| ITEM #: 6. DATE: 02/23/2026 AI #:2904 |
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CITY COUNCIL ACTION REPORT
| SUBJECT: | RESOLUTION APPROVING THE MODIFICATION OF ASSESSMENT NUMBER 12, 14-01-001, 15, 17, 18, 19 WITHIN THE MCDOWELL ROAD COMMERCIAL CORRIDOR IMPROVEMENT DISTRICT (“MRCCID”) |
| STAFF PRESENTER(S): | Michael Shoemaker, Interim Finance Director |
SUMMARY
The MRCCID is an improvement district created in 2006 to finance public infrastructure to help develop a regional mall and retail center, resulting in $47,165,000 of bonds being issued and the benefitting properties being assessed. Approval of this resolution (Attachment A) would divide six assessments within the MRCCID into eighteen new assessments, based on the replatting of the property comprising the assessed area.
STRATEGIC PLAN ALIGNMENT
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RECOMMENDATION
ADOPT RESOLUTION NO. 2026-2505 APPROVING THE MODIFICATION OF ASSESSMENT NUMBERS 12, 14-01-001, 15, 17, 18, 19 WITHIN THE MCDOWELL ROAD COMMERCIAL CORRIDOR IMPROVEMENT DISTRICT. (Michael Shoemaker, Interim Finance Director)
FISCAL IMPACT
All costs related to this assessment modification process, including the $8,000 application fee, the $23,335 for outside engineering fees, and the $31,500 for outside legal fees, are paid in advance by the applicants directly to the city and separate from the assessment amounts. Approval of the requested modification will have no direct fiscal impact upon the city or the MRCCID. Approval of this Petition for Modification (Attachment B) will cause the creation of new assessment parcels with the total assessment amount unchanged.
BACKGROUND AND PREVIOUS ACTIONS
The MRCCID was created in 2006 by Resolution 06-1098 to assist with the funding of public infrastructure related to the MRCCID and the development of a regional mall and retail center. The regional mall was not developed. The property owners have slowly been developing the area into the current GSQ and surrounding retail and restaurant destination. These assessments are modified as development plans are solidified, and new parcels are created with Maricopa County. As part of the assessment process, the District Engineer reviews and certifies that the modification's effect on the ratio of fair market value between the original and amended parcels complies with the original intent of the assessment model.
Improvement District bonds were issued in 2007 in the principal amount of $47,165,000, with principal and interest to be repaid through assessments apportioned to benefitting parcels within the improvement district. The Improvement Bonds were then refinanced at a lower interest rate in 2018 with Improvement District Refunding bonds.
Seven assessment parcels were modified into eleven new assessments by Council action in 2010.
Five assessment parcels were modified into thirteen new assessments by two separate Council actions in 2018.
One assessment parcel was modified into three new assessments by Council action in 2019.
Two assessment parcels were modified into two new assessments by Council action in 2020.
One assessment parcel was modified into nine new assessments by Council action in 2022.
Two assessment parcels were modified into five new assessments by two separate Council actions in 2024.
Two assessment parcels were modified into twelve new assessments by two separate Council actions in 2025.
Improvement District bonds were issued in 2007 in the principal amount of $47,165,000, with principal and interest to be repaid through assessments apportioned to benefitting parcels within the improvement district. The Improvement Bonds were then refinanced at a lower interest rate in 2018 with Improvement District Refunding bonds.
Seven assessment parcels were modified into eleven new assessments by Council action in 2010.
Five assessment parcels were modified into thirteen new assessments by two separate Council actions in 2018.
One assessment parcel was modified into three new assessments by Council action in 2019.
Two assessment parcels were modified into two new assessments by Council action in 2020.
One assessment parcel was modified into nine new assessments by Council action in 2022.
Two assessment parcels were modified into five new assessments by two separate Council actions in 2024.
Two assessment parcels were modified into twelve new assessments by two separate Council actions in 2025.
STAFF ANALYSIS
Globe Corporation, RG Land Partners, LLC, city of Goodyear, and RG Retail Partners, LLC, as owners of the property, have petitioned for a modification of certain assessments of their property within the MRCCID.
The Petition for Modification (Attachment B) includes six existing assessment parcels that would be split into eighteen new assessments, including two city-owned right-of-ways. The new assessment will be allocated a fair share of the existing assessment amounts based upon the original intent of the assessment methodology. The right-of-ways will have a zero-dollar assessment amount.
The modification of the assessments has been reviewed, and it is determined the modification is in compliance with State law, city policies and the best interest of the city.
If the City Council approves the petition for modification, new assessment numbers and amounts will be assigned as proposed in the Modified Assessment (Attachment C).
The Map of Assessment Modification (Attachment D), provides a visual of the new assessments.
The Petition for Modification (Attachment B) includes six existing assessment parcels that would be split into eighteen new assessments, including two city-owned right-of-ways. The new assessment will be allocated a fair share of the existing assessment amounts based upon the original intent of the assessment methodology. The right-of-ways will have a zero-dollar assessment amount.
The modification of the assessments has been reviewed, and it is determined the modification is in compliance with State law, city policies and the best interest of the city.
If the City Council approves the petition for modification, new assessment numbers and amounts will be assigned as proposed in the Modified Assessment (Attachment C).
The Map of Assessment Modification (Attachment D), provides a visual of the new assessments.
Attachments
- Attachment A - Resolution No. 2026-2505
- Attachment B - Petition for Modification
- Attachment C - Modified Assessment
- Attachment D - Map of Assessment Modification