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Home My WebLink AboutResolution 2005-088 amended development agreement relating to rancho marana 154 MARANA RESOLUTION NO. 2005-88 RELATING TO DEVELOPMENT; APPROVING AND AUTHORIZING THE EXECUTION OF AN AMENDED DEVELOPMENT AGREEMENT WITH MERIT AGE HOMES OF ARIZONA, INC. , RELATING TO THE RANCHO MARANA 154 DEVELOPMENT PROJECT. WHEREAS, the growing population of the Town of Maran a places increasing demand upon the existing public infrastructure and parks in the region; and WHEREAS, the Town desires to develop new public infrastructure and parks to meet the demands that are placed upon the Town's roadway, utility and park facilities as a consequence of increasing population and the proportionate increase in usage brought about by new growth; and WHEREAS, the Town and the residents of the Rancho Marana 154 development will jointly benefit from the development of the roadway, utility and park facilities projects; and WHEREAS, it is in the best interest of the citizens of the Town of Marana to improve the capacity of the Town's existing public roadway, utility and park facilities by encouraging the development of additional public parks and improvement of arterial and collector roadways at the time of new development; and, WHEREAS, Arizona Revised Statutes, 9 9-463.05 requires that developer dedications and improvements shall be considered for credit against applicable impact fees. NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of the Town of Marana, Arizona, that the Mayor is authorized to execute a Development Agreement with Meritage Homes OF Arizona, Inc., for the purposes of establishing an agreement to improve, fund, and convey to the Town public roadway and park facilities. PASSED AND ADOPTED by the Mayor and Council of the Town of Maran a, Arizona, this lcJ"dayofJuly,2005. ~.~ Mayor Ed onea ATTEST: ...\\,'1""',~ ~_\.OF~~ ~~';t.\\'"'''''''' ~ S~~\iOIU'ORA~ ~ _ ClOO _ S SEAL i ~ ...:IIIUI ~ ~ ~ -iI2. ,\g~,~ ~/II'II"\\" TOWN OF MARANA DEVELOPMENT AGREEMENT REGARDING DEVELOPMENT IMPACT FEE CREDITS FOR RANCHO MARANA 154 THIs AGREEMENT (this "Agreement") is entered into by and between the TOWN OF MARANA, an Arizona municipal coIpOration (the "Town"), and MERITAGE HOMES OF ARIzONA, INc., an Arizona corporation, STEWART TITLE AND TRUST OF TuCSON, an Arizona corporation, as trustee under Trust No. 3420, FIRST AMERICAN TITLE INSURANCE COMPANY, a California corpo- ration, as trustee under Trust No. 9106, and TITLE SECURITY AGENCY OF ARIZONA, an Ari- zona corporation, as trustee under Trust No. 843 (collectively, the "Developer"). The Town and the Developer are sometimes collectively referred to as the "Parties," each of which is sometimes indi- vidually referred to as a "Party." RECITALS A. This Agreement is entered into and authorized pursuant to AR.S. ~ 9-500.05. B. The Town has adopted certain development impact fees for roads and regional parks pursuant to AR.S. ~ 9-463.05. C. The Developer is developing the land described and depicted on the subdivision plat recorded in the Pima County Recorder's office at Book 59 of Maps and Plats, Page 13 ("Rancho Marana 154"). D. The Developer is entitled to credit pursuant to AR.S. ~ 9-463.05(B)(3) toward the payment of the Town's adopted development impact fees based on the required dedication of public sites and improvements provided or to be provided by the Developer in connection with the development of Rancho Marana 154. E. The Parties desire to memorialize their agreement concerning the amount of the devel- opment impact fee credit applicable to Rancho Marana 154. AGREEMENT NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants set forth in this Agreement, the Parties hereby agree as follows: 1. Credit toward arterial roadway development impact fees. 1.1. Total value. The total value of arterial roads provided by the Developer to the Town in connection with the development of Rancho Marana 154, including the value of any and all arte- Meritage DAdoc - 1 - 7/19/2005 rial road right-of-way conveyed to the Town and any and all allowable arterial roadway con- struction costs, is $3,915,242.00. 1.2. Total lots. The total number of residential lots anticipated to be constructed in connec- tion with the development of Rancho Marana 154 is 515. 