TO: Mayor Collins and Town Council Members
FROM: Kevin Burke, Town Manager
DATE: January 14, 2016
DEPARTMENT: Town Manager
Staff Contact Kevin Burke, 480-348-3690
End
AGENDA TITLE:
Title Five Star/Ritz Carlton Development Agreement
Consideration of a Development Agreement associated with implementing the Special Use Permit for a Five Star resort development project at 7000 E. Lincoln
Body
Council Goals or Other Policies / Statutory Requirements:
Support resort industry and manage its development such that it maintains the Paradise Valley quality of life and financial health.
RECOMMENDATION:
Recommendation
Consider the Development Agreement with Five Star Development
Background
SUMMARY STATEMENT:
The Development Agreement is the third major part of a new development. The other two parts being the site plan and the stipulations. Combined these three components regulate when, where and how a development will be accomplished within the Town of Paradise Valley. This Development Agreement (D.A.) has several components of high profile:
* Minimum Hotel Quality Standards;
* Phasing of the Development;
* Resort Payments; and,
* Identification & Payment of Offsite Improvements.
The attached Development Agreement has been significantly modified since the December 17, 2015 version made public. This is based upon direction given to staff from Mayor & Council and negotiations with Five Star. Below is greater detail about the current status of the aforementioned deal points.
Minimum Hotel Quality Standards - The application has been branded a Ritz-Carlton since submittal in May. Mayor and Council requested assurities that this is indeed the resort product that would be provided. Five Star has agreed that the development shall open as a Ritz-Carlton. This is reflected in recital Y, Definitions and Section 2.3.1. Principal Resort Hotel. The Town Manager has reviewed an Operating Agreement contract between ...
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