HomeMy WebLinkAboutResolution 2005-055 second amendment to the amended and restated development agreement and IGA for redhawk canyon
MARANA RESOLUTION NO. 2005-55
RELATING TO DEVELOPMENT; APPROVING AND AUTHORIZING THE EXECUTION OF
A SECOND AMENDMENT TO THE AMENDED AND RESTATED DEVELOPMENT
AGREEMENT AND INTERGOVERNMENTAL AGREEMENT (RED HAWK CANYON)
DATED JANUARY 27, 1995 AND AMENDED JUNE 20, 1995 IN ANTICIPATION OF THE
SALE OF DISTRICT REFUNDING BONDS IN THE APPROXIMATE AGGREGATE PRINCI-
PAL AMOUNT OF $5,070,000.
WHEREAS, the Town of Maran a and the Red Hawk Canyon Community Facilities District
No.1 desire to enter a Second Amendment to the January 27, 1995 Amended and Restated Devel-
opment Agreement and Intergovernmental Agreement (Red Hawk Canyon) (the "Second Amend-
ment") to allow the Pima County Assessor's "full cash value" of the assessed parcels to be used to
determine value for purposes of the minimum one-to-one ratio of property value to bond amount in
certain circumstances; and
WHEREAS, the Mayor and Council of the Town of Maran a feel it is in the best interests of
the public to enter into this Second Amendment.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF THE
TOWN OF MARANA, that the Second Amendment between the Town of Maran a and Red Hawk
Canyon Community Facilities District No.1, attached to and incorporated by this reference in this
resolution as Exhibit A is hereby approved, and the Mayor is hereby authorized to execute it for and
on behalf of the Town of Mar ana.
IT IS FURTHER RESOLVED that the Town's Manager and staff are hereby directed and au-
thorized to undertake all other and further tasks required or beneficial to carry out the terms, obliga-
tions, and objectives of the Second Amendment.
PASSED, ADOPTED, and APPROVED by the Mayor and Council of the Town of Maran a,
Arizona, this 17th day of May, 2005.
ATTEST:
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Recorded at the request of:
Gabroy, Rollman & Bossé, P.C.
3507 North Campbell Avenue, Suite 111
Tucson, Arizona 85719
SECOND AMENDMENT TO THE AMENDED AND RESTATED
DEVELOPMENT AGREEMENT AND INTERGOVERNMENTAL AGREEMENT
(RED HAWK CANYON)
THIS SECOND AMENDMENT TO THE AMENDED AND RESTATED
DEVELOPMENT AGREEMENT AND INTERGOVERNMENTAL AGREEMENT
(RED HAWK CANYON) (this "Second Amendment") is made as of this lZ day of
May 2005, by and among the TOWN OF MARANA, an Arizona municipal
corporation (the "Town"), U.S. HOME CORPORATION, a Delaware Corporation
("USH"), RED HAWK CANYON COMMUNITY FACILITIES DISTRICT NO.1, a
community facilities district formed pursuant to Arizona Revised Statutes §§
48-701 et seq. ("District 1").
RECITALS
A. The Town, USH and District 1 are parties to that certain Amended
and Restated Development Agreement and Intergovernmental Agreement (Red
Hawk Canyon) by and between the Town, USH and District 1 recorded on
January 30, 1995, in Docket 9969, page 1923, records of Pima County,
Arizona and that certain First Amendment to the Amended and Restated
Development Agreement and Intergovernmental Agreement (Red Hawk)by and
between the Town, USH and District 1 recorded on June 29, 1995, in Docket
10075, page 356, records of Pima County, Arizona (together, the "Development
Agreemenf'). The Development Agreement is intended to facilitate development
of the real property legally described in Exhibits "A" and "B" to the
Development Agreement and sets forth, among other things, the permitted uses
for Red Hawk Canyon, the density and intensity of such uses, and the
conditions and requirements for the acquisition, design, construction,
installation, funding and financing of infrastructure in Red Hawk Canyon.
B. Pursuant to § 4.1 of the Development Agreement, District 1
became a party to the Development Agreement upon their formation and must
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administer the implementation of the Development Agreement as it relates to
District 1 and the real property included therein.
C. Section 6.7 of the Development Agreement sets forth certain
restrictions that apply to bond issuances by District 1, and any other district
formed within the boundaries of District 1.
D. The parties hereto desire to amend § 6.7 of the Development
Agreement to allow District 1, and any other district formed within the
boundaries of District 1, to, in the alternative, rely upon the full cash value of
the property, as determined and set by the Pima County Tax Assessor's office,
to satisfy the appraisal requirement of paragraph (k) of § 6.7 of the
Development Agreement for purposes of establishing the wholesale value of the
property.
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto state, confirm
and agree as follows:
AGREEMENT
1. Amendment of ~ 6.7(k).
Section 6.7(k) of the Development Agreement shall be deleted In its
entirety and replaced with the following:
At the time of sale of the District 1 Assessment Bonds, an
appraisal prepared by an MAI appraiser must show that the
property in District 1 or any other District formed within the
boundaries of District 1 with the completed, bond financed
infrastructure is worth at least as much wholesale as the principal
amount of the District 1 Assessment bonds. Alternatively,
notwithstanding the foregoing, the parties may rely upon the full
cash value of the property, as determined and set by the Pima
County Tax Assessor's office, to satisfy the appraisal requirement
for purposes of establishing the wholesale value of the property if
the District 1 Assessment Bonds being sold are refunding bonds
and as a result of their issuance the amount of the annual
payments with respect to the assessments securing such bonds
will be reduced.
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IN WITNESS WHEREOF, the parties have executed this Agreement the day and
year written above.
APPROVED AS TO FORM AND AUTHORITY:
The foregoing Second
Amendment has been
reviewed by the undersigned
attorney who has determined
that it is in proper form and
within the power and
authority granted under the
laws of the State of Arizona to
the To of"
The foregoing Second
Amendment has been
reviewed by the undersigned
attorney who has determined
that it is in proper form and
within the power and
authority granted un er the
laws 0 eState L zona to
a c cili' district.
Cr' L. Chne, Esq.
District Counsel
RED HAWK CANYON COMMUNITY
FACILITIES DISTRICT No.1
.U
By
Its
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TOWN OF MARANA, an Arizona
municipal corporation
By
Its
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KOLLE EN R. KEARNEY
NO T.':'py !)U3L1C-ARIZONA '
PII'J¡~\ COUNTY
Mv Camlll. Expires Jan. 5.2007 '
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U.S. HOME CORPORATION, a
Delaware corporation
By
Its T""(.~~ t.A-.l.. ~\.;.
The foregoing instrument was acknowledged before me this J ~ 'f1-~ day of
~\O-.A-:\ , 2005 by DtX.u ð .~, G..()l().. , its r<u.<>.. Ò..Il \1'\.1 of
U.S. Home Corporation, a Delaware corporation, on behalf of said corporation.
t:þ~ .
In witness hereof, I hereunto set my hand and official seal.
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Notary Public
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