Read Resolution No. 2012-31 by title only.
Adopt Resolution No. 2012-31.

Miramonte Arizona, LLC has proposed to purchase a large number of platted lots within Presidio in the Pines and to serve as the Owner/Developer in constructing the remaining required improvements in order to complete development of the subdivision.  On July 28, 2010, numerous Presidio property owners filed suit in Coconino County Superior Court against the City seeking declaratory relief, monetary damages, and other relief relating to the Presidio in the Pines subdivision, the development of the project, and certain bonds related to the project.  In the lawsuit, these Presidio property owners allege that the City breached its duties to them in connection with the subdivision and the bonds.  The City has denied any liability.
 
This Third Supplement to the Development Agreement allows Miramonte to complete development of the subdivision using bond fund proceeds and the Presidio in the Pines HOA Special Assessment Funds as detailed in the Settlement Agreement.  It also facilitates dismissal of the lawsuit with prejudice and release of all claims against the City by the other Presidio property owners.  The companion Settlement Agreement between the City of Flagstaff and other Presidio property owners is also on this evening’s agenda for Council’s consideration.

This Third Supplement to the Development Agreement contains a provision to convert several private streets into public streets through the future completion and recording of a map of dedication.  Under this Third Supplement to the Development Agreement, the City shall own, operate and maintain these streets.
 

Effective governance.

No.

Approve the Third Supplement to the Development Agreement, Modify the Third Supplement to the Development Agreement, or Reject the Third Supplement to the Development Agreement. 

Approval of this Third Supplement to the Development Agreement will allow work on the subdivision to proceed toward final completion of the Presidio in the Pines subdivision, and, in combination with Settlement Agreement, will result in the dismissal with prejudice of the lawsuit against the City and the release of all claims against the City.

 

 

 

 

 

 

 

 

 

N/A.