TO: Mayor Collins and Town Council Members
FROM: Kevin Burke, Town Manager
DATE: December 17, 2015
DEPARTMENT: Town Manager
Staff Contact Kevin Burke, 480-348-3690
End
AGENDA TITLE:
Title Five Star/Ritz Carlton Development Agreement
Approval of
Body Consideration of a Development Agreement associated with implementing the Special Use Permit for a Five Star resort development project at 7000 E. Lincoln
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 as written and propose amendments more favorable to Town concerns.
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 Unit Revenue Replacement Payment; and,
* Identification & Payment of Offsite Improvements.
The attached development agreement represents Five Star's latest (and perhaps best) offer to the Town. The Town continues to review this proposal and communicate with the applicant regarding deal points and language to accomplish them. For the purposes of transparency, this version is being made public. Below follows greater detail about the current 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. The Town Manager has been shown an agreement and been directly told by the Vice Preside...
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