Amending the First Amended and Restated Parking Rights Agreement and Partial Release with GSQ Goodyear Office, LLC. 

ADOPT RESOLUTION NO. 2024-2420 APPROVING THE AMENDMENT TO THE FIRST AMENDED AND RESTATED PARKING RIGHTS AGREEMENT AND PARTIAL RELEASE, PROVIDING AUTHORIZATION AND DIRECTION FOR EXECUTION AND PROVIDING AN EFFECTIVE DATE. (Roric Massey, City Attorney)

There is no fiscal impact on the City with the acceptance of this Agreement.

The City and GSQ Goodyear, Office, LLC (“Office”) are parties to that certain First Amended and Restated Parking Rights Agreement dated October 17, 2023, and recorded October 17, 2023, as Instrument No. 2023-0539086 in the records of Maricopa County, Arizona (the “Agreement”) which provides for access and the operation of the parking garage to the north of Civic Square. On March 18, 2024, Globe Land Investors and Baywood DIA, Inc., entered into a purchase and sale agreement for the parcel that is the subject of this Amendment. The parcel is the former “GSQ 2” site, that is now planned to be developed as a hotel. With the construction of the new parking garage adjacent to the proposed hotel, there is no need for access to the north parking garage which is the subject of the Agreement. This amendment will sever that parcel from the Agreement and the parcel will no longer have parking rights, and/or obligations related to the north parking garage.

With the construction of the new parking garage to the south of Civic Square, there is no need for the parcel to be included in the First Amendment and Restated Parking Rights Agreement related to the north parking garage.