotin the economy of Arizona while providing support to GSPEDimplementing in im lementin cluster initiatives. In 1993, the National Marketing Division of the ADOC aligned its recruitment efforts with GSPED. Their marketing representatives were each assigned specific GSPED industry groups. Thep Department of Commerce approach has been to emphasize the non-urban areas in their recruitingefforts. Leads and prospects considering the Tucson or Phoenix metro areas are turned over to the corresponding regional agency (GTEC or GPEC). While recruitment prospects are turned over to GTEC and not to Oro Valley, a p P number of important incentives are made available to the Town by the ADOC. • The Commerce and Economic Development Fund Arizona Legislature established the Commerce and Economic Development The g . . . Commission (CEDC) to expand economic opportunities in the state. A help CEDC fund capitalized yearly with a percentage of lottery proceeds was established bythe Legislature to help retain, expand, and relocate businesses to 9 Arizona. The CEDC funds are administered by ADOC. Direct loans, loan r guarantees and interest rate subsidies are directed by the CEDC to businesses. consideration is given to businesses seeking to relocate and expand in Priority n economicallydisadvantaged areas and to minority and women owned rural and 9 business. The allocations are made on a first-come first-served basis. • Work Force Recruitment and Job Training Program a State Legislature established the work force recruitment and job- training The Arizon gfund in 1993 to rovide customized training to firms that create new jobs p in Arizona and to businesses that undergo economic conversion. Grants are administered byADOC and offered to financially sound for-profit enterprises. Those firms identified within the GSPED clusters receive priority consideration. The grants cover the cost of recruitment, screening, assessment, interviewing, materialsdesign, training and costs, among others. Training is provided through colleges,establishedcommunitycolle es, or private post-secondary educational institutions, or other qualified providers, as requested by the company. • The Arizona Business Connection This program is operatedthrough throw h the ADOC and provides assistance in business expansion, relocation and start-ups. The office is a resource for p information regarding licensing, permits, applicable taxes, applicable regulations, g g and financial referrals to local, state and federal agencies, as appropriate. Small 13 businesses established in the Planning Area can access and benefit from these programs. • Private Activity Bonds Private Activity Bonds can be issued for industrial, manufacturing facilities, and equipment. The Town of Oro Valley or the Pima County Industrial Development Authorities can issue these bonds. • Revolving Energy Loans Under this program, qualified Arizona companies can receive financial assistance for long-term, fixed-asset plant expansions for the manufacture of energy-conservingproducts and energy-conserving building retrofits, including the acquisition of qualified energy-conserving improvements and equipment. • Environmental Technology Tax Incentive Program The State of Arizona offers tax credits and exemptions to companies that invest $20 million over five years in manufacturing technology that produces goods from recycled materials and renewable energy. 411111 • Defense Restructuring Assistance Program Under this program, defense contractors can receive individual and corporate tax credits for conversion of defense activities to commercial activities. • Economic Strength Fund This program approved by the Arizona State Legislature provides private non- Pprofit rofit and/or local government financing for highway or road projects which retain or significantly increase jobs in Arizona, or which lead to significant capital 9 Y investment, or which make a significant contribution to the economy of the State. • Arizona Enterprise Development Corporation (AEDC) Loan Programs AEDC offers several types of Small Business Administration (SBA) Guaranteed Loans to small businesses including: SBA 504 and SBA 502 fixed asset subordinated loans, SBA 7A working capital and debt refinance, and bridge loans for land, building acquisition, inventory or equipment. • Rural Economic Development Initiative (REDI) Program Thisro ram, a part of ADOC Community Assistance Services, offers P 9 specialized services and funding assistance in the form of matching grants to 14 rural communities. The communities use the assistance to maintain viable economic development programs and to make themselves more attractive for P capital investment, industrial expansions and business locations. • Community Facilities Districts Arizona's Community Facilities District Act, allows a landowner or a group of landowners to request by petition that a municipality establish a community facilities district within the city limits to finance and construct public infrastructure and facilities. The district provides developers and cities with a new and flexible mechanism to deal with the rising costs of new community facilities. Several financial options are available to construct and maintain infrastructure, including: General Obligation Bonds, Revenue Bonds, Special Assessments and Assessment Bonds, Uses Fees and Charges, Municipal and Private Contributions. The type of projects that could be funded include: water and sewerage storage, flood control and drainage, lighting and traffic control, streets andarkin , police and fire facilities, public buildings, school sites and facilities, p 9 parks and recreation among others. • Other Programs: 410 Other Arizona programs that may offer potential for economic development are those offered through the Department of Environmental Quality (DEQ) Revolving Loan Funds, the Arizona Department of Tourism and the Arizona Film Commission. Federal Over they ears, the Federal Government has introduced a vast array of programsimproveeconomies.r+ w that local jurisdictions can use to their economies n neighborhoods. These programs range from specific development projects for rural and urban development to job training. While the breath and funding of federalro rams is always subject to changes in national policy and emphasis in P 9 Washington D.C., local communities can make themselves aware of opportunities and where possible, participate in those programs. The following is a list of federal programs and agencies that offer the most potential to promote development in concert with the attributes of the Planning Area. • Small Business Administration Loans These loans are offered through the state of Arizona. • The Rural Economic and Community Development Service, and the Consolidated Farm Services Agency, formerly the Farmers Home Administration (FmHA) provides a vast array of programs including 15 guaranteed loans and grants to rural areas for water / wastewater facilities, community facilities (e.g. fire and rescue or health facilities, schools), business and industrial loans. • conomic Development Administration (EDA) Public Works Grants E P are directed to the funding of public works and development The EDA programs . facilities that contribute to the.creation or retention of private sector fobs and to the alleviationunemployment of unem to ment and underemployment. For example, EDA funds could facilitate the construction of an industrial park in Oro Valley. • Community Development Block Grants (CDBG) is not an entitlement jurisdiction and relies on Pima County for CDBG Oro Valley 1 funding (see below). Pima County • CDBG Funds Entitlement funds received through the US Department of Housing and Urban Development ment are utilized to support community and economic development activities in the Town of Oro Valley. These funds are received through the Pima 9 County Entitlement Program and may be used by the Town for economic developmentprojects,epublic works, community facilities, public services and planning. • Pima County Industrial Development Authority The IDA was established byPima County to facilitate financing through the private of tax exempt activity (industrial revenue) bonds for manufacturing, infrastructure and medical developments. These bonds are manu g, generally limited to land, buildingand equipment for manufacturing purposes and they are capped at $10 million. The proceeds from the sales of bonds are made to finance projects through loans, leases or installment sales available agreements with private credit-worthy companies. Payments are used to paythe principal and interest on the bonds as they P ayme become due. Interest rates are normally three to four percent lower than those charged through conventional borrowing. Greater Tucson Economic Council (GTEC) The Town contracts with GTEC to provide national and international marketing activities for the region. GTEC receives and markets sites in the area to 16 • prospects passed onto them from the Department of Commerce and also P prospects developed through the group's own marketing efforts. The membership dollars provided to GTEC from Oro Valley and other towns and organizations in the Tucson area help improve the business climate, and attract new employers to the area. Metropolitan Tucson Convention and Visitors Bureau (MTCVB) This organization receives funding from public agencies such as the Town of Oro Valley and from a number of Tucson area corporate sponsors (especially those in the hospitality industry). The activities result in bookings of hotel rooms and conventions with the impact of several million dollars each year to the local economy. Greater Oro Valley Chamber of Commerce The Chamber provides a local network for the exchange of ideas between the business community and the Town. Also the Town has worked jointly with the Chamber on a variety of economic development issues and projects. Tucson Electric Power Company (TEP) TEP works with the Town and other economic groups to provide assistance to companies in the area of business attraction, expansion and retention. The P Economic Development Section of TEP provides various forms of assistance including power information, sharing of lead information and in certain cases rate reductions for firms considering expansion or location in the Pima County area. Private Sector One of the most critical pieces in the puzzle, fundamental to the building of foundations for economic development is the private sector. The private sector consists of local lenders, developers, investors, builders and contractors, professionals, chambers of commerce, professional and business associations and the utilities. Non-profit Sector Another keysector in economic development is the non-profit sector. The non- profit . sector includes colleges and local universities, community based organizations, economic development corporations, neighborhood groups and private foundations. This sector is an important source of both training and funding for economic development programs and projects. 17 ECONOMIC DEVELOPMENT CONTACTS Chuck Sweet, Town Manager 297-2591 Norm Phillips, Economic Development Administrator 297-2591 David Andrews, Finance Director 297-2591 Don Chatfield, Planning & Zoning Director 797-9797 David Hook, Town Engineer 797-2442 Bob Maassen, Building Official 797-9096 40 18 TABLE 1 GTSPED TARGETED INDUSTRIES Optics Ophthalmic Goods (SIC 3851) Optical Instruments & Lenses (SIC 3827) Analytical Instruments (SIC 3826) Photographic Equipment & Supplies (SIC 3861) Environmental Technologies Fluid Meters & Counting Devices (SIC 3824) Analytical Instruments (SIC 3826) Measuring & Controlling Devices (SIC 3829) Environmental Controls (SIC 3822) Aerospace Space Vehicle Equipment (SIC 3769) Guided Missiles & Space Vehicles (SIC 3761) Space Propulsion Units & Parts (SIC 3764) Space Commerce Biolndustries Biological Products, Except Diagnostic (SIC 2836) Diagnostic Substances (SIC 2835) Medicinals & Botanicals (SIC 2833) Teleservices Telecommunications Services (SIC 4812. 4813, 4822) Software/Information Services Computer Professional Services (SIC 7376) Data Processing (SIC 7375) Electronic Information Services (SIC 7374) Computer & Data Processing (SIC 737) Prepackaged Software (SIC 7372) Computer Integrated Systems (SIC 7373) 19 Electronic & Other Electronic Equipment Electronic Components & Accessories (SIC 367) Semiconductors & Related Devices (SIC 3674) Printed Circuit Boards (SIC 3672) Instruments & Related Products Fluid Meters & Counting Devices (SIC 3824) Analytical Instruments (SIC 3826) Measuring & Controlling Devices (SIC 3829) X-ray Apparatus & Tubes (SIC 3844) Surgical & Medical Equipment (SIC 3842) Electromedical Equipment (SIC 3845) Process Control Equipment (SIC 3823) Photographic Equipment & Supplies (SIC 3861) Environmental Controls (SIC 3822) Instruments to Measure Electricity (SIC 3825) • 20 TOWN OF ORO VALLEY SUPPLEMENTAL INFORMATION COUNCIL COMMUNICATION MEETING DATE: March 15, 2004 TO: HONORABLE MAYOR & COUNCIL FROM: JEFFREY H. WEIR, CEcD ECONOMIC DEVELOPMENT ADMINISTRATOR SUBJECT: VESTAR ARIZONA XXXIX, L.L.C.'S REQUEST FOR AN ECONOMIC DEVELOPMENT AGREEMENT FOR THE CONSTRUCTION AND DEVELOPMENT OF THE ORO VALLEY MARKETPLACE RETAIL CENTER PROJECT. ADDENDUM INFORMATION. In response to requests for additional information from various Council Members the following Supplemental Information is included for your review. At requestMayor of the Ma or and Council the Town Clerk's office contacted,via telephone and e- mail, most of the communities within Arizona and requested a copy of any approved Economic Development Agreements. We have received four responses. The fourth response was for the re- p g re- development of Las Arcos Mall and has been voted down in the March 9, 2004 election. The qualityof the faxed information is rather poor but the copies are available for your perusal from my office at anytime. Following are the highlights of each of the EDA's: 1. City of Avondale. Project is a combined Auto Mall and Retail Center. a. 150 acres. b. Reimbursement of new retail sales taxes generated by the project. c. Term is twelve (12) years. d. Sharing amount is fifty (50%) percent. 2. City of Scottsdale. Project is an Auto Mall. a. 20 acres. b. Reimbursement of new retail sales taxes generated by the project, plus retail sales from an existing auto sales operation. c. Term is ten (10) years. d. Sharing amount is 2/3 (66.66%) percent, excluding dedicated amounts for mountain reserves, etc. e. Limit is $ 5,500,000. f. City paying for road and flood control improvements. TOWN OF ORO VALLEY SUPPLEMENTAL INFORMATION COUNCIL COMMUNICATION PAGE 2 OF 2 3. City of Chandler. Chandler Fashion Mall (retail center) and two other properties. a. 250 acres. b. Reimbursement of new retail sales taxes generated by the project. c. Term is fifteen (15) years. d. Sharing amount is fifty (50%) percent. e. Reimbursements are for all public improvements and other expenditures up to maximum of$ 40,000,000. 