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ITEM 8
City Council Memorandum Cultural Development Memo No.
22-008
Date:
August 26, 2021
To:
Mayor and Council
Thru:
Joshua H. Wright, City Manager
Debra Stapleton, Assistant City Manager
From:
Kim Moyers, Cultural Development Director
Subject:
Resolution No. 5506, Approving a Consent to Assignment and Assumption Agreement between DT Chandler, LLC, and AZ Management & Investments, LLC, for the Cinema Portion of the Overstreet Development in Downtown Chandler, Located at the Southwest Corner of Arizona Avenue and Chandler Boulevard
Proposed Motion:
Move City Council pass and adopt Resolution No. 5506, approving a consent to Assignment and Assumption Agreement between DT Chandler, LLC, and AZ Management & Investments, LLC, for the Cinema portion of the Overstreet development in downtown Chandler, located at the southwest corner of Arizona Avenue and Chandler Boulevard.
Background:
On February 27, 2017, the Chandler City Council approved a Development Agreement and Option Agreement with DT Chandler, LLC, for the development of a mixed-use project located on the southwest corner of Arizona Avenue and Chandler Boulevard referred to as Overstreet. Overstreet consists of second floor office space, ground floor retail, and the Cinema Site.
On December 12, 2019, the Chandler City Council approved Resolution No. 5331 Approving a Second Amendment to the Development Agreement and Option Agreement and amending additional ancillary real estate agreements between DT Chandler, LLC, and the City of Chandler, to provide for bifurcation of the Overstreet development into three parcels, allowing the developer to sell the sites individually.
DT Chandler, LLC, is preparing to sell the Overstreet Cinema site (parcel 303-08-977) to AZ Management & Investments, LLC. Per the Development Agreement, Section 10.19 Assignment: "Developer shall not assign or transfer any of its rights and duties under this Agreement, the Purchase Agreement, Lease or any other agreement known of between the parties without the express written approval of the City, which approval shall not be unreasonably withheld, conditioned, or delayed."
Attachments
Consent and Assignment Agreement
Resolution 5506
Location Map
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