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A-'44&0(K l'V4— <br /> RESOLUTION NO. 4409-1618 <br /> A RESOLUTION OF THE MAYOR AND COUNCIL OF THE CITY OF PRESCOTT, <br /> YAVAPAI COUNTY, ARIZONA, AUTHORIZING THE CITY OF PRESCOTT TO <br /> ENTER INTO A DEVELOPMENT AGREEMENT WITH JAMES DEEP WELL <br /> RANCHES #1, LLC, JAMES DEEPWELL RANCHES #2, LLC, CHAMBERLAIN <br /> DEVELOPMENT, LLC AND DW 1 INVESTMENTS, LLC; AND AUTHORIZING THE <br /> MAYOR AND STAFF TO TAKE ANY AND ALL STEPS NECESSARY TO <br /> ACCOMPLISH THE ABOVE. <br /> RECITALS: <br /> WHEREAS, property owners, James Deep Well Ranches #1, LLC, an Arizona <br /> limited liability company and James Deepwell Ranches #2, LLC, an Arizona limited <br /> liability company, own approximately 1749 acres of real property; and Chamberlain <br /> Development, LLC, an Arizona limited liability company, owns approximately 16 acres <br /> of real property; and DW 1 Investments, LLC, an Arizona limited liability company, owns <br /> approximately 31 acres of real property in and around what has been generally <br /> described as the Deep Well Ranch (collectively "the Property Owners") in Yavapai <br /> County, Arizona; and <br /> WHEREAS, the property owners plan to develop their property in phases as part <br /> of Specially Planned Community ("SPC") zoning with an incorporated Master Plan; and <br /> WHEREAS, the City of Prescott ("City") desires to enter into a Development <br /> Agreement with the Property Owners to govern the entitlement and development of the <br /> Property in accordance with, the City's General Plan and Zoning Ordinance; and <br /> WHEREAS, Arizona Revised Statutes §9-500.05, allows for the City and the <br /> Property Owners, (the "Parties") to enter into a Development Agreement in order to <br /> facilitate the development of the Property by providing for, among other things: (1) the <br /> permitted uses for the Property and the density and intensity of such uses; (2) the <br /> conditions, terms, and requirements for the construction, installation, and financing of <br /> infrastructure; and (3) other matters related to the development and operation of the <br /> Property; and <br /> WHEREAS, The Parties acknowledge that the ultimate development of the <br /> Property within the City is a project of such magnitude that each requires assurances <br /> from the other; and <br /> WHEREAS, the Parties acknowledge that the development and operation of the <br /> Property pursuant to this Agreement will result in significant planning and economic <br /> benefits to the City and its residents; and <br /> WHEREAS, it is in the City's best interests to enter into a Development <br /> Agreement with the Property Owners. <br />