1. Rebates include a 6.5% interest calculation. ATTACHMENTS: 1. Project Benefits Executive Summary. 2. Supplemental Information sheet Indicating Extraordinary Costs Estimates (provided by the g developer) and Budget & Bond Committee's General Fund Projections chart from January 12, 2004 joint session with the Mayor and Council.. g 3. Budget & Bond Committee's slide for above item 2 with explanations and notes. h / i i .h ,,. ......._____.----;":/ 1 / , --- ---- il,' i /i-- , , Ll e Jeffrey H. Weir, CEcD Economic Development Administrator i Chuck Sweet Town Manager • ORO VALLEY MARKETPLACE RETAIL CENTER EXECUTIVE SUMMARY PROJECT BENEFITS TWENTY YEAR FINANCIAL ESTIMATED RESULTS: TOTAL SALES $ 4.8 BILLION SALES TAX REVENUES $ 96 MILLION NEW TOWN REVENUES: ONE-TIME FEES $ 1,715,453 NET SALES TAXES (W/EDA) $ 61,732,145 TOTAL TOWN REVENUES $ 63,447,598 NEW ANNUAL PROPERTY TAXES: FIRE DISTRICT ASSISTANCE $ 8,636 CENTRAL AZ. PROJECT $ 23,500 COUNTY FREE LIBRARY $ 41,596 FLOOD CONTROL DISTRICT $ 69,443 PIMA COMMUNITY COLLEGE $ 291,482 GOLDER RANCH FIRE DISTRICT $ 383,838 PIMA COUNTY $ 1,049,425 AMPHITHEATER SCHOOLS $ 1,323,869 TOTAL $ 3,191,790 ORO VALLEY MARKETPLACE RETAIL CENTER SUPPLEMENTAL iNFORMATION EXTRAORDINARY COSTS ESTIMATES I. At the request of the Town the Vestar Development Company has provided their estimates of the added infrastructure and architectural costs due to the uniqueness of the site and requirements of the Town. 1. Extraordinary Infrastructure Costs $ 16,800,000 2. Upgraded Architectural Costs $ 13,100,000 Total $ 29,900,000 II. On January 12, 2004 the Council met with the Budget & Bond Committee and received the B&BC's forward looking Revenue Plan. The committee's presentation slide is included as an attachment. General Fund Projections Unreserved Fund Fiscal Year Surplus/(Delicit) Balance 2002/03 4 ($2,275,845) $7,595,309 2003/04 ($1,337,765) $6,257,544 2004/05* ($2,054,849) $4,202,695 2005/06 ($2,146,087) $2,056,608 2006/07 ($771,874) $1,284,734 2007/08 ($801,294) $483,440 2008/09 ($832,041) ($348,602) 2009/l0 ($858,253) ($1,206,855) * Final fiscal year whereby unreserved fund balance is estimated to be maintained at 20% of expenditures ($20,559,01.3 x 20%) as required by the Town's Fiscal and Budgetary Policy adopted April 18, 2001 via resolution No. (R) O1-28. ...I • O 0 U c ..0 O N cu C) = X CD En CD :.► .V) C '� O O U CCS L CU t o a) =) U V c C.) 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CD C C C C C C C AGENDA ORO VALLEY TOWN COUNCIL SPECIAL SESSION MARCH 15, 2004 ORO VALLEY COUNCIL CHAMBERS 11,000 N. LA CANADA DRIVE SPECIAL SESSION AT OR AFTER 4:30 PM CALL TO ORDER ROLL CALL The Mayor and Council may consider and/or take action on the item listed below: 1. PUBLIC HEARING — ORDINANCE NO. (0)04-10 AUTHORIZING AND APPROVING THE TOWN TO ENTER INTO AN ECONOMIC DEVELOPMENT AGREEMENT BY AND BETWEEN THE TOWN OF ORO VALLEY AND VESTAR ARIZONA XXXIX, L.L.C. TO FACILITATE THE DEVELOPMENT OF A REGIONAL LIFESTYLE/ENTERTAINMENT/POWER RETAIL SHOPPING CENTER WITHIN THE TOWN OF ORO VALLEY ADJOURNMENT When possible, a packet of agenda materials as listed above is available for public inspection at least 24 hours prior to the Council meeting in the office of the Town Clerk between the hours of 8:00 a.m. — 5:00 p.m. 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 Oro Valley Town Clerk, at 229-4700 POSTED: 03/08/04 4:00 p.m. lh 1 TOWN OF ORO VALLEY COUNCIL COMMUNICATION MEETING DATE: March 15, 2004 TO: HONORABLE MAYOR& COUNCIL FROM: JEFFREY H. WEIR, CEcD ECONOMIC DEVELOPMENT ADMINISTRATOR SUBJECT: VESTAR ARIZONA XXXIX,L.L.C.'S REQUEST FOR AN ECONOMIC DEVELOPMENT AGREEMENT FOR THE CONSTRUCTION AND DEVELOPMENT OF THE ORO VALLEY MARKETPLACE RETAIL CENTER PROJECT. SUMMARY: COMMUNITY ECONOMIC DEVELOPMENT STRATEGY. In 1997 the Town Council adopted the Community Economic Development Strategy (CEDS). Various action items were identified including: #11 —Develop a strategy to encourage northern Town and unincorporated area residents to shop and do business in Oro Valley....; #12 —Develop and adopt a Business Incentive Policy. The Town may from time to time wish to use some form of incentives to attract or retain desirable businesses. Guidelines and review criteria will be established to assist the Town in deciding when to grant such incentives; #19—The Town will target the following list of retail, tourism and industrial uses..... Targeted Retail Uses: Furniture & Home Furnishings, Big-box Discount Stores, Restaurants, Drugstores, Movie Theaters, and Clothing stores. 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 Marketplace, Vestar Arizona XXXIX L.L.C., have requested consideration of an Economic Development Agreement between the Town and the developer. Based on the extraordinary front end development costs for infrastructure improvements the Developer has requested a higher portion of revenue sharing in the Initial Period (first five years), an equal sharing during the Middle Period (second five years) and a minority portion during the final four years. When averaged over the fourteen (14) year sharing period the Developer receives 47.5% of the new sales taxes. TOWN OF ORO VALLEY COUNCIL COMMUNICATION PAGE 2 OF 5 BACKGROUND: THE PROJECT. A. Location. This approximately 100 acre site was identified as the preferred location for a regionally sized retail center as part of the 1987 Rancho Vistoso PAD. Located at the southwest corner of the intersection of two major roadways, Tangerine and Oracle Roads, this site offers easy access to the residents of Oro Valley AND provides a desirable and accessible location for attracting shoppers in the nearby communities of Catalina, Saddlebrook, and the planned community of Willow Springs. Given the ease of use of Oracle Road it is anticipated that many of the residents of the un-incorporated area of Casa Adobes would also shop here. B. Development Team. The well known and long term established Arizona firm of Vestar Development Company will lead the development team. The Vestar Development Company has a proven successful track record of developing and managing regional retail centers. The project leader, Mr. David Larcher, is a senior Executive Vice President for the firm and has an extensive background and experience in developing and managing successful regional retail centers. Other equally qualified management persons will be assigned as needed. C. Project Viability. During the past several months the Town entered into a contract with the Buxton Company for the completion of a Retail Trade Area Analysis. Three retail development sites were selected for the analysis. One of the three sites studied was the Tangerine and Oracle Road site planned as the home for the new Oro Valley Marketplace. The analysis indicates that this site has the potential annual sales volume; based on existing households, income levels and actual spending patterns, of more than $ 965 Million ($ 882 Million excluding Automotive). It is apparent that this site holds significant potential as a regional retail center. Additionally,the trade area analysis (based on drive times only) does NOT include the large retail potential of the existing Saddlebrook residential development and the future potential of the Willow Springs residential development. It is apparent that the overall and long term potential and viability of this project is highly positive. D. Project as Proposed. Oro Valley Marketplace Retail Center as proposed is an 810,000+ square feet Regional Commercial Retail Center located on the western side of Oracle Road and south of Tangerine Road. The site sits in a low lying area at the southwest corner of Tangerine and Oracle Roads. The retail center as currently planned will be constructed in four phases. Potential tenants include Major and Minor Retail shops,Restaurants, Interior Design & Furniture Stores, and a multi-screen Theater Complex. The Developer is committing to completion of and submission to the Town of a Development Plan for Phase 1 (approximately 300,000 sq.ft.) within twelve (12) months of the approval of the Economic Development Agreement (EDA). TOWN OF ORO VALLEY COUNCIL COMMUNICATION PAGE 3 OF 5 E. Site Challenges. The Developer will be responsible for the construction of on-site and off-site improvements. It is anticipated that the infrastructure improvements planned will cost an estimated $ 23.2 Million. Accesses to both Tangerine and Oracle Roads will require extensive ramping and site preparation. Many new community infrastructure improvements will also be included as part of this development. These include: 1. Signalization at Oracle Road and the Catalina State Park entrance, 2. Improvements to the eastside levee along Big Wash including major trail enhancements, 3. a one (1) mile paved trail system along the rear of the property that is eight(8) feet wide, landscaped and available to the public, and 4. The Revegetation of Big Wash requiring more than 1,300 trees, shrubs and cacti and hydroseeding of an additional 40 acres of currently barren ground. Another site improvement is the expansion (raising and widening) of the levee located on the western edge of the project. The top of the levee will provide a twenty (20) foot multi-use trail and many access points to the project. Furthermore, it is anticipated that the Sun Trans Regional Transportation System will be expanded to include service to the project, possibly a park& ride designated area, and in the future a local transit destination point. F. Request for Consideration of Revenue Sharing. The Developer has requested consideration by the Town Council for Revenue Sharing for a portion of the Town of Oro Valley's Sales Tax Revenues generated from each phase of the project for a period of fourteen (14) years. At this time it is anticipated that there will be four (4) phases to the project. Each phase will have a fourteen (14) year revenue sharing period. The Developer has requested that an average of 47.5% 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 each of the four phases of the project of: 64% during years 1 —5; 50% during years 5-10; and 30% during years 11 - 14. If this request is granted the Developer will realize less than the fifty (50%) percent sharing allowed in the existing Incentive Guidelines. 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 Project is estimated to cost approximately $ 100.0 Million including $ 23.2 Million for Infra- structure. • The twenty (20) year forecast window indicates that the Project will generate in excess of$ 3.6 Billion of Retail Sales that would be considered as part of the Revenue Sharing agreement. • The total estimated Retail Sales Tax Revenues for the twenty (20) year period is $ 96.0 Million. TOWN OF ORO VALLEY COUNCIL COMMUNICATION PAGE 4 OF 5 FISCAL IMPACT CON'T: • The proposed Revenue Sharing for the fourteen (14) year segments associated with the agreement would provide the following: o Town of Oro Valley $ 37,886,622 52.5% Developer $ 34,271,425 47.5% Total Shared Revenues $ 72,158,048 Non-Shared Revenues $ 23,845,523 Total Revenues $ 96,003,570 o Fee's & Permits $ 595,369 Sales Tax on Construction @ 4% $ 1,120,084 Total $ 1,715,453 • The following additional Town personnel positions are deemed needed as this development comes on line. In most cases these added costs reflect the staff's best estimates at this time. A continuing review of needs and the associated assessment will be considered based on actual experiences. Estimated Town Services and Increased Costs: o Finance Department—Additional Clerical 1/2 staff $ 20,000 o Police Department—Two added officers $ 130,000 o Community Development Enforcement (1) staff $ 40,000 o Court system—Additional 1/2 staff $ 20,000 Total $ 210,000 • An additional consideration is the amount of added property taxes that the Oro valley Marketplace Retail Center project will generate. These new property taxes accomplish many positive results including: 1. The amount of property taxes collected by each agency will assist, if not prevent, any increase to the amount paid by existing residential owners; 2. Providing many of the recipients of the property tax additional funding without demanding increases in services such as Pima County, Amphi Unified School District, Pima Community College and the County Free Library; and 3. Businesses are assessed at a rate that is 25% versus a 10% residential assessment rate,thereby generating significantly higher amounts as compared to an equal amount of residential investment. The anticipated annually collected taxes are: o AMPHITHEATER UNIFIED SCHOOL DISTRICT $ 1,323,869 o PIMA COUNTY $ 1,049,425 o GOLDER RANCH FIRE DISTRICT $ 383,838 o PIMA COMMUNITY COLLEGE $ 291,482 o FLOOD CONTROL DISTRICT $ 69,443 o COUNTY FREE LIBRARY $ 41,596 o CENTRAL ARIZONA PROJECT $ 23,500 o FIRE DISTRICT ASSISTANCE TAX $ 8,636 Total Annual New Taxes $ 3,191,790 TOWN OF ORO VALLEY COUNCIL COMMUNICATION PAGE 5 OF 5 ATTACHMENTS: 1. Copy of Resolution NO. (R) 01 —90,Adopting Economic Development Policy Guidelines. 2. Ordinance (0) 04 - , Economic Development Agreement between the Town of Oro Valley and Vestar Arizona XXXIX, L.L.C. 3. Listing of some of the know Development Agreements in other Arizona community's. 4. Oro Valley Marketplace Investment, Sales Revenues & Tax Sharing Summary Information Spreadsheet(including Total New Revenues and New Town Revenues Charts). 5. Annual New Property Taxes Generated by the Project Spreadsheet and Chart. 6. Aerial Site Plan that includes Improvements to Tangerine and Oracle Roads. 7. Community Economic Development Strategy(CEDS) report. 8. Oro Valley Marketplace Master Site Plan and elevations. RECOMMENDATION: The Town Manager and Economic Development Administrator, based upon Resolution (R) 01-90 Town Council policy for Economic Development Incentives and the recommendations contained within the Community Economic Development Strategy, recommend the Town Council approve Ordinance (0) 04 - SUGGESTED MOTION: The Council may wish to consider one of the following motions: I move to approve Ordinance (0) 04- authorizing the Mayor to approve an Economic Development Agreement between the Town of Oro Valley and Vestar Arizona XXXIX L.L.C. OR I move to deny Ordinance (0) 04 - Jeffrey H. Weir, CEcD Economic Development Administrator ,.441 Chuck Sweet Town Manager 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 y the local economy as highly desirable and is well supported by the community, and; WHEREAS,the existing Community Economic Development Strategy states that one major action step desired is the development and adoption of a Business Incentive Policy, and; WHEREAS,the existing Community Economic Development Strategy further states that the Town may from time to time wish to use some form of incentives to attract or retain targeted businesses, and; WHEREAS,the Town of Oro Valley recognizes the importance of developing a policy and 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 p Guidelines, attached herewith, provides examples of items that a business owner/developer may request consideration for. PASSED, ADOPTED AND APPROVED by the Mayor and Town Council of the Town of Oro Valley, Arizona, this 3rd day of 0 c t ob er 2001 . TOWN OF ORO VAL EY,ARIZONA ., '<fie" - Paul H. Loomis, Mayor ATTEST_jc`: 6.