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DEVELOPMENT
DEVELOPMENT AGREEMENT
On July 20, 2006 the City Council approved the Third
Amended Development and
Disposition Agreement for the redevelopment of the Flour Mill Property. The
Agreement lays the framework for the redevelopment of the Flour Mill site. The
Agreement was with MCW Holdings, they have since assigned their development
rights to
Avenue Communities. Here are highlights of the Agreement:
·
MCW will purchase the Flour Mill property from the City for $7.4
million. The City shall credit MCW $7.1 million for public amenities to be
constructed as part of the project, but only at such time as MCW is ready to
pull construction permits. Such public amenities include, but are not limited
to, a reconstructed trail head with parking, traffic signalization and
infrastructure, publicly-accessible exhibits and displays outlining the
prehistoric and modern history of the site, as well as preservation easements in
favor of the City on the Mill and Silos.
·
The City will provide $6 million [net present value] in additional
payments to offset the extraordinary costs of the preservation and restoration
of the Mill and Silos.
·
The Flour Mill property will be entitled to 469,160 square feet of
development [the same as allowed for in the previous development agreement].
The Hayden Ferry South Development Guidelines approved by the Rio Salado
Advisory Commission in May 2000 shall be used to guide development on this site
except for subsection D relating to building heights and massing. All building
heights on the Flour Mill site shall be limited to the height of the Silos.
·
The ultimate project on the Flour Mill site is intended to be a
mixed use development including retail along Mill Avenue, office, residential
[amount and unit type to be determined], and potential for a boutique hotel.
·
MCW reserves the right to assign all or part of the Development
and Disposition Agreement.
·
MCW, or its Assignee, shall perform under specified time
deadlines.
PLANNED AREA DEVELOPMENT
The City Council approved a
Planned Area Development
submittal on 1 March 2007. Avenue Communities plans to break
ground in the first quarter of 2008, and complete the first phase of development
in mid-2009.
STAFF CONTACT :: Chris Messer,
Principal Planner / Ombudsman
Community Development Department
Redevelopment / Special Projects
480.350.8562
chris_messer@tempe.gov
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