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Home My WebLink AboutResolution 95-036 amending the development agreement with u s home corporationRESOLUTION NO. 95-36 A RESOLUTION OF TI-IE MAYOR AND COUNCIL OF THE TOWN OF MARANA, ARIZONA, AMENDING THAT CERTAIN DEVELOPMENT AGREEMENT AND INTERGOVERNMENTAL AGREEMENT ENTERED INTO PURSUANT TO MARANA RF~OLUTiON 95-04 AND RECORDED AT DOCKET 9969, PAGE 1923, BETWEEN THE TOWN OF MARANA, ARIZONA, WCA COMMUNITIES, INC., AND US HOME CORPORATION. WHEREAS, the Town Council did, on the 17th day of January, 1995, pursuant to Marana Resolution No. 95.04, enter into an Amended and Restated Development Agreement and Intergovernmental Agreement (Red Hawk Canyon), which has been recorded in the office of the Pima County Recorder at Docket 9969, Page 1923; and WHEREAS, it has been determined that certain modifications to the Amended and Restated Development Agreement and Intergovernmental Agreement need to be made, relating to the requirements for purchasers of bonds of the Community Facilities District authorized therein, and the requirements for bond reserves; and WI-IFILEAS, the Town Council of the Town of Marana has determined that adoption of the amendments are in the best interests of the Town of Mararia. NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of the Town of Marana, Arizona, that the First Amendment to the Amended and Restated Development Agreement and Intergovernmental Agreement, attached hereto as Exhibit A, is approved and the Mayor and Town Clerk are authorized and directed to execute and deliver the First Amendment to Development Agreement on behalf of the Town as provided herein. The Mayor and Clerk shall execute and deliver the First Amendment to Development Agreement only following execution of the document by US Home Corporation, WCA Communities, Inc., Red Hawk Community Facilities District, and presentation to the Town of evidence acceptable to the Mayor of the authority of each of the signers to execute and deliver the document. PASSED AND ADOPTED by the Mayor and Council of the Town of Marana, Arizona, this 20th day of June, 1995. ~ Mayor EDDIE HONEA ATTEST: Resolution No. 95-36 Page 1 of 2 APPROVED AS TO FORM: Daniel 3. Hochuli Town Attorney Resolution No. 95-36 Page 2 of 2 RECORDED BY: OKG DEPUTY ~ECORDER ~0~ TFATI STEVEN A BETTS I?TH FL 2600 N CENTRAL AVE PHOENIX AZ 85004 Gallagher & Kennedy 19th Floor 2600 North Central Avenue Phoenix, Arizona 85004-3020 PAGE: 356 NO. OF PAGES: 5 SEQUENCE: 9507~330 06/29/95 AAG 10:42:00 MAIL AMOUNT PAID $ 10.00 FIRST AMENDMENT TO THE AMENDED AND RESTATED DEVELOPMENT AGREEMENT AND INTERGOVERNMENTAL AGREEMENT (RED HAWK CANYON) THIS FIRST AMENDMENT TO THE AMENDED AND RESTATED DEVELOPMENT AGREEMENT AND INTERGOVERATMENTAL AGREEME~,~ED HAWK CANYON) (this "First Amendment") is made as of this~_~/ day of ~-~-, , i995, by and among the TOWN OF MARANA, an Arizona municipal corporation (the "Town"), WCA COMMUNITIES, INC., an Arizona corporation formerly known as TORTOLITA MOUNTAIN PROPERTIES, INC. ("WCA"), U.S. HOME CORPORATION, a Delaware Corporation ("USH"), RED HAWK CANYON COMMUNITY FACILITIES DISTRICT NO. i, a community facilities district formed pursuant to Arizona Revised Statutes Section 48-70i et se~. ("District 1") and RED HAWK CANYON COM~%TNITY FACILITIES DISTRICT NO. 2, a community facilities district formed pursuant to Arizona Revised Statutes Section 48-701 et sea. ("District 2"). RECITALS A. The Town, WCA, and USH are parties to that certain Amended and Restated Development Agreement and Intergovernmental Agreement (Red Hawk Canyon) by and between the Town, WCA and USH recorded on January 30, 1995, in Docket 9969, page i923, records of Pima County, Arizona (the "Development Agreement"). The Development Agreement is intended to facilitate development of the real property legally described in Exhibits "A" and "B" to the Development Agreement ("Red Hawk Canyon") 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 Section 4.1 of the Development Agreement, District 1 and District 2 became parties to the Development Agreement upon their formation and must administer the implementation of the Development Agreement as it relates to the District 1 and District 2 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, District 2, and any other district formed within the boundaries of either. 10075 356 D. The parties hereto desire to amend Section 6.7 of the Development Agreement to allow District 1 and District 2, and any other district formed within the boundaries of either, to publicly sell bonds that have a minimum authorized denomination of $250,000 and to amend the requirements related to the required debt service reserve fund to conform to industry standards for debt service reserve funds. 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 !. Amendment of Section 6.7(e). Section 6.7(e) of the Development Agreement shall be deleted in its entirety and replaced with the following: Each assessment bond issued by District 1, District 2, or any other District formed within the boundaries of either shall include a debt service reserve fund equal to the lesser of ten percent (10%) of the outstanding principal amount of the Bonds, or the maximum amount allowed by federal tax law to be deposited therein without causing interest on the bonds to be included in gross income for federal income tax purposes; 2. Amendment to Section 6.7(m). Section 6.7(m) of the Development Agreement shall be deleted in its entirety and replaced with the following: Neither District 1, District 2, nor any District formed within the boundaries of either shall publicly offer and sell District bonds unless: (i) such bonds have received an investment grade rating; (ii) such bonds are insured by an insurance company that is rated in one of the top two investment grades; (iii) such bonds have a minimum authorized denomination of $250,000; or (iv) the District has received an appraisal prepared by an MAI certified appraiser indicating that a ratio of land value of the assessed area to debt is at least 3 to 1; IN WITNESS W~EREOF, the parties have executed this Agreement the day and year written above. 2 10075 357 APPROVED AS TO FORM AND AUTHORITY The foregoing First 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 Town of Marana. Attorney for Town of Marana Date: TOWN OF MAR3~NA, an Arizona municipal corporation Its Mayor WCACOMMUNITIES, INC.an Arizona corporation Ronald C. Dillon Its Executive Vice President a 3 10075 358 APPROVED AS TO FORM ~ AUTHORITY The foregoing First 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 a community facilities district. Date: RED RAy CANYON COMMUNITY FACILI/FS DISTRICT NO. % Duff C. ~aron Its Chai~n APPROVED AS TO FORM AND AUTHORITY The foregoing First 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 a community facilities district. Attorney ~ Date: ~'Y~' Clerk RED HAWK CANYON COMMUNITY FACILITIES-DISTRICT NO. 2 Duff Its Chai~n Z90646,6/!5/95.V02 4 10075 359 STATE OF ARIZONA ) ) ss. County of Pima ) The foregoing documen~wwas acknowledged before me the ~5~-- day of _~ , 19~, by Rona.ld C. Dillon, the Executive Vice President of WCA COMMUNITIES, INC., an Ar±zona corporation, on behalf of said corporation. Notary iublic~ My commission expires: /'~ DAVID R. MULLANEY . STATE OF ARIZONA ) ) ss. County of Maricopa ) The foregoing znstrument wgs ackno ledged before me this ~ day ~ ~__ , 199~-,-,~y ~ ~. ~&~.~ , the~ ~f~A~.of U.S. HO.ME CORPORATION', a Delaware corporation, on behal~ of sazd corporatzon. IN WITNESS WHEREOF, My commission expires: I hereunto set my hand and official seal. Notary Public~~~ 10075 360