-u.14-14-t.,: :4Kat n Cuvelier, Town Clerk iiiiPROVED : : FO ' ifi W... Ahmirifi,_ ./.44fr _. Dan L. Dudley, Town Attorney EXHIBIT A TOWN OF ORO VALLEY ECONOMIC DEVELOPMENT INCENTIVE POLICY GUIDELINES GOAL: Top rovide 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 that generate significant sales tax revenues. As a guideline the following listing can be viewed as a prioritized 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 high priority should be placed on the businesses "targeted"in the Community Economic Development Strategic (CEDS) Plan (1997, or the most recent update). 3. The project will have a substantial positive economic impact on the community, i.e.; the 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 be placed on firms that provide diversification (within targeted industrial or commercial sectors)to the Town's economy. 6. The Town will not buy land or existing buildings or construct buildings for purely private objectives. The Town's position 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 examples of public-private financed incentives. Acquisition of property and construction of buildings, if necessary, must be related to a public purpose. 7. The dollar amount of the incentives offered shall not exceed the cost of the project 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 dollars should be utilized whenever possible to up-front identified project costs 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. 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. 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 to projects normally identified at a community or regional shopping center level. 13. Specific performance criteria for each project will be established. 14. New Retail development should have an emphasis on meeting a need not currently being filled in the community, or providing a higher level of service/goods/products than presently available, or providing similar services in an area not currently being served. 15. Final authority for any approval of the use of an incentive and/or inducement rests with the Town Council. 16. Each action is separate and independent from all other actions associated with the approval of the use of an incentive and/or inducement. ORDINANCE NO. (0) 04- 10 AN ORDINANCE OF THE TOWN OF ORO VALLEY, ARIZONA AUTHORIZING AND APPROVING THE TOWN TO ENTER INTO AN ECONOMIC DEVELOPMENT AGREEMENT BY AND BETWEEN THE TOWN OF ORO VALLEY AND VESTAR ARIZONA X XIX, L.L.C. TO FACILITATE THE DEVELOPMENT OF A REGIONAL LIFESTYLE/ENTERTAINMENT/ POWER RETAIL SHOPPING CENTER WITHIN THE TOWN OF ORO VALLEY. WHEREAS, the Town of Oro Valley is a political subdivision of the State of Arizona, and pursuant to Article 13, Section 7 of the Arizona Constitution, is vested with all the rights, privileges, and benefits, which entitles the Town to immunities and exemptions granted to a political subdivision under the Constitution as well as the laws of the State of Arizona and the United States; and WHEREAS, pursuant to ARS § 9-500.11, the Town may appropriate public monies for and in connection with the economic development; and WHEREAS, the Town of Oro Valley General Plan has identified expansion of the presence of the retail industry as highly desirable and well-supported by the community; and WHEREAS, the Town of Oro Valley Economic Development Incentives Policy Guidelines provide for economic incentives to attract community or regional shopping centers; and WHEREAS, the Town recognizes the importance of the tax revenue impact of community or regional shopping centers; and WHEREAS, pursuant to ARS § 9-500.11, the Town may appropriate public monies for and in connection with the economic development of a Regional Lifestyle/ Entertainment/ Power Retail Shopping Center by Vestar Arizona XXXIX, L.L.C.; and WHEREAS, Vestar ArizonaXXXIX L.L.0 intends to construct and operate a Regional Lifestyle/Entertainment/Power Retail Shopping Center primarily consisting of an entertainment center, retail shops, restaurants, and other amenities (the"Center"); and WHEREAS, pursuant to ARS §§ 9-500.05 and 9-500.11, the Town may enter into agreements with Vestar Arizona XXXIX L.L.C. regarding the development of and economic development from the Center; and WHEREAS, a document entitled "Economic Development Agreement" between the Town and Developer, attached hereto as Exhibit A and incorporated herein by this reference, shall prescribe the terms and conditions of certain agreements between the Town of Oro Valley and Vestar Oro Valley Marketplace EDA Ordinance Arizona XXXIX L.L.0 regarding the development of the Center and the creation and payment of taxes upon retail sales tax revenues for the Town derived from the Center, assisting in the creation and retention of jobs for the residents of the Town; and WHEREAS, the Town finds that development of the Center will substantially increase economic development activity in the Town as follows: 1. Significantly increasing sales tax revenue with the Town; 2. Creating jobs within the Town; 3. Encouraging the development of community and regional shopping centers, as provided in the Town's economic development plan; 4. Expanding the Town's retail sales tax base necessary to finance Town Government Services. WHEREAS, pursuant to ARS § 9-461, the Economic Development Agreement has been determined by the Mayor and Council to be consistent with the Town's General Plan and that the terms and conditions of the Agreement substantially improve and enhance the economic welfare of the residents of the Town of Oro Valley and the Town of Oro Valley is not subject to the restrictions of ARS § 9-500.6 by virtue of the application of ARS § 9-500.6 (F). NOW, THEREFORE, BE IT ORDAINED by the Mayor and the Council of the Town of Oro Valley, Arizona as follows: Section 1: That the attached Economic Development Agreement (Exhibit A) between the Town of Oro Valley and Vestar Arizona XIX L.L.C.., to facilitate the development of a Regional Lifestyle/Entertainment/Power Retail Shopping Center Project within the jurisdictional limits of the Town of Oro Valley, is hereby approved. Section 2: Pursuant to ARS § 9-500.05 and not later than 10 days after the Town enters into the Agreement, the Town shall record a copy of the Agreement with the Pima County Recorder's office constituting notice of the Agreement to all persons. Section 3. Pursuant to 41-1346, the Town shall maintain efficient record management for local public records and it has been determined that this Ordinance is a public record with three copies of said Ordinance to remain on file in the office of the Town Clerk. Section 4. All Oro Valley Ordinances, Resolutions, or Motions and parts of Ordinances, Resolutions, or Motions of the Council in conflict with the provisions of this Ordinance are hereby repealed. Section 5. If any section, subsection, sentence, clause, phrase or portion of this Ordinance is for any reason held to be invalid or unconstitutional by the decision of any court of competent jurisdiction, such decision shall not affect the validity of the remaining portions thereof. Oro Valley Marketplace EDA Ordinance BE IT FURTHER ORDAINED that the Mayor and any other administrative officials of the Town of Oro Valley are hereby authorized to take such steps as are necessary to execute and implement the terms of the Economic Development Agreement. PASSED AND ADOPTED by Mayor and Town Council, the Town of Oro Valley, Arizona, this 15th day of March, 2004. TOWN OF ORO VALLEY ATTEST: Paul H. Loomis, Mayor Kathryn E. Cuvelier, Town Clerk APPROVED AS TO FORM: Mark Langlitz, Town Attorney Oro Valley Marketplace EDA Ordinance Exhibit A ECONOMIC DEVELOPMENT AGREEMENT Oro Valley Marketplace EDA Ordinance DEVELOPMENT AGREEMENT This Development Agreement (the "Agreement") is entered into this day of , 2003, by and between the Town of Oro Valley, an Arizona municipal corporation (the "Town") and Vestar Arizona XXXIX, L.L.C., an Arizona limited liability company(the "Owner/Developer"). RECITALS A. Owner/Developer was formed and exists for the purposes of owning and developing approximately 100 acres of real property located within the corporate limits of the Town, legally described and on Exhibit A attached hereto (the "Property"). B. Owner/Developer intends and desires to develop a regional lifestyle/entertainment/power retail shopping center of approximately 900,000 square feet within the jurisdictional limits of the Town consistent with state law, the Oro Valley Town Code, and applicable Town policies. 1. Proposed Uses: This retail center is planned to accommodate a range of differing but complementary retail-related land uses on an integrated and master-planned basis. Typical uses envisioned in the center include destination and major anchor retailers not otherwise found or clustered in the Town, lifestyle and other retail shops, restaurants, entertainment facilities, national electronic and other hard goods retailing, financial institutions and other service businesses, landscaping, and distinctive common areas (the "Development"). Overall, the Development, which will have a unique regional draw, will create substantial 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 by bringing customers to the Development from the Town and surrounding communities. Attached hereto as Exhibit B is a conceptual description of the master site plan for the Development. This master site plan will be updated in accordance with Section 3 below at the time of the submission of the Phase I plan as described in Section 3 below. a. For the purposes of this Agreement, the Development will be developed in phases (the "Phases," Phase," or Phase #"), each of which shall be considered an independent and separate project and shall be consistent with applicable development standards. Owner/Developer will designate the specific area to be included in each Phase prior to the approval by the Town of each Phase as developed. b. The Town and Owner/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. 1 C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc March 5,2004 2. Community Economic Development Strategy: The Development comports with the Town's Community Economic Development Incentive Policy Guidelines and is expected to create a source of significant tax revenue for the Town for many years. a. The Town has determined that incentives are needed in order to develop the Property and to induce businesses to locate their operations in the Development. The incentives for each Phase shall not continue for more than fourteen (14) years as more fully set forth below. b. The Development will have a substantial positive economic impact on the Town because it is expected to provide diverse commercial and retail service opportunities consistent with the businesses targeted in the Town's Community Economic Development Strategy (September 1997). The Development is expected to produce a significant number of new jobs and generate substantial sales tax revenues as well as additional economic benefit by reason of the facilities to be constructed as part of the Development. Consequently, the long- term benefits of the Development will offset and significantly outweigh the costs of the incentives. c. The Development will offer significant intangible benefits to the Town as a retail lifestyle/entertainment/power center. It will provide retail, service, lifestyle, and entertainment uses consistent with the surrounding existing uses. C. The Development is in compliance with the Town's adopted and approved General Plan. On , 2003, the Town Council adopted Ordinance No. which approves and authorized the execution and delivery of this Agreement. D. 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. Because of its location and typography, the Development will entail significant atypical additional offsite and site costs requiring assistance for feasible development. E. In approving this Agreement, the Town Council has found and determined that certain activities relating to the Development 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 Owner/Developer with the benefits in this Agreement as an inducement to cause Owner/Developer to construct, own, and operate the Development in the Town. F. The Town of Oro Valley has a population of less than 100,000 persons and the provision of A.R.S. §9-500.6 are inapplicable. 2 C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc March 5,2004 NOW, THEREFORE, in consideration of the mutual promises made herein, the parties agree as follows: AGREEMENTS 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 effective date of Town Ordinance No. and the execution of this Agreement by both parties and as provided by law. 3. Submission of Development Plan: As a condition precedent to the rights of Owner/Developer to share with the Town the site-specific sales tax revenues generated from the first and successive Phases of this Development in accordance with the provisions of Paragraph 8 of this Agreement ("Revenue Sharing") and the obligation of the Town to provide such Revenue Sharing, the Owner/Developer shall prepare and submit to the Town within twelve (12) months of the Effective Date of this Agreement a development plan for Phase 1 of the Development (the "Phase 1 Plan") presently estimated to be approximately 300,000 square feet. The Town will, within the ensuing six (6) months (or as soon thereafter as feasible), review and pursue final approvals of the Phase 1 Plan by the Town Council. Thereafter, the parties will diligently cooperate to complete and process plans and specifications for necessary building permits for the approved Phase I plan. At the time that Owner/Developer submits the Phase I Plan, it shall also submit an updated revised conceptual master site plan for the entire Development. The parties agree that time is of the essence in the preparation, submittal, review and, if appropriate, approval of the Phase 1 Plan. 4. Designation of Phase Areas: Owner/Developer shall by right designate up to five (5) Phases, which Phases shall not total in excess of 900,000 square feet of rentable commercial space unless otherwise approved by the Town. Owner/Developer shall designate each Phase area when Owner/Developer submits a development plan for each Phase for the Town's review and approval. Owner/Developer shall utilize commercially reasonable efforts to bring additional retail users to the site for subsequent Phases and to submit a development plan for each subsequent Phase within two (2) years following the date of approval by the Town of the development plan for the prior Phase. 