File #: 19-0936   
Type: Resolution Status: Agenda Ready
In control: City Council
On agenda: 8/26/2019
Title: Resolution approving and authorizing the City Manager to enter into a Development Agreement and a Government Property Lease Excise Tax (GPLET) Lease Agreement with W.M. Grace Development Co.; Grace Capital Investment Corporation; and Fiesta Village Luxury Apartments, LLC, and related agreements and amendments for the development of approximately 10.2 acres of property generally located at the northwest corner of Alma School Road and Southern Avenue. The Agreements facilitate the redevelopment of a portion of a vacant shopping center into a 220-unit market-rate multi-family project that will generate economic benefits to the City of Mesa. (District 3)
Attachments: 1. Council Report w Attachments, 2. Resolution, 3. Development Agreement, 4. GPLET Lease, 5. Economic Analysis
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Title

Resolution approving and authorizing the City Manager to enter into a Development Agreement and a Government Property Lease Excise Tax (GPLET) Lease Agreement with W.M. Grace Development Co.; Grace Capital Investment Corporation; and Fiesta Village Luxury Apartments, LLC, and related agreements and amendments for the development of approximately 10.2 acres of property generally located at the northwest corner of Alma School Road and Southern Avenue. The Agreements facilitate the redevelopment of a portion of