TITLE
NOTICE OF INTENT TO ENTER INTO A SECOND AMENDMENT TO THE RETAIL DEVELOPMENT TAX INCENTIVE AGREEMENT WITH WESTCOR/GOODYEAR LLC, AND GLOBE LAND INVESTORS, LLC
body
RECOMMENDATION:
ADOPT RESOLUTION 14-1669 ADOPTING A NOTICE OF INTENT TO ENTER INTO A SECOND AMENDMENT TO THE RETAIL DEVELOPMENT INCENTIVE AGREEMENT WITH WESTCOR/GOODYEAR, LLC, AND GLOBE LAND INVESTORS, LLC, FOR THE CONSTRUCTION OF A REGIONAL SHOPPING MALL ON THE NORTHWEST CORNER OF MCDOWELL ROAD AND BULLARD AVENUE.
PURPOSE:
Under Arizona law, prior to entering into a retail development tax incentive agreement, a municipality is required to adopt a Notice of Intent to enter into the agreement. The original Development Agreement with Westcor and Globe Land Investors, LLC was approved by Council on September 11, 2006 (DEV-CX-0689-06) and contains a sales tax reimbursement provision. Since the city is seeking to amend some terms of that original agreement, a Notice of Intent is required. This action satisfies that requirement, as the City Council will be asked to consider approving a Second Amendment to the original agreement on November 17, 2014. (Kim Bradford, Interim Economic Development Manager)