5. Development: The Development shall be developed and constructed in accordance with the Town ordinances and development standards in effect at the time of the execution of this Agreement. In that regard, the Town shall not apply any hereinafter enacted development or impact fees to development on the Property and shall not apply to the Development any so-called Large Retail User or Big Box Ordinances (i.e., ordinances which imposes special limitations or restrictions on the development of single user retail facilities in excess of a certain size limitation [such as 100,000 square feet or more of retail space] for retail facilities on the Property). 3 C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc March 5,2004 6. Cooperation: To further the commitment of the parties to cooperate in the implementation of this Agreement, the Town and Owner/Developer each shall designate and appoint a representative to act as liaison between the Town and its various departments and Owner/Developer. The representatives shall be available at all reasonable times to discuss and review the performance of the parties to this Agreement. The initiation representatives of the parties are: Town: Town Manager or his Designee Owner/Developer: David J. Larcher or his Designee 7. Fast Track: The Town shall, consistent with its adopted policies, provide to Owner/Developer of the Development priority in the processing, review and, if appropriate, approval of all plans, permits, and other applications and all shall be processed in an expeditious and priority fashion in order to ensure "fast track" treatment of the Development. If requested by Owner/Developer, the Town will dedicate an on-site inspector to expeditiously review and, if appropriate, approve or coordinate the review and approval of all construction and building approvals required in connection with the Development. If fast track treatment in the form of extra personnel is requested by Owner/Developer, all costs associates with such extra personnel, including without limitation, the dedication of an on-site inspector, shall be borne by Owner/Developer. Further, to facilitate the foregoing, the parties agree that if at any time the Owner/Developer believes an impasse has been reached with Town staff (the "Town Staff') on any issue affecting commercial development on the Property, the Owner/Developer shall have the right to immediately appeal to the Town Manager for an expedited decision on such matter. Such decision shall be made by the Town Manager (in such circumstances where a final decision can be reached by Town Staff) within seven (7) days after the Owner/Developer's request for an expedited decision. If the issue on which an impasse has been reached is one where a final decision requires action by the Town Council, the Town Manager shall schedule a Town Council hearing on the issue to take place within thirty (30) days after Owner/Developer's request for an expedited decision; provided, however, that if the issue must first be reviewed by the Town's Planning and Zoning Commission, the matter shall be submitted to the Commission within thirty (30) days and then to the Town Council at the first meeting following the Planning Commission hearing. 8. Revenue Sharing: A. Sales Tax Revenue Sharing: The Town agrees to share with Owner/Developer a portion of the sales tax revenue generated by each Phase of the Development as provided in Article 4 of the Oro Valley Tax Code, but not including any construction sales tax revenue. The present sales tax rate in effect is two percent (2%). The Town shall retain thirty-six percent o of the Town's sales tax revenue generated by each Phase of the Developme from the Town's sales tax during the five (5)-year period (the "Initial Sharing P riod") commencing on the first day of the month following issuance of certificates of occupancy for a majority of the rentable space a 60 o 4 C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc March 5,2004 for the applicable approved Phase. Owner/Developer shall receive the remaining sixty-four percent (64%) of the Town's sales tax revenue generated by each Phase during the Initial Sharing Period for such Phase from the Town's sales tax. During the five (5)-year period following the expiration of the Initial Sharing Period for the applicable Phase (the "Middle Sharing Period"), the Town shall retain fifty percent (50%) of the Town's sales tax revenue generated by such Phase of the Development from the Town's sales tax, and Owner/Developer shall receive the remaining fifty percent (50%) of the Town's sales tax revenue generated by such Phase of the Development from the Town's sales tax. During the four (4)-year period following expiration of the Middle Sharing Period (the "Final Sharing Period"), the Town shall retain seventy percent (70%) of the Town's sales tax revenue generated by such Phase of the Development from the Town's sales tax, and the Owner/Developer shall receive(subject to Section 8.E below) the remaining thirty percent (30%) of the Town's Sales Tax revenue generated by such Phase of the Development from the Town's Sales Tax. In order to incentivize the prompt development of subsequent Phases, the fourteen (14)-year tax revenue sharing period for each subsequent Phase shall commence no later than two (2) years following the issuance of certificates of occupancy for a majority of the rentable space from the prior approved Phase. If the tax rate increases beyond the current two percent (2%), Owner/Developer shall not be entitled to share in any tax revenues in excess of the two percent (2%) rate. B. Revenue Sharing Procedures: Revenue Sharing as provided in this Paragraph 8 will be based on documentation that indicates proof of taxes remitted to the Arizona Department of Revenue ("ADOR") from or upon each Phase of the Development, as reasonably determined by the Town's Finance Director. The Town shall pay sums payable to Owner/Developer hereunder within sixty(60) days after the quarterly sales tax revenues generated from each Phase of the Development have been determined provided, however, that the Town shall have received payment from the ADOR. In the event the sales tax due from any Phase of the Development is adjusted due to error, overpayment, underpayment, or miscalculation, Town and Owner/Developer each agree to remit to the other any amounts necessary so that Owner/Developer and Town each receive their proportionate share of the sales tax revenue ultimately determined to be due for the applicable period. C. Maximum Cumulative Revenue Sharing: Under no circumstances shall Owner/Developer be entitled to share sales tax revenues, the total of which, for each Phase, exceeds the lower of the following amounts: i. The cost of that Phase; or ii. The percentages described in paragraph 8.A. D. 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 revenues. Nothing contained in this Agreement shall impair or restrict the right of the Town to pledge sales tax revenue from the Development. 5 C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc March 5,2004 E. Reconciliation Calculation: Notwithstanding the provisions of Sections 8.A and 8.B above, the portion of sales tax revenue otherwise payable to Owner/Developer during the final year of the Final Sharing Period of each Phase shall be held back by the Town for a period no longer than sixty (60) days after quarterly sales tax revenues have been determined for the final quarter of the Final Sharing Period. As soon as feasible, but no later than the expiration of such sixty (60)-day period, a comparison shall be made as to the respective sales tax revenues received by the Town and the Owner/Developer during the entire term of this Agreement for such Phase (with the Town's calculation to include any construction sales tax received by the Town). In the event that the Town's sales tax revenue proceeds are less than fifty percent (50%) of the total received by the Town and the Owner/Developer, the Town shall receive such portion of the final year sales tax revenues for such Phase otherwise payable to the Owner/Developer but withheld by the Town as above-described as may be necessary to increase the Town's share of sales tax revenues of such Phase up to fifty percent (50%) of the total of sales tax revenues received by the Town and the Owner/Developer for such Phase. The balance, if any, of the withheld revenue shall be paid to Owner/Developer. In the event that it is clear at any point that the Town has (or will) receive more than fifty percent (50%) of the sales tax revenues for the fourteen -year tax revenue sharing period, there shall be no withholding of sales tax revenues from Owner/Developer. fi bp 9. Signage: The rties acknowledge that Owner/Developer will submit a comprehensive sign package as part of the approval process for Development. While Owner/Developer will endeavor to comply with existing signage standards to the greatest extent feasible, the Town acknowledges and agrees that it will reasonably accommodate its signage approval process to accommodate to retail user's distinctive building and site identifications and attributes. C9A , 10. Acknowledgement of Increase in Construction Sales Tax: Owner/Developer has been toj,„t2 advised that the construction sales tax of the Town has or may be increased from two percent (2%) to four percent (4%). Owner/Developer acknowledges and agrees that the four percent (4%) construction sales tax figure shall apply to construction performed by it in the Development. 11. General Provisions: A. 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 Agreement are hereby acknowledged and incorporated herein and the parties hereby confirm the accuracy thereof B. 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 fully set forth in the body of the Agreement. 6 C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc March 5,2004 C. 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. D. 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. E. 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 by all parties. F. Amendments: No change or addition is to be made to this Agreement except by a written amendment executed by the Town and Owner/Developer. Within ten (10 days after any amendment to this Agreement, such amendment shall be recorded in the Official Records of Pima County, Arizona. G. 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 provision 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 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 subject 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 Owner/Developer. H. Notices: All notices given pursuant to this Agreement shall be given in person or by first class, pre-paid certified mail (return receipt requested) to the following persons or any other persons a party may designate in writing: To the Town: To the Owner/Developer: Town of Oro Valley Vestar Arizona XXXIX, L.L.C. 11000 N. La Canada Drive 2425 E. Camelback Rd, Suite 750 Oro Valley, AZ 85737 Phoenix, AZ 85016 Attn: Town Manager Attn: David J. Larcher cc: Town of Oro Valley cc: Vestar Arizona XXXIX, L.L.C. 11000 N. La Canada Dr. 2425 E. Camelback Rd, Suite 750 7 C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc March 5,2004 Oro Valley, AZ 85701 Phoenix, AZ 85016 Attn: Mark Langlitz, Esq. Attn: Allan J. Kasen, Esq. Town Attorney I. Litigation: Nothing herein shall preclude non-binding arbitration if the parties so elect in the event of a dispute hereunder. J. 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). Owner/Developer shall retain the right to receive its share of the Town's sales tax revenue generated by each Phase of the Development from the Town's 2% sales tax as provide by Paragraph 8 of this Agreement regardless of the status of title or ownership of any or all of the Property unless Owner/Developer expressly assigns such rights as provided herein. No assignment, however, shall relieve either party of its obligations hereunder, except that an assignment by Owner/Developer in connection with the transfer of title to the Property shall relieve Owner/Developer of its obligations hereunder provided such transferee agrees to be fully bound by the provisions hereof. Any assignment by Owner/Developer shall be subject to the approval of the Town, which shall not be unreasonably withheld or delayed. Notwithstanding the foregoing, Owner/Developer may, without the Town's consent, assign this Agreement to any Affiliate of Owner/Developer or any entity in which Owner/Developer or an Affiliate of Owner/Developer is a managing member or managing partner. As used herein, the term "Affiliate" means any entity under common control with Owner/Developer. Further, notwithstanding the fact that this Agreement is being recorded in the Official Records of Pima County, it is intended that this Agreement shall not be an encumbrance upon the title of any person purchasing or owning a portion of the Property, and that the terms and conditions of the Agreement are not covenants running with the land and that no person is bound by (or entitled to) the burdens and benefits of this Agreement unless such burdens are expressly assumed or such benefits are expressly assigned by such person. K. 