CC - Agendas - City Council - SPECIAL - 6/23/2009 (3)

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i 1 RESOLUTION NO. 3964-0970 PAGE 2 EXHIBIT 'A' AMENDMENT ONE TO THE DEVELOPMENT AGREEMENT MCDONALD/BRADSHAW DRIVE (CITY CONTRACT NO. 96-150) THIS AGREEMENT ("Agreement"), is entered into this day of , 2009, by and among the CITY OF PRESCOTT, an Arizona municipal corporation (hereinafter "CITY") and WESCAP INVESTMENTS, INC., an Arizona corporation; WILLIAM E. SPREITZER, an individual; BRADSHAW SENIOR/PRESCOTT LP, an Arizona limited partnership; BRADSHAW CROSSING/PRESCOTT LP, an Arizona limited partnership; and BRADSHAW SENIOR II/PRESCOTT LP, an Arizona limited partnership (hereinafter "Property Owners"). Collectively City and Property Owners are referred to herein as "Parties". RECITALS: WHEREAS, Charles B. McDonald, Jr. Qualified Trust ("Trust") was the owner of certain real property in the City limits described in Exhibit A attached; and WHEREAS, the City and the Trust entered into a Development Agreement on December 10, 1996 (City Contract No. 96-150, recorded on January 22, 1997 in Book 3346, page 411 of the records of the Yavapai County Recorder); and WHEREAS, the Trust sold all the property described in the attached Exhibit A ("Property") to the Property Owners; and WHEREAS, the Property Owners intend to divide and develop the property into Five Phases by utilizing the Low Income Housing Tax Credit Program, as described in Section 42 of the Internal Revenue Code and as administered by the Arizona Department of Housing ("LIHTC Program"); and WHEREAS, pursuant to the terms of the Development Agreement described above, the Property Owners are bound by the terms of the Development Agreement; and WHEREAS, the Parties wish to enter into this Amendment One to the Development Agreement (City Contract No. 96-150), pursuant to ARS Section 9-500.05 relating to the development of the Property which amends the Development Agreement. ENACTMENTS: That the Development Agreement (City Contract No. 96-150) be amended to add new Section 13 to read as follows: 13. The City shall defer the Property Owners' payment of the City's impact, development, buy-in and resource fees ("Fees") until the issuance of any temporary or final Certificates of Occupancy for each of the Five Phases. Fees shall be paid within five days after each phase has been completed and prior to issuance of any temporary or final Certificates of Occupancy for that Phase.