1.3. Credit per lot. The credit against arterial roadway development impact fees is $7,602.00 per lot. 1.4. Current fee. As of the date of this Agreement, the Town's arterial roadway development impact fee that would apply to Rancho Marana 154 before the credit is $5,941.00. Subtracting the $7,602.00 credit, the current arterial roadway development impact fee for Rancho Marana 154 is $0.00 per lot. 1.5. Future fee revisions. If the Town amends its arterial roadway development fee applica- ble to Rancho Marana 154, the fee per lot shall be the then-applicable fee minus $7,602.00. 1.6. Actual construction and dedication as condition of credit. The credit against arterial roadway development impact fees calculated in accordance with this paragraph 1 shall apply only to the extent the arterial roadway construction and dedication has been completed or is in progress to the reasonable satisfaction of the Town. 2. Credit toward regional park development impact fees. 2.1. Total value. The total value of regional parks provided by the Developer to the Town in connection with the development of Rancho Marana 154, including the value of any and all re- gional park lands conveyed to the Town and any and all allowable regional park construction costs, is $257,947.00. 2.2. Total lots. The total number of residential lots anticipated to be constructed in connec- tion with the development of Rancho Marana 154 is 515. 2.3. Credit per lot. The credit against regional park development impact fees is $501.00 per lot. 2.4. Current fee. As of the date of this Agreement, the Town's regional park development impact fee that would apply to Rancho Marana 154 before the credit is $2,884.00. Subtracting the $501.00 credit, the current regional park development impact fee for Rancho Marana 154 is $2,383.00 per lot. 2.5. Future fee revisions. If the Town amends its arterial roadway development fee applica- ble to Rancho Marana 154, the fee per lot shall be the then-applicable fee minus $501.00. 2.6. Actual construction and dedication as condition of credit. The credit against regional park development impact fees calculated in accordance with this paragraph 2 shall apply only to the extent the regional park construction and dedication has been completed or is in progress to the reasonable satisfaction of the Town. Meritage DAdoc -2- 7/19/2005 3. Miscellaneous 3.1. Binding effect. This agreement shall be binding upon and inure to the benefit of the heirs, executors, administrators, successors and assigns of the Parties. 3.2. Cancellation/or conflict o/interest. This agreement is subject to A.R.S. ~ 38-511, which provides for cancellation in certain instances involving conflict of interest. IN WI1NESS WHEREOF, the Parties have executed this Agreement as of the last date set forth below their respective signatures. TOWN: nm TOWN OF MARANA, an Arizona municipal corporation By: Ed Honea, May r Date: 1-/9-t15' ATTEST: ~'\""""'" ~ OF~ ~ ~~~"II"~~~ #::0 ,. ~ ~ .... f=.1 coRPORATE ~ = =: c:x:x" _ - =SEAL"'" - - '::; ;;: ;: ~, ~~ ~ "f::"'II"~:A ~ ...~ -7'/2 '\ ql ~~ ~111,ill'\\~ DEVELOPER: MERlTAGE HOMES OF ARIzONA, INc., an Arizona corporation By: Date: SlEWART TIlLE AND TRUST OF TuCSON, an Arizona corporation, as trustee under Trust No. 3420 By: Date: FIRST AMERICAN TITLE INSURANCE COM- PANY, a California corporation, as trustee under Trust No. 9106 By: Date: Meritage DAdoc 7/19/2005 -3- TITLE SECURITY AGENCY OF ARIzONA, an Arizona Corporation, as trustee under Trust No. 843 By: Date: STATE OF ARIzONA ) ss County of Pima ) The foregoing instrument was acknowledged before me on by Error! Reference source not found., Error! Reference source not found. of MERIT AGE HOMES OF ARIzONA, INC., an Arizona corporation, on behalf of the corporation. My commission expires: Notary Public STATE OF ARIzONA ) ss County of Pima ) The foregoing instrument was acknowledged before me on by of STEWART TITLE AND TRUST OF TUCSON, an Arizona corporation, as trustee of Trust No. 3420, on behalf of the trust. My commission expires: Notary Public STATE OF ARIzONA ) ss County of Pima ) The foregoing instrument was acknowledged before me on by , of FIRST AMERICAN TITLE INSURANCE COMPANY, a California corporation, as trustee under Trust No. 9106, on behalf of the trust. My commission expires: Notary Public Meritage DAdoc 4 7/19/2005 STATE OF ARIzONA) ss County of Pima ) The foregoing instrument was acknowledged before me on by of TITLE SECURITY AGENCY OF ARl- ZONA, an Arizona Corporation, as trustee under Trust No. 843, on behalf of the trust. My commission expires: Notary Public Meritage DAdoc 5 7/19/2005