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 such party of such duty or obligation shall be extended for a period equal to the delay occasioned by such events. L. Severability: If any provision of this Agreement is held to be illegal, invalid, or unenforceable, in whole or in part, under present or future laws, such provisions shall be fully severable and this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision had never comprised a part of this Agreement and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision or by the severance of such provision from this Agreement. Furthermore, in lieu of 8 C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc March 5,2004 such illegal, invalid, or unenforceable provision, there shall be added automatically as part of this Agreement, a provision as similar in terms to such illegal, invalid, or unenforceable provisions as may be possible and still be legal, valid, and enforceable and this Agreement shall be deemed reformed accordingly. Without limiting the generality of the foregoing, if all or any portion of the payments required by the terms of this Agreement are determined, by a court of competent jurisdiction in a final non- appealable judgment, to be contrary to public policy or otherwise precluded, the parties shall utilize their reasonable, best efforts to promptly restructure and/or amend this Agreement, or to enter into a new agreement to afford the Owner/Developer the economic benefits of this Agreement in light of the benefits to the Town. M. Time is of the Essence: Time is of the essence in the performance of each and every obligation by the Town and Owner/Developer as provided for herein. N. Lender Provisions: The Town is aware that financing for development, construction, and operation of the Development may be provided, in whole or in part, from time to time, by one or more third parties (collectively, "Lender"), which Lender may request a collateral assignment of this Agreement as part of its collateral for its loan to Owner/Developer. The Town agrees that such collateral assignments are permissible without consent of the Town. In the event of default by Owner/Developer, the Town shall provide notice of such default at the same time notice is provided to Owner/Developer to any Lender previously identified in writing to the Town. If a Lender is permitted, under the terms of its agreement with Owner/Developer to cure the default and/or to assume Owner/Developer's position with respect to this Agreement, the Town agrees to recognize the rights of Lender and to otherwise permit Lender to assume such rights and obligations of Owner/Developer under this Agreement. Nothing contained in this Agreement shall be deemed to prohibit, restrict, or limit in any way the right of a Lender to take title to all or any portion of the Property, pursuant to a foreclosure proceeding, trustee's sale, or deed in lieu of foreclosure. The Town shall, at any time upon request by Owner/Developer or Lender, provide to any Lender an estoppel certificate, acknowledgement of collateral assignment, or other document evidencing that this Agreement is in full force and effect, that it has not been amended or modified (or, if appropriate, specifying such amendment or modification), and that no default by Owner/Developer exists hereunder (or, if appropriate, specifying the nature and duration of any existing default) and certifying to such other matters reasonably requested by Owner/Developer or Lender. Upon request by a Lender, the Town will enter into a separate assumption or similar agreement with such Lender consistent with the provisions of this Paragraph. O. Town Representations: The Town represents and warrants to Owner/Developer that: i. Town has the full right, power, and authorization to enter into and perform this Agreement and each of Town's obligation and undertakings under this Agreement, and Town's execution, delivery, and performance of this Agreement 9 C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc March 5,2004 have been duly authorized and agreed to in compliance with the requirements of the Oro Valley Town Charter and the Town of Oro Valley Code. ii. All consents and approvals necessary to the execution, delivery, and performance of this Agreement have been obtained, and no further action needs to be taken in connection with such execution and delivery. iii. The Town will execute all documents and take all actions necessary to implement, evidence, and enforce this Agreement. iv. This Agreement (and each undertaking of the Town contained herein), constitutes a valid, binding, and enforceable obligation of Town, enforceable according to its terms, except to the extent limited by bankruptcy, insolvency, and other laws of general equity. v. The Town shall defend any action brought to contest the validity of this Agreement (except for items for which Owner/Developer is responsible under Section 10.P.iv below) and shall not seek from Owner/Developer any contributions, payments, costs, or attorneys' fees incurred in such defense. vi. The execution, delivery, and performance of this Agreement by Town is not prohibited by, and does not conflict with, any other agreements, laws, instruments, or judgments to which Town is a party or is otherwise subject. vii. The Town has been assisted by counsel of its own choosing and has been fully apprised of all risks associated with the transaction contemplated in this Agreement. P. Owner/Developer Representations: The Owner/Developer represents and warrants to Town that: i. Owner/Developer has the full right, power, and authorization to enter into and perform this Agreement, and the Owner/Developer's execution, delivery, and performance of this Agreement have been duly authorized and agreed to in accordance with the organizational documents of the Owner/Developer. ii. All consents and approvals necessary to the execution and delivery of this Agreement have been obtained, and no further action needs to be taken in connection with such execution and delivery. iii. The Owner/Developer will execute all documents and take all actions necessary to implement, evidence, and enforce this Agreement. iv. Owner/Developer shall defend any action brought to contest the validity of this Agreement arising from Owner/Developer's violation of the foregoing 10 C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc March 5,2004 representations and shall not seek from the Town any contribution, payments, costs, or attorneys' fees incurred in such defense. v. The execution, delivery, and performance of this Agreement by Owner/Developer does not conflict with, any other agreements, instruments, judgments, or decrees to which Owner/Developer is a party or is otherwise subj ect. vi. Owner/Developer has not paid or given, and will not pay or give, any third party any money or other consideration for obtaining this Agreement other than normal costs of conducting business and costs of professional services such as the services of architects, engineers, and attorneys. vii. The Owner/Developer has been assisted by counsel of its own choosing and has been fully apprised of all risks associated with the transaction contemplated by this Agreement. Q. Compliance Confirmation. When requested by either Town or Owner/Developer, which request can be made from time to time, the other shall confirm the following in writing to the requesting party as soon as practicable of the request, but in no event later than fifteen (15) days from the date of the request: i. This Agreement is unmodified and in full force and effect (or reasons why it is not). ii. Based upon knowledge, there are not any uncured Defaults under this Agreement (or reasons why there are). iii. Such other matters as the requesting party shall reasonably request. R. Consents: Except where any matter is expressly stated to be in the sole discretion of the party, in performance of this Agreement or in considering any requested extension of time, the parties agree that each will act in good faith and will not act unreasonably, arbitrarily, capriciously, or unreasonably withhold any approval or consent required by this Agreement. S. Counterparts: This Agreement may be executed in counterpart originals. IN WITNESS WHEREOF, the parties hereto have caused to be executed, the day and year herein written. (Signatures on next page) 11 C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc March 5,2004 TOWN TOWN OF ORO VALLEY, an Arizona municipal corporation By: Name: Paul H. Loomis Title: Mayor ATTEST: By: Kathryn E. Cuvelier, Town Clerk Dated: APPROVED AS TO FORM: By: Mark Langlitz, Town Attorney Date: OWNER/DEVELOPER VESTAR ARIZONA XXXIX, L.L.C., an Arizona limited liability company By: Name: Title: 12 C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc March 5,2004 STATE OF ARIZONA ) ) ss. County of Pima ) The foregoing instrument was acknowledged before me this day of , 2003,by , as of the Town of Oro Valley. Notary Public My Commission Expires: STATE OF ARIZONA ) ) ss. County of Maricopa ) The foregoing instrument was acknowledged before me this day of , 2003, by , as Manager of Vestar Arizona XXXIX, L.L.C., an Arizona limited liability company. Notary Public My Commission Expires: 13 C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc March 5,2004 EXHIBIT A LEGAL DESCRIPTION OF THE PROPERTY C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc EXHIBIT B CONCEPTUAL MASTER SITE PLAN APPROVALS C:\Documents and Settings\jweir\Local Settings\Temporary Internet Files\OLK6\Stone Canyon Retail Dev Agmt-CLN.doc Attachment 3 February 2, 2004 Jeffrey Weir, Economic Development Director Town of Oro Valley 11000 N. La Canada Dr. Oro Valley, AZ 85737 RE: Oro Valley Marketplace Development Agreement Dear Jeff: Per your request, here is a summary of pertinent tax reimbursement agreements with Arizona cities or towns. CITY OR TOWN PROJECT PERCENTAGE TIME PERIOD City of Tempe Tempe Marketplace 70% 15 years City of Scottsdale Los Arcos Mall 69% 40 years City of Tempe Emerald Center 50% 20 years City of Chandler Chandler Fashion Square 50% 15 years City of Scottsdale Stacked 40s Automall 671/2% 10 years Town of Avondale Avondale Automall 50% 15 years Please contact me if you have any questions. 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N!'"'Cil,'', . . r :ft:A „7.1,:216'n4'4: ',:i ..e''t,:'', 4**'.• t.?..*.'I I * .ib. ,i914';' 240- I, ,,, ,....,___;,.....,,.._..........---"...- ,,„,,,„„..... .,- 77-77N/ Dc ND L-D _ _ CIMM.... GOMM', NITY , (dr IF ...-. EC 0 N MIC It EVELO !' MENT ST '', i,,, TE , Y TOWN OF ORO VALLEY COMMUNITY ECONOMIC DEVELOPMENT STRATEGY SEPTEMBER 1997 TOWN OF ORO VALLEY TOWN COUNCIL CHERYL SKALSKY Mayor PAUL PARISI Vice-Mayor BILL KAUTENBURGER Councilmember FRANK BUTRICO Councilmember DICK JOHNSON Councilmember Acknowledgements The following persons were instrumental in the development of the Town of Oro Valley's Community Economic Development Strategy. Economic Development Plan Task Force Cheryl Skalsky Mayor Kit Donley Pro L.A.N.D. Dennis Douglas Chairman, P&Z Commission Melissa Franklin Educator, Amphitheater School District Patti Jo Lewis Development Review Board Richard Maes Vistoso Partners Michaele Ann Melton El Burrito Patio Restaurant Patty Morris Tucson Electric Power Oscar Rothenbuecher P&Z Commission Mark Weinberg Diamond Management Town Support Staff Chuck Sweet, Town Manager Norm Phillips, Economic Development Administrator David Andrews, Finance Director Don Chatfield, AICP, Planning & Zoning Director Bryant Nodine, AICP, Senior Planner TABLE OF CONTENTS Mission Statement ... 1 Background ... 2 Scope and Organization ... 3 Purpose ..• 4 Action Steps .•. 4 Town of Oro Valley-Assistance for Economic Development ... 9 Challenges and Vision for the Future ... 9 Appendix Economic Development Partners — Programs and Assistance ... 12 Economic Development Contacts ... 1$ TABLE 1 - GTSPED Targeted Industries ... 19 MISSION STATEMENT "To increase the quality of life for Oro Valley citizens and the business community by developing a positive business climate consistent with the community's values to ensure the long-term financial and economic sustainability of the Town of Oro Valley." 1 Background During the past year there has been a concerted effort on the part of Town and private individuals to develop an organized plan of action for economic development in Oro Valley. Oro Valley leaders have begun to realize that resources available for economic development are being depleted. The limited commercial and industrial lands are rapidly being developed. Also, the demand for municipal services creates an incentive for the Oro Valley community to establish a stronger commercial/industrial tax base in order to keep local taxes at a minimum. In July 1996, the Town adopted the Focus 2020: Oro Valley General Plan, which included an Economic Development Element. A key policy (3.IA) in the Economic Development Element of the Plan states: "Economic Development touches everyone and everything within a community. Policies made now will have substantial impacts on the future. They will determine the services a town can provide to its residents and the quality. To ensure that future growth reflects the desires of the community in balance with an analysis of the Town's financial needs, a Strategic Plan for Economic Development will be detailed to ensure that future development will complement community values and work toward implementation of the community's economic vision for the future." The development and use of an economic development strategy was deemed to be an important step in providing for implementation of the General Plan Goals and Policies. Without a strategic plan for action, the implementation of the General Plan Goals and Policies would likely be sporadic, uncoordinated, poorly timed and inefficient. With a strategic or action plan for economic development the Town can make the best use of limited resources in providing a focused economic development program for the community. A statement in the Economic Development Element of the General Plan says it best; "The success of the General Plan is measured by how well the plan is implemented." Important actions called for in the General Plan Element include: • Appoint an Economic Development Task Force to work closely with the Economic Development Administrator (EDA) to develop a Strategic Plan. • Develop an economic development marketing plan. 2 • Coordinate closely with surrounding municipal and regional as well as Statewide organizations. • Develop and maintain a computer database inventory of available land and buildings • Develop a fiscal impact analysis before initiating an annexation. • Develop an Economic Development Impact Analysis to be incorporated into the evaluation of significant development proposals. • Initiate the design of thematic entry monuments at key entry areas to Oro Valley. One purpose of an economic development strategy is to organize and implement these and other actions necessary to provide for an effective economic development effort. The second action item suggested in Economic Development Element was the appointment of an Economic Development Task Force to work with the EDA in developing a Strategic Plan. The Economic Development Task Force was appointed by the Town Council in August of 1996 to coordinate the completion and adoption of a strategic plan. The first Task Force meeting was held in October of that year. Care was taken to include members which represented various major groups within the community, i.e., small business, developer, land owner educator, utilities, home owner, etc. The Task Force met monthly from October of 1996 through August 1997. The Town Manager, the Economic Development Administrator, the Finance Director and the Planning and Zoning Director facilitated the meetings. In September 1997, the strategic plan document was completed and sent to the Town Council for implementation. Scope and Organization This document is designed to bring together under one cover the existing and planned strategies and programs into an overall community economic development strategy for the Town of Oro Valley. The name of this plan is the Town of Oro Valley Community Economic Development Strategy (CEDS). 3 Purpose. The purposes of the Community Economic Development Strategy are as follows: • Implement the Goals and Policies of the Economic Development Element of the Town General Plan. • Make the best use of limited resources in providing a focused economic development program for the community. • Link all development-related programs and strategies in a formal way. • Provide guidelines in decision-making to the Town's political and administrative leadership to achieve unity of purpose in the pursuit of economic development goals. • Attract new public and private resources to assist in carrying out the action steps contained in the CEDS. Action Steps (1) Establish an Action Program and operating budget for the Economic Development Administrator (EDA). The EDA will work with the Finance Director and Town Manager to develop an action program and operating budget for one year and operating guidelines for a three-year program (subject to refinement). This program & budget will provide the general framework in which the EDA is expected to operate and is based on activities needed to implement the Economic Development Element of the General Plan. The one-year program will provide a focused scope, while the three-year program provides the broader operating context. This process of developing the one and three-year program is advanced by one year and updated. (2) Insure that adequate funding resources are available to implement the action steps contained in this document. The EDA and the Finance Director will work with the Town Manager and Town Council to assure that adequate funding is available to carry out the action steps contained in the Economic Development Strategic Plan. 4 (3) Pursue private, county, state and federal funding sources. The EDA will seek out available funding from various sources including the private sector and various governmental agencies. (4) Develop and implement a Business Retention Program. A retention program will be developed which provides for regular visits by Town staff to Oro Valley businesses. A survey will be utilized and information summarized at the end of each year and an annual report produced. The report will be used to analyze and evaluate Town services, development trends and other information relating to the business community. The report will be presented each year to the Town Council. (5) Monitor expansion plans of businesses in the community. In conjunction with the Business Retention Program, the EDA will closely monitor the expansion and relocation plans of businesses in the Town. The EDA will assist expanding businesses with their plans and help to expedite the development review and construction process. (6) Work with appropriate agencies in assisting local business and retaining local companies in Oro Valley. The EDA will work with the Greater Oro Valley Chamber of Commerce, Greater Tucson Economic Council (GTEC), the Industry Network Corporation (INC), Pima County's Business Assistance Center, the Pima Community College Small Business Development and Training Center and the Arizona Department of Commerce in assisting local businesses and retaining local companies in Oro Valley. (7) Work to attract retail development in the community by maintaining regular contact with the development community. The EDA will maintain regular contact with landowners, real estate professionals, and developers in order to attract new retail development to the Town. Contact with the retail community will be facilitated through attendance at meetings and conferences of the International Conference of Shopping Centers (ICBG) to secure new prospects and network with retail professionals. 5 • � (8) Streamline the development review process. • • The EDA will work with the Town Development Review Ad Hoc Committee and � Town staff to streamline the development review process. A procedure will be r developed to expedite the permit process in response to development requests • of significant importance to the Town image, tax base or employment base. • • (9) Create and foster a positive image • • Create a positive image for the Town and use that image in marketing plans to promote Oro Valley in industries such as retail, manufacturing and tourism. • Specific action steps are: � • Complete an Identity/Image study for the community. • Use the study in developing marketing plans for retail, light industry and • hospitality and tourism industry attraction. • Work with the Town Council and other appropriate groups to develop and enhance a sense of community identity through landscape and design themes/treatments at entryways to the Town or along major road corridors. • Work with the Town Council, Arts Board, Public Works Department and the Arizona Department of Transportation (ADOT) to provide directional signage • to Oro Valley along the 1-10 freeway and State Routes 77 and 89. • Work to establish the Town Hall Complex and surrounding vicinity as the "Town Center" of Oro Valley and work to establish this site as the focus and identify for the community. 411 • Promote Oro Valley as progressive, on the move, properly staffed and favorably disposed to accommodate the need of new retail, high tech industry and resort and tourism developments. • Portray Oro Valley as a quality place to live, work, shop and recreate. Demonstrate the commitment of Town officials to accommodate commercial ,; and industrial developments, which contribute to the community's identity. • Reinforce the competitive strengths of Oro Valley as a place for business, capitalizing on the unique recreational opportunities and desert and mountain beauty, highly educated citizens, high median income and rapid growth. (10) Work with regional organizations to improve the image of the Town in the development community. Work with regional organizations such as the Greater Tucson Economic Council (GTEC), Metropolitan Tucson Convention and Visitors Bureau (MTCVB) and the Greater Oro Valley Chamber of Commerce in developing the Town image. Work with such organizations to improve the image of the Town within the development community. fa 6 (11) Develop a strategy to encourage northern Town and unincorporated area residents to shop and do business in Oro Valley. It is recognized that it is important to provide nearby shopping opportunities for those Town residents in the Rancho Vistoso section of the Town and citizens north of Oro Valley. This area has significant economic potential and should be included in the Town Marketing Plan. (12) Develop and adopt a Business Incentive Policy The Town may from time to time wish to use some form of incentives to attract or retain desirable businesses. Guidelines and review criteria will be established to assist the Town in deciding when to grant such incentives. (13) Develop a computerized Fiscal Impact Analysis The EDA will develop a computerized fiscal impact analysis for use in measuring the benefit of specific development, rezoning or annexation to the community. (14) Develop and maintain a Database Inventory The EDA will develop and maintain a computer database of available land, buildings and lease space. (15) Develop and Maintain an Oro Valley Business Directory Develop a Business directory as part of an effort to retain retail dollars in the community and encourage residents to use Oro Valley services. (16) Develop Economic Development Web pages Develop Economic Development Web pages on the Internet, including a retail, industrial /office and general information and demographics page. The existing Oro Valley tourism page will be updated. (17) Work to increase the number of tourists, both seasonal and year round, that come to Oro Valley. Work with the MTCVB, the GOV Chamber of Commerce and the Sheridan El Conquistador to increase the number of tourists that come to the area. (18) Work to attract uses which support the hospitality/tourism industry. These uses include retail businesses such as hotels and restaurants, which generate sales and bed tax revenues for the Town. 7 (19) The Town will target the following list of retail, tourism and industrial uses for areas identified appropriate in the General Plan. These targeted uses meet one or more of the following criteria: • High paying jobs • Strong projected job growth • Underrepresented in the Oro Valley market Retail • Furniture & Home Furnishings • Big-box Discount Stores • Restaurants ! • Drugstores ! • Movie theaters i • Clothing stores A w Tourism � • Resorts � • Hotels/motels � • Driving range • Office � • Corporate headquarters/regional headquarters • Back-office facilities •' • Health services • College, institutions • Professional offices Services • • Dry Cleaning • Insurance services • Banking and credit institutions 111 • Insurance Agencies 110 • Investment Services • Industrial The Town will target the Greater Tucson Strategic Partnership for Economic � Development (GTSPED) selected industries** as described in the Greater � Tucson Strategic Economic Development Plan, July 1996 (see Table 1). • : * Well-designed specialty retail developments (such as Saint Phillip's Plaza in � Tucson) are much-preferred over strip commercial projects. • • "' A group of industries under the group heading "Fabricated Metals/Industrial Machinery & Equipment" has been not been included due to incompatibility with � the Town General Plan. • • 8 r � (20) Work with appropriate agencies in developing industrial/office leads and � prospects. i a • The EDA will work with the GOV Chamber of Commerce, GTEC and the Arizona � Department of Commerce in developing industrial/office leads and prospects. This will include coordination on marketing materials and attendance at relevant � events, trade shows, conferences and prospecting trips. • as (21) The status of the Economic Development Plan will be reviewed annually • by Town officials. 111 • The EDA will review the Economic Development Strategic Plan annually with the Finance Director and Town Manager. Appropriate modifications will be brought 411 forward to the Town Council for adoption. An annual status report will be �r prepared and presented to the Council reviewing progress on completion of the 1 action steps identified in the Strategic Plan. � Town of Oro Valley-Assistance for Economic Development i' • � Local governments in the Tucson regional area, individually or in association, � promote local and regional economic development. The state grants municipal governments, such as Oro Valley, the power to engage in economic • development. These powers allow the Town to provide the leadership, energy el and perspective to bring together the different segments of the community. � Guidelines for the Town use of assistance for business location or expansion are IP outlined In the Town of Oro Valley Economic Development Incentive Policy. � Challenges and Vision for the Future • The economic and physical transformation of Oro Valley will occur as a result of a combination of physical, political and socio-economic factors which will influence the direction of growth and development in the years to come. External and internal forces influencing growth in Arizona and the region will filter down to Oro Valley, generating impacts in its economy that are difficult to predict. 4111, 41 The Town economy evolved as a result of the work of early pioneers who ,n conquered the desert after harnessing water and energy resources. Later, with the advent of World War II, a diversified industrialization process began to take place. This along with large population immigration, created by workers coming IPto take jobs in new area industries, has transformed Oro Valley into the fastest growing town or city in the State of Arizona. i • • 9 I � Economic9 rowth and development in the region evolved, until recently, without the9 uidance of comprehensive planning, fueled primarily by speculative forces andP P o ulation immigration. Planning the future economic and physical growth of the Town, which is closely tied to the City of Tucson and the region, poses many challenges. To be beneficial, economic development must not only help create wealth, it must also generate community benefits and be consistent with the unique character of the Town. A statement at the beginning of the Economic Development Element of the General Plan put this in perspective: "Oro Valley's economic future is interwoven with its distinctive character based on a residential/resort image and its proximity to the Pusch Ridge Wilderness, Coronado National Forest and Catalina State Park. Diversification in the local revenue base, encouraged through additions to employment and shopping opportunities, is desirable. However, any new development must be consistent with the community's vision for the future and values." The Town Council and staff will continue to work diligently to carry out this vision. 10 The Arizona Department of Commerce is the key agency responsible for marketing and promoting the economy of Arizona while providing support to GSPED in implementing cluster initiatives. In 1993, the National Marketing Division of the ADOC aligned its recruitment efforts with GSPED. Their marketing representatives were each assigned specific GSPED industry groups. • The Department of Commerce approach has been to emphasize the non-urban • areas in their recruiting efforts. Leads and prospects considering the Tucson or • Phoenix metro areas are turned over to the corresponding regional agency • (GTEC or GPEC). • • While recruitment prospects are turned over to GTEC and not to Oro Valley, a number of important incentives are made available to the Town by the ADOC. • The Commerce and Economic Development Fund te The Arizona Legislature established the Commerce and Economic Development a, Commission (CEDC) to help expand economic opportunities in the state. A CEDC fund capitalized yearly with a percentage of lottery proceeds was established by the Legislature to help retain, expand, and relocate businesses to Arizona. The CEDC funds are administered by ADOC. Direct loans, loan • guarantees and interest rate subsidies are directed by the CEDC to businesses. Priority consideration is given to businesses seeking to relocate and expand in rural and economically disadvantaged areas and to minority and women owned business. The allocations are made on a first-come first-served basis. • Work Force Recruitment and Job Training Program elk The Arizona State Legislature established the work force recruitment and job- training fund in 1993 to provide customized training to firms that create new jobs in Arizona and to businesses that undergo economic conversion. Grants are • administered byADOC and offered to financiallysound for-profit enterprises. • P firms identified within the GSPED clusters receive priorityconsideration. Those the cost of recruitment, screening, assessment, interviewing, • The grants cover g, 9 materials design, and training costs, among others. Training is provided through established community colleges, or private post-secondaryeducational institutions, or other qualified providers, as requested by the company. • • The Arizona Business Connection This program is operated through the ADOC and provides assistance in business expansion, relocation and start-ups. The office is a resource for information regarding licensing, permits, applicable taxes, applicable regulations, and financial referrals to local, state and federal agencies, as appropriate. Small • • • 13 businesses established in the Planning Area can access and benefit from these programs. • Private Activity Bonds Private Activity Bonds can be issued for industrial, manufacturing facilities, and equipment. The Town of Oro Valley or the Pima County Industrial Development Authorities can issue these bonds. • Revolving Energy Loans Under this program, qualified Arizona companies can receive financial assistance for long-term, fixed-asset plant expansions for the manufacture of energy-conserving products and energy-conserving building retrofits, including the acquisition of qualified energy-conserving improvements and equipment. • Environmental Technology Tax Incentive Program The State of Arizona offers tax credits and exemptions to companies that invest $20 million over five years in manufacturing technology that produces goods from recycled materials and renewable energy. • Defense Restructuring Assistance Program Under this program, defense contractors can receive individual and corporate tax credits for conversion of defense activities to commercial activities. • Economic Strength Fund This program approved by the Arizona State Legislature provides private non- profit and/or local government financing for highway or road projects which retain or significantly increase jobs in Arizona, or which lead to significant capital investment, or which make a significant contribution to the economy of the State. • Arizona Enterprise Development Corporation (AFDC) Loan Programs AEDC offers several types of Small Business Administration (SBA) Guaranteed Loans to small businesses including: SBA 504 and SBA 502 fixed asset subordinated loans, SBA 7A working capital and debt refinance, and bridge loans for land, building acquisition, inventory or equipment. • Rural Economic Development Initiative (REDI) Program This program, a part of ADOC Community Assistance Services, offers specialized services and funding assistance in the form of matching grants to 14 rural communities. The communities use the assistance to maintain viable economic development programs and to make themselves more attractive for capital investment, industrial expansions and business locations. • Community Facilities Districts Arizona's Community Facilities District Act, allows a landowner or a group of landowners to request by petition that a municipality establish a community facilities district within the city limits to finance and construct public infrastructure and facilities. The district provides developers and cities with a new and flexible mechanism to deal with the rising costs of new community facilities. Several financial options are available to construct and maintain infrastructure, including: General Obligation Bonds, Revenue Bonds, Special Assessments and Assessment Bonds, Uses Fees and Charges, Municipal and Private Contributions. The type of projects that could be funded include: water and sewerage storage, flood control and drainage, lighting and traffic control, streets and parking, police and fire facilities, public buildings, school sites and facilities, parks and recreation among others. • Other Programs: Other Arizona programs that may offer potential for economic development are those offered through the Department of Environmental Quality (DEQ) Revolving Loan Funds, the Arizona Department of Tourism and the Arizona Film Commission. Federal Over the years, the Federal Government has introduced a vast array of programs that local jurisdictions can use to improve their economies and neighborhoods. These programs range from specific development projects for rural and urban development to job training. While the breath and funding of federal programs is always subject to changes in national policy and emphasis in Washington D.C., local communities can make themselves aware of opportunities and where possible, participate in those programs. The following is a list of federal programs and agencies that offer the most potential to promote development in concert with the attributes of the Planning Area. • Small Business Administration Loans These loans are offered through the state of Arizona. • The Rural Economic and Community Development Service, and the Consolidated Farm Services Agency, formerly the Farmers Home Administration (FmHA) provides a vast array of programs including 15 guaranteed loans and grants to rural areas for water/wastewater facilities, community facilities (e.g. fire and rescue or health facilities, schools), business and industrial loans. • Economic Development Administration (EDA) Public Works Grants The EDA programs are directed to the funding of public works and development facilities that contribute to the creation or retention of private sector jobs and to the alleviation of unemployment and underemployment. For example, EDA funds could facilitate the construction of an industrial park in Oro Valley. • Community Development Block Grants (CDBG) Oro Valley is not an entitlement jurisdiction and relies on Pima County for CDBG funding (see below). Pima County • CDBG Funds Entitlement funds received through the US Department of Housing and Urban Development are utilized to support community and economic development activities in the Town of Oro Valley. These funds are received through the Pima County Entitlement Program and may be used by the Town for economic development projects, public works, community facilities, public services and planning. • Pima County Industrial Development Authority The IDA was established by Pima County to facilitate financing through the issuance of tax exempt private activity (industrial revenue) bonds for manufacturing, infrastructure and medical developments. These bonds are generally limited to land, building and equipment for manufacturing purposes and they are capped at $10 million. The proceeds from the sales of bonds are made available to finance projects through loans, leases or installment sales agreements with private credit-worthy companies. Payments are used to pay the principal and interest on the bonds as they become due. Interest rates are normally three to four percent lower than those charged through conventional borrowing. Greater Tucson Economic Council (GTEC) The Town contracts with GTEC to provide national and international marketing activities for the region. GTEC receives and markets sites in the area to 16 prospects passed onto them from the Department of Commerce and also prospects developed through the group's own marketing efforts. The membership dollars provided to GTEC from Oro Valley and other towns and organizations in the Tucson area help improve the business climate, and attract new employers to the area. is Metropolitan Tucson Convention and Visitors Bureau (MTCVB) a This organization receives funding from public agencies such as the Town of Oro Valley and from a number of Tucson area corporate sponsors (especially those in the hospitality industry). The activities result in bookings of hotel rooms and conventions with the impact of several million dollars each year to the local economy. Greater Oro Valley Chamber of Commerce The Chamber provides a local network for the exchange of ideas between the business community and the Town. Also the Town has worked jointly with the Chamber on a variety of economic development issues and projects. Tucson Electric Power Company (TEP) TEP works with the Town and other economic groups to provide assistance to companies in the area of business attraction, expansion and retention. The Economic Development Section of TEP provides various forms of assistance including power information, sharing of lead information and in certain cases rate reductions for firms considering expansion or location in the Pima County area. Private Sector One of the most critical pieces in the puzzle, fundamental to the building of foundations for economic development is the private sector. The private sector consists of local lenders, developers, investors, builders and contractors, professionals, chambers of commerce, professional and business associations and the utilities. Non-profit Sector Another key sector in economic development is the non-profit sector. The non- profit sector includes colleges and local universities, community based organizations, economic development corporations, neighborhood groups and private foundations. This sector is an important source of both training and funding for economic development programs and projects. 17 ECONOMIC DEVELOPMENT CONTACTS Chuck Sweet, Town Manager 297-2591 Norm Phillips, Economic Development Administrator 297-2591 David Andrews, Finance Director 297-2591 Don Chatfield, Planning & Zoning Director 797-9797 David Hook, Town Engineer 797-2442 Bob Maassen, Building Official 797-9096 18 TABLE 1 GTSPED TARGETED INDUSTRIES Optics Ophthalmic Goods (SIC 3851) Optical Instruments & Lenses (SIC 3827) Analytical Instruments (SIC 3826) Photographic Equipment & Supplies (SIC 3861) Environmental Technologies Fluid Meters & Counting Devices (SIC 3824) Analytical Instruments (SIC 3826) Measuring & Controlling Devices (SIC 3829) Environmental Controls (SIC 3822) Aerospace Space Vehicle Equipment (SIC 3769) Guided Missiles & Space Vehicles (SIC 3761) Space Propulsion Units & Parts (SIC 3764) Space Commerce Biolndustries Biological Products. Except Diagnostic (SIC 2836) Diagnostic Substances (SIC 2835) Medicinals & Botanicals (SIC 2833) Teleservices Telecommunications Services (SIC 4812. 4813. 4822) Sofhvare/Information Services Computer Professional Services (SIC 7376) Data Processing (SIC 7375) Electronic Information Services (SIC 7374) Computer& Data Processing (SIC 737) Prepackaged Software (SIC 7372) Computer Integrated Systems (SIC 7373) 19 Electronic & Other Electronic Equipment Electronic Components & Accessories (SIC 367) Semiconductors & Related Devices (SIC 3674) Printed Circuit Boards (SIC 3672) Instruments & Related Products Fluid Meters & Counting Devices (SIC 3824) Analytical Instruments (SIC 3826) Measuring & Controlling Devices (SIC 3829) X-ray Apparatus & Tubes (SIC 3844) Surgical & Medical Equipment (SIC 3842) Electromedical Equipment(SIC 3845) Process Control Equipment (SIC 3823) Photographic Equipment & Supplies (SIC 3861) Environmental Controls (SIC 3822) Instruments to Measure Electricity (SIC 3825) 20 • t s'...» '; .� a 4 0 s< a `�� a fi q„s. _ y `1 R 'r , 010100100100,....„ , .,ina.lit Pm ./I'''''*-'0. 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Community Economic Development Strategy: The Development comports with the Town's Community Economic Development Incentive Policy Guidelines and is expected to create a source of significant tax revenue for the Town for many years. a. The Town has determined that incentives are needed in order to develop the Property and to induce businesses to locate their operations in the Development. The incentives for each Phase shall not continue for more than fetufteen TEN (-1-4 10) years as more fully set forth below. AGREEMENTS 8. Revenue Sharing: A. Sales Tax Revenue Sharing: The Town agrees to share with Owner/Developer a portion of the sales tax revenue generated by each Phase of the Development as provided in Article 4 of the Oro Valley Tax Code, but not including any construction sales tax revenue. The present sales tax rate in effect is two percent (2%). The Town shall retain thirty six percent FIFTY PERCENT (36 50%) of the Town's sales tax revenue generated by each Phase of the Development from the Town's sales tax during the five (5) year period (the "Initial Sharing Period") commencing on the first day of the month following issuance of certificates of AND THE Owner/Developer shall receive the --- ••-•- • • = • =- -- OTHER FIFTY PERCENT (64 50%) of the Town's sales tax revenue generated by each Phase COMMENCING ON THE FIRST DAY OF THE MONTH FOLLOWING ISSUANCE OF CERTIFICATES OF OCCUPANCY FOR A MAJORITY OF THE RENTABLE SPACE FOR THE APPLICABLE APPROVED PHASE. during the Initial Sharing Period for such Phase from the Town shall retain fifty percent (50%) of the Town's sales tax revenue generated by such Phase of the Development from the Town's sales tax, and Owner/Developer shall receive the remaining fifty percent (50%) of the Town's sales tax revenue generated by such Phase of the Development from the Town's sales tax. During the four (4) year period following expiration of the Middle (70%) of the Town's sales tax revenue generated by such Phase of the , w Development from the Town's sales tax, and the Owner/Developer shall receive(subject to Section 8.E below) the remaining thirty percent (30%) of the Town's Sales Tax revenue generated by such Phase of the Development from the Town's Sales Tax. In order to incentivize the prompt development of subsequent Phases, the feu4eeti TEN ( )-year tax revenue sharing period for each subsequent Phase shall commence no later than two (2) years following the issuance of certificates of occupancy for a majority of the rentable space from the prior approved Phase. If the tax rate increases beyond the current two percent (2%), Owner/Developer shall not be entitled to share in any tax revenues in excess of the two percent (2%) rate. C. Maximum Cumulative Revenue Sharing: Under no circumstances shall Owner/Developer be entitled to share sales tax revenues, the total of which each Phase, exceeds the lower of the following amounts: i. The cost of that Phase $29.9 MILLION; or 11. The percentages described in paragraph 8.A FIFTY PERCENT (50%) OF THE SALES TAX REVENUES THAT EACH TEN (10) YEAR PHASE OF THE PROJECT COULD REASONABLY BE EXPECTED TO GENERATE. E. Reconciliation Calculation: Notwithstanding the provisions of Sections 8.A and 8.B above, the portion of sales tax revenue otherwise payable to Owner/Developer during the final year of the Final Sharing Period of each Phase shall be held back by the Town for a period no longer than sixty (60) days after quarterly sales tax revenues have been determined for the final quarter of the Final Sharing Period. As soon as feasible, but no later than the expiration of such sixty (60)-day period, a comparison shall be made as to the respective sales tax revenues received by the Town and the Owner/Developer during the entire term of this Agreement for such Phase (with the Town's calculation to include any construction sales tax received by the Town). In the event that the Town's sales tax revenue proceeds are less than fifty percent (50%) of the total received by the Town and the Owner/Developer, the Town shall receive such portion of the final year sales tax revenues for such Phase otherwise payable to the Owner/Developer but withheld by the Town as above-described as may be necessary to increase the Town's share of sales tax revenues of such Phase up to fifty percent (50%) of the total of sales tax revenues received by the Town and the Owner/Developer for such Phase. The balance, if any, of the withheld revenue shall be paid to Owner/Developer. 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E i i, d-- a p ii T R� _ Hi 00 - x b x — 4 .4 i 4i ill m its IIH _(1. §9 F $ mh T r m _ h Id''2,mT . I Non% C I cr H I ! ,,,,,,,., ii. l. r___ 0 7 . i . , ,) '''''§ 103_,.. ___ �'rsnac: rr re c b i i< I I �2Tz J 4 Oxi 7- 1.... b A Z D mz 0C)/i . ,,,,,,,„_,, ,/,- 74-.,:i'' 04 ,,,,,,,,,,i,;?;-:°:::,,, :,--;if 7 ,,,,if,',4-j-i-i-fi::5.:; a r :, r 9,-,:::,:, ,,- :, if,,,,,,: r ,,, 7,-,, -. ,-,;;14-'-''' 1611 ,..,) \,' -4,-. .-1‹ Q'' Zs' iz) \ N � ,P -iv ,,,\., M ',•\ ,A,\, I', 0 coo) ,‘, ‘ \ �,rte ��ri yr', � s yr�,� 111111111111111°4111144 asw. )'1614 l r ,.v y� ; ;' 6 0 S\‘\ ::::,„.., '*41111111',,,, / .ham/� / / L r'� �� $xq VESTAR ECONOMIC DEVELOPMENT AGREEMENT CHANGES FOR MAXIMUM 50% SALES TAX REVENUE SHARING FOR 10 YEARS RECITALS B.2. Community Economic Development Strategy: The Development comports with the Town's Community Economic Development Incentive Policy Guidelines and is expected to create a source of significant tax revenue for the Town for many years. a. The Town has determined that incentives are needed in order to develop the Property and to induce businesses to locate their operations in the Development. The incentives for each Phase shall not continue for more than fourteen TEN (-1-4 10) years as more fully set forth below. AGREEMENTS 8. Revenue Sharing: A. Sales Tax Revenue Sharing: The Town agrees to share with Owner/Developer a portion of the sales tax revenue generated by each Phase of the Development as provided in Article 4 of the Oro Valley Tax Code, but not including any construction sales tax revenue. The present sales tax rate in effect is two percent (2%). The Town shall retain thirty six percent FIFTY PERCENT (36 50%) of the Town's sales tax revenue generated by each Phase of the Development from the Town's sales tax during the five (5) year period (the "Initial Sharing Period") commencing on the first day of the month following issuance of certificates of AND THE Owner/Developer shall receive the -•• .•-•- • = • :- -- OTHER FIFTY PERCENT (64 50%) of the Town's sales tax revenue generated by each Phase COMMENCING ON THE FIRST DAY OF THE MONTH FOLLOWING ISSUANCE OF CERTIFICATES OF OCCUPANCY FOR A MAJORITY OF THE RENTABLE SPACE FOR THE APPLICABLE APPROVED PHASE. during the Initial Sharing Period for such Phase from the Town's sales tax. During the five (5) year period following the expiration of the Initial Sharing Period for the applicable Phase (the "Middle Sharing Period"), the Town shall retain fifty percent (50%) of the Town's sales tax revenue generated by such Phase of the Development from the Town's sales tax, and Owner/Developer shall receive the remaining fifty percent (50%) of the Town's sales tax revenue generated by such Phase of the Development from the Town's sales tax. During the four (4) year period following expiration of the Middle Sharing Period (the "Final Sharing Period"), the Town shall retain seventy percent (70%) of the Town's sales tax revenue generated by such Phase of the Development from the Town's sales tax, and the Owner/Developer shall receive(subject to Section 8.E below) the remaining thirty percent (30%) of the Town's Sales Tax revenue generated by such Phase of the Development from the Town's Sales Tax. In order to incentivize the prompt development of subsequent Phases, the feufteen FEI\ ( )-year tax revenue sharing period for each subsequent Phase shall commence no later than two (2) years following the issuance of certificates of occupancy for a majority of the rentable space from the prior approved Phase. If the tax rate increases beyond the current two percent (2%), Owner/Developer shall not be entitled to share in any tax revenues in excess of the two percent (2%) rate. C. Maximum Cumulative Revenue Sharing: Under no circumstances shall Owner/Developer be entitled to share sales tax revenues, the total of which, for each Phase, exceeds the lower of the following amounts: i. The cost of that Phase $29.9 MILLION; or 11. The percentages described in paragraph 8.A FIFTY PERCENT(50%) OF THE SALES TAX REVENUES THAT EACH TEN (10) YEAR PHASE OF THE PROJECT COULD REASONABLY BE EXPECTED TO GENERATE. E. Reconciliation Calculation: Notwithstanding the provisions of Sections 8.A and 8.B above, the portion of sales tax revenue otherwise payable to Owner/Developer during the final year of the Final Sharing Period of each Phase shall be held back by the Town for a period no longer than sixty (60) days after quarterly sales tax revenues have been determined for the final quarter of the Final Sharing Period. As soon as feasible, but no later than the expiration of such sixty (60)-day period, a comparison shall be made as to the respective sales tax revenues received by the Town and the Owner/Developer during the entire term of this Agreement for such Phase (with the Town's calculation to include any construction sales tax received by the Town). In the event that the Town's sales tax revenue proceeds are less than fifty percent (50%) of the total received by the Town and the Owner/Developer, the Town shall receive such portion of the final year sales tax revenues for such Phase otherwise payable to the Owner/Developer but withheld by the Town as above-described as may be necessary to increase the Town's share of sales tax revenues of such Phase up to fifty percent (50%) of the total of sales tax revenues received by the Town and the Owner/Developer for such Phase. The balance, if any, of the withheld revenue shall be paid to Owner/Developer. In the event that it is clear at any point that the Town has (or will) receive more than fifty percent (50%) of the sales tax revenues for the TEN (-1-4 10)-year tax revenue sharing period, there shall be no withholding of sales tax revenues from Owner/Developer. VESTAR ECONOMIC DEVELOPMENT AGREEMENT CONSTRUCTION GUARANTEES AGREEMENTS 3. Submission of Development Plan: As a condition precedent to the rights of Owner/Developer to share with the Town the site-specific sales tax revenues generated from the first and successive Phases of this Development in accordance with the provisions of Paragraph 8 of this Agreement ("Revenue Sharing") and the obligation of the Town to provide such Revenue Sharing, the Owner/Developer shall prepare and submit to the Town within twelve (12) months of the Effective Date of this Agreement a development plan for Phase 1 of the Development (the "Phase 1 Plan") presently estimated to be approximately 300,000 square feet. The Town will, within the ensuing six (6) months (or as soon thereafter as feasible), review and pursue final approvals of the Phase 1 Plan by the Town Council. Thereafter, the parties will diligently cooperate to complete and process plans and specifications for necessary building permits for the approved Phase I plan. At the time that Owner/Developer submits the Phase I Plan, it shall also submit an updated revised conceptual master site plan for the entire Development. The parties agree that time is of the essence in the preparation, submittal, review and, if appropriate, approval of the Phase 1 Plan. B. MINIMUM CONSTRUCTION REQUIREMENTS: AS A FURTHER CONDITION PRECEDENT TO THE RIGHTS OF OWNER/DEVELOPER TO PARTICIPATE IN THE REVENUE SHARING AND THE OBLIGATION OF THE TOWN TO PROVIDE SUCH REVENUE SHARING, THE OWNER/DEVELOPER SHALL OBTAIN BUILDING PERMITS FOR, AND COMMENCE CONSTRUCTION ON, AT LEAST 200,000 SQUARE FEET OF THE BUILDINGS SHOWN IN THE PHASE 1 PLAN WITHIN EIGHTEEN (18) MONTHS OF THE DATE OF APPROVAL BY THE TOWN OF SUCH PLAN, OTHERWISE, THIS AGREEMENT SHALL BE NULL AND VOID. ORO VALLEY MARKETPLACE EDA COUNCIL PRESENTATION MARCH 15, 2004 MAYOR LOOMIS AND MEMBERS OF THE COUNCIL THE ITEM FOR YOUR CONSIDERATION AND ACTION THIS AFTERNOON IS A REQUEST FROM THE VESTAR DEVELOPMENT COMPANY FOR AN ECONOMIC DEVELOPMENT AGREEMENT THAT ALLOWS A SHARING OF THE NEW SALES TAX REVENUES GENERATED BY THE ORO VALLEY MARKETPLACE RETAIL CENTER. HISTORICAL PERSPECTIVE. BEFORE THE DETAILS OF THE EDA REQUEST ARE DISCUSSED I WANT TO PROVIDE THE COUNCIL AND MEMBERS OF THE PUBLIC WITH A RECAP OF PRIOR EVENTS THAT OCCURRED THAT ARE RELEVANT TO THE ITEM YOU WILL BE ACTING ON TODAY. o IN SEPTEMBER OF 1997 THE COUNCIL ADOPTED THE CITIZEN BASED COMMUNITY ECONOMIC DEVELOPMENT STRATEGY. THIS PLAN OF ACTION FOCUSED ON THE REMAINING COMMERCIAL & INDUSTRIAL OPPORTUNITIES WITHIN ORO VALLEY. o THE PLAN USED THE RECENTLY PASSED FOCUS 2020 GENERAL PLAN ADOPTED IN 1996 AS THE BASIS FOR IDENTIFICATION OF ACTIONABLE ITEMS. o APPLICABLE ACTION ITEMS FOR THIS PROJECT ARE: #11 - DEVELOP A STRATEGY TO ENCOURAGE NORTHERN TOWN UNINCORPORATED AREA RESIDENTS TO SHOP AND DO BUSINESS IN ORO VALLEY; #12 - DEVELOP AND ADOPT A BUSINESS INCENTIVE POLICY WHEREIN THE TOWN MAY FROM TIME TO TIME USE INCENTIVES TO ATTRACT OR RETAIN DESIRABLE BUSINESSES; #19 - TARGET SPECIFIC RETAILERS INCLUDING: FURNITURE & HOME FURNISHINGS, BIG-BOX DISCOUNT STORES, RESTAURANTS, DRUGSTORES, MOVIE THEATERS AND CLOTHING STORES. PAGE 1 OF 6 DURING THE PAST FIVE YEARS THE PRIMARY FOCUS OF YOUR ECONOMIC DEVELOPMENT STAFF'S EFFORTS HAVE BEEN TO ASSIST IN THE REALIZATION OF THE COMMUNITY ECONOMIC DEVELOPMENT STRATEGY. THE TOWN'S DESIRES HAVE BEEN AND CONTINUE TO BE: 1. CREATE JOB OPPORTUNITIES THAT ALLOW RESIDENT TO LIVE AND WORK IN ORO VALLEY AND; 2. CREATE RETAIL OPPORTUNITIES THAT PROVIDE SHOPPING OPPORTUNITIES FOR EXISTING TOWN RESIDENTS AND SURROUNDING AREA RESIDENTS. RESPONSES TO THE AFOREMENTIONED ACTION ITEMS. IN RESPONSE TO ACTION ITEM #11 ADDRESSING THE CREATION OF NEW RETAIL OPPORTUNITIES THAT ENCOURAGE NEARBY UN- INCORPORATED AREA RESIDENTS TO SHOP IN ORO VALLEY THE TOWN CONTRACTED WITH THE BUXTON COMPANY TO PERFORM A TRADE AREA ANALYSIS THAT INCLUDED THE SURROUNDING RESIDENTS THAT COULD REACH THE SITE WITHIN A FIFTEEN (15) MINUTE COMMUTE OF WHERE THE ORO VALLEY MARKETPLACE RETAIL CENTER WILL BE CONSTRUCTED. THE BUXTON COMPANY REPORT CLEARLY INDICATES THE SUSTAINABLE HIGH LEVEL OF RETAIL SALES POTENTIAL FOR THE ORO VALLEY MARKETPLACE RETAIL CENTER PROJECT. ON OCTOBER 3, 2001 THE MAYOR AND COUNCIL ACTED BY RESOLUTION(R) 01 - 90 TO ADOPT GUIDELINES FOR AN ECONOMIC DEVELOPMENT INCENTIVE POLICY THAT ADDRESSED RETAIL PROJECTS. THESE GUIDELINES INCLUDE CONSIDERATION FOR THE USE OF INCENTIVES FOR THE ATTRACTION AND RETENTION OF CERTAIN BUSINESSES AS IDENTIFIED IN RESPONSE TO ACTION ITEM #12. THE GUIDELINES INCLUDED A PRIORITY OF BUSINESS TYPES INCLUDING RETAIL DEVELOPMENTS THAT: PAGE 2 OF 6 o GENERATE SIGNIFICANT SALES TAX REVENUES; o ARE OF A SIZE NORMALLY IDENTIFIED AS A COMMUNITY OR REGIONAL RETAIL CENTER; o LIMIT THE AMOUNT OF SHARING TO 50% OF THE NEW SALES TAX REVENUES THAT COULD BE REASONABLY EXPECTED WITHIN A TEN (10) YEAR PERIOD. ECONOMIC DEVELOPMENT AGREEMENT REQUEST. VESTAR ARIZONA XXXIX L.L.C., THE DEVELOPERS OF THE PROPOSED ORO VALLEY MARKETPLACE, HAVE REQUESTED CONSIDERATION BY THE COUNCIL FOR AN ECONOMIC DEVELOPMENT AGREEMENT BETWEEN THE TOWN AND VESTAR. VESTAR HAS REQUESTED THE FOLLOWING: o A FOURTEEN (14) YEAR TERM OF SHARING FOR EACH OF THE FOUR (4) PHASES; o BASED ON EXTRAORDINARY FRONT LOADED DEVELOPMENT COSTS THAT THE REVENUE SHARING PERCENTAGES FOR THE FOURTEEN (14) YEARS BE SEPARATED INTO THREE (3) PERIODS. A HIGHER SHARING AMOUNT IN THE FIRST FIVE (5) YEARS, AN EQUAL SHARING IN THE MIDDLE FIVE (5) YEARS AND A MINORITY SHARING AMOUNT IN THE FINAL FOUR (4) YEARS. o THE SHARING AMOUNTS ARE: REVENUE SHARING DEVELOPER TOWN INITIAL FIVE YEARS 64 % 36 "A, MIDDLE FIVE YEARS 50 % 50 "./0 FINAL FOUR YEARS 30 % 70 (Yo AVERAGE OVER 14 YEARS 47.5% 52.5% PAGE 3 OF 6 THE PROJECT: AS INDICATED IN THE PRESENTATION BY DAVID LARCHER THE PROJECT IS LOCATED AT THE SOUTHWEST CORNER OF THE INTERSECTION OF TANGERINE AND ORACLE ROADS; ITS SIZE IS APPROXIMATELY 100 ACRES; AND THE PLAN IS TO CONSTRUCT 810,000+ SQUARE FEET OF BUILDINGS THAT WILL BE OCCUPIED BY A VARIETY OF RETAIL TENANTS AND A PLANNED THEATER COMPLEX (THE PLANNED TENANT MIX WILL SATISFY ACTION ITEM # 19). THE CURRENT PLAN IS TO DEVELOP THE ENTIRE PROJECT IN FOUR PHASES, MOST LIKELY OVER AN EIGHT TO TEN PERIOD. THE FIRST PHASE WILL CONTAIN APPROXIMATELY 300,000 SQUARE FEET OF BUILDINGS AND MANY ON-SITE AND OFF-SITE IMPROVEMENTS. THE DEVELOPER IS COMMITTING TO SUBMISSION OF AN APPROVABLE DEVELOPMENT PLAN FOR REVIEW BY THE TOWN WITHIN TWELVE MONTHS FROM THE DATE OF THE AGREEMENT. THE AGREEMENT REQUIRES THE TOWN TO REVIEW AND APPROVE THE PHASE ONE DEVELOPMENT PLAN WITHIN THE ENSUING SIX MONTHS. AS EVERYONE WHOM HAS VISITED THE SITE REALIZES THERE ARE MANY INFRASTRUCTURE RELATED CHALLENGES. THE SITE IS LOW LYING CREATING THE NEED FOR SIGNIFICANT ROADWAY AND ACCESS EXPENDITURES; REQUIRES MAJOR IMPROVEMENTS TO THE LEVEE ON THE WESTERN BOUNDARY OF THE PROPERTY; AND MUST EXISTING DRAINAGE CONDITIONS. IT IS ESTIMATED THAT THE SITE CHALLENGES WILL COST AN ADDITIONAL $ 16.8 MILLION AS COMPARED TO MOST SITES. A MAJOR DISTINCTION BETWEEN THE TOWN OR ORO VALLEY AND SURROUNDING COMMUNITIES IS THE TOWN'S REQUIREMENT FOR HIGH DESIGN AND ARCHITECTURAL STANDARDS. THE DEVELOPER HAS ESTIMATED THAT THE COSTS TO SATISFY THE TOWN'S STANDARDS WILL RESULT IN AN ADDITIONAL EXPENDITURE OF APPROXIMATELY $ 13.1 MILLION. PAGE 4 OF 6 SUPPLEMENTAL INFORMATION. AT THE REQUEST OF COUNCIL MEMBERS THE STAFF ACCUMULATED ADDITIONAL DATA THAT WAS NOT INCLUDED IN THE ORIGINAL COUNCIL PACKET. 1. GENERAL FUND CASH RESERVES FORECAST. THE GENERAL FUND PROJECTIONS PROVIDED TO THE MAYOR AND COUNCIL BY THE BUDGET & BOND COMMITTEE ON JANUARY 12, 2004 THAT LOOKED FORWARD THROUGH THE FISCAL YEAR 2009/2010 HAS BEEN INCLUDED IN THE SUPPLEMENTAL DATA. THE BUDGET & BOND COMMITTEE'S PROGNOSIS IS A CONTINUED DETERIORATION IN THE TOWN'S GENERAL FUND CASH RESERVES, UNLESS THERE IS INCREASED TAXATION OR A SIGNIFICANT INFUSION OF NEW RETAIL SALES TAX, TO THE POINT OF DEPLETION IN FISCAL YEAR 2008/2009. AS SHOWN ON THE CHART THE IMPACT ON GENERAL FUND DRAW DOWNS IS ONLY A COUPLE OF YEARS INTO THE FUTURE. WE HAVE ADDED THE IMPACT OF THE PROPOSED ORO VALLEY MARKETPLACE AS SHOWN ON THE SLIDE AND IT IS EVIDENT THAT THE PROJECT PROVIDES SIGNIFICANT FINANCIAL BENEFITS TO THE TOWN. FINANCIAL IMPACT OF PROJECT. FOR ALL PROJECTS THAT REQUEST CONSIDERATION BY THE TOWN FOR THE SHARING OF NEW SALES TAX REVENUES AN ANALYSIS OF THE TOTAL REVENUE POTENTIAL IS PREPARED FOR THE COUNCIL'S REVIEW. THE TERM OF THE ANALYSIS IS TWENTY YEARS. IT HAS BEEN PAST PRACTICE THAT THE TOWN REQUIRES THE DEVELOPER TO PROVIDE A FORECAST OF PROJECTED REVENUES FOR THE PROJECT INCLUDING TIMED INTRODUCTIONS OF NEW TENANTS, ANTICIPATED INVESTMENTS IN INFRASTRUCTURE AND BUILDINGS AND OTHER INFORMATION AS MAY BE NEEDED TO COMPLETE AN ANALYSIS. PAGE 5 OF 6 THE FOLLOWING FINANCIAL IMPACTS FOR THIS PROJECT SHOULD BE CONSIDERED: o TOTAL NEW SALES ARE ESTIMATED AT $ 4.8 BILLION o ONE-TIME FEE'S AND OTHER REVENUES ARE $ 1.7 MILLION o NON-SHARED SALES TAX REVENUES OF $ 23.8 MILLION o TOWN'S SHARED REVENUES @ 52.5% $ 37.9 MILLION o TOTAL NEW TOWN REVENUES $ 63.4 MILLION o DEVELOPERS PORTION OF SHARED @ 47.5% $ 34.3 MILLION o ANNUAL INCREASES IN TOWN COSTS $ 210,000 o ANNUAL PROPERTY TAXES FROM PROJECT AT BUILD OUT IS $ 3.2 MILLION AT THIS TIME MR. CHUCK SWEET, THE TOWN MANAGER, WILL ADDRESS THE MAYOR AND COUNCIL. 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