CC - Agendas - City Council - REGULAR - 5/14/2019

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I 11.F.c I KILE STREET WATER MAIN DEVELOPMENT AGREEMENT CITY OF PRESCOTT NO. a) DATE. The date of this Development Agreement. ("Agreement") is Q , 2019. a) E PARTIES. The parties to this Agreement are: d City of Prescott, an Arizona municipal corporation c 201 South Cortez Street d Prescott,Arizona 86301 ("City") Westridge Preserve,LLC 5769 Columbine Road Prescott, AZ 86305 .: m ("Owner") C) O N City and Owner may be collectively termed"Parties"or individually"Party." -6 BACKGROUND. The following is the background to this Agreement: (a) Owner owns certain real property located in the City of Prescott,Yavapai County,Arizona, >, described on Exhibit"A" ("Property"). e- (b) The City and Owner acknowledge the occurrence of mutual consideration in entering into this Agreement. (c) Owner shall submit for approval,as,necessary, the following documents pertaining to the 3 Owner Property: Construction Plans and reports,which documents collectively constitute C, a Project Plan ("Project Plan") pursuant to the City of Prescott General Engineering E Standards(GES). E (d) City and Owner enter into this Agreement pursuant to A.R.S. § 9-500.05 to approve the a Project Plan and in order to facilitate development of surrounding Properties by providing a for, among other things: (i) conditions, terms, restrictions and requirements for the 2 TD construction and installation of public services/infrastructure improvements; (e) Among other things, development of the Property in accordance with this Agreement, the d GES and the Project Plan will result in the design, engineering, construction, acquisition, installation, and/or provision of public services/infrastructure improvements that will c support development. 2 I Packet Pg. 197 I