THE TIMES LISTED
FOR AGENDA ITEMS ARE ESTIMATED.
ITEMS MAY BE DISCUSSED EARLIER OR IN A DIFFERENT SEQUENCE.
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ESTIMATED
1. 2:00 P.M.-
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COUNCIL INFORMATION AND FOLLOW-UP REQUESTS.
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This item is scheduled to give City Council members an
opportunity to publicly request information or follow-up on issues of interest
to the community. If the information is
available, staff will immediately provide it to the City Council member. No decisions will be made or action taken.
CONSENT AGENDA.
There is no Consent Agenda for consideration this week.
CALL FOR AN EXECUTIVE SESSION.
A vote to call an Executive Session may be held.
REPORTS BY THE CITY MANAGER.
This item is scheduled to allow the City Manager to report
on changes in the City Council Agenda and provide brief informational reports
on urgent issues. The City Council may
discuss these reports but no action will be taken.
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ESTIMATED
2. 2:30 P.M.-
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ORDINANCE S-34853 –
REDEVELOPMENT AGREEMENT WITH COPPER POINTE DEVELOPMENT 2, LLLP
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Staff: Krietor, Chan
(Presentation 10 min.)
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(Continued from the March 19,
2008 Formal Meeting)
Request authorization for the City Manager to enter into a
Disposition and Redevelopment Agreement, leases, easements, and other
agreements as necessary (collectively, the “Agreements”) with Copper Pointe
Development 2, LLLP or its City approved nominee (collectively, “Developer”), and
authorization to acquire, lease, and convey real property for the development
of an approximate 107-room aloft brand boutique hotel located on City-owned
property located at the southeast corner of Central Avenue and Adams Street
(“City Parcel”).
The Developer will convey to the City, at no cost, a 27,619
square foot vacant parcel located at the southeast corner of 3rd
Avenue and Fillmore
Street (“Developer Parcel”) in consideration for
the development rights on the City parcel.
Under the proposed terms, the developer shall pay a non-refundable
security deposit in the amount of $20,000.
Within 180 days from the execution of the Disposition and Redevelopment
Agreement, the developer shall complete construction drawings, satisfy all
requirements for issuance of building permits, provide evidence of financing
commitments, provide an executed franchise agreement with Starwood Hotels, and
satisfy all conditions precedent to conveyance of the Developer Parcel to the
City.
The City and Developer will enter into a Development Lease
for the City Parcel with a term of 20 years for the hotel project. Construction will commence within 90 days
from the execution of the Development Lease and will be complete within 18
months. Upon issuance of the initial
Certificate of Occupancy (C of O), the ownership of the improvements will vest
in the City and pursuant to current state law, the
improvements will be eligible for Government Property Lease Excise Tax (GPLET)
treatment, with the first eight years of GPLET abated. During the term of the lease, the Developer
will have the option to acquire the improvements and the land at no cost, and
to terminate the Development Lease. At
the end of the lease term, the City will convey the improvements and the land
to the Developer. The Developer will
make annual rent payments to the City upon the issuance of the initial C of O
beginning at $10,000 a year increasing every 5th year by $5,000. In addition to the lease for the City Parcel,
the City will enter into an additional lease to permit the Developer to
construct improvements which extend above and below the adjacent sidewalk at an
annual rent of $5,000 increasing 3.5 percent annually. The air-space and subsurface lease shall
remain in effect as long as the improvements exist on the City Parcel. All proceeds from lease payments will be
deposited into the Downtown Community Reinvestment Fund.
The Developer is not permitted to sell, assign, or
otherwise transfer its interest in the lease(s) until the C of O is issued. Upon the first sale or transfer of its
interest in the lease(s), the developer shall pay the City $100,000. The agreements may contain such additional
terms and conditions deemed necessary or appropriate.
Financial Impact
The project is projected to generate approximately $5
million in direct sales tax revenues from construction and hotel operations
over the term of the lease. The proposed
hotel will fill a need for additional hotel rooms in the downtown area and will
create approximately 30 jobs.
Affirmative Action
Copper Pointe Development 2, LLLP is eligible to do
business with the City of Phoenix
until January 16, 2010, by
its compliance with the affirmative action requirements of the City Code,
Chapter 18, Article IV or V. The firm is
responsible for maintaining its eligibility during the life of the agreement.
The Downtown, Economy, and Aviation Subcommittee approved
this item at its February 27, 2008
meeting.
This item is also recommended by Mr. Krietor
and the Downtown Development Office.
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ROLL CALL
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CITY CLERK READS 24
HOUR PARGRAPH
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ROLL CALL VOTE
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This item is for information, discussion and possible
action.
Back-up included in Council packet/City Clerk’s Office.
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ESTIMATED
3. 2:40 P.M.-
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COMPREHENSIVE REVIEW OF THE
BUDGET
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Staff: Seelhammer, Leonard
(Presentation 10 min.)
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This report discusses a potential approach for a comprehensive
review of the City budget including a proposed timetable for a review prior to
the next program budget cycle.
No recommendation is presented. We will discuss the proposal and accept
guidance from the City Council at the Work Study session.
This item is for information, discussion and possible
action.
Back-up included in Council packet/City Clerk’s Office.
ESTIMATED
3:30 P.M. -
ADJOURNMENT
For further information, please call the Management Intern,
City Manager's Office, at 602-262-4449.
For reasonable accommodations, call the Management Intern
at Voice/602-262-4449 or TTY/602-534-5500 as early as possible to coordinate
needed arrangements.
Si necesita traducción
en español, por favor llame a la oficina del gerente
de la Ciudad de Phoenix, 602-262-4449 tres días antes de la fecha de la
junta.
PHOENIX
CITY COUNCIL MEMBERS
Councilwoman Baier
Councilman Johnson
Councilman Mattox
Councilman Nowakowski
Councilman Simplot
Councilman Stanton
Councilwoman
Williams
Vice Mayor Neely
Mayor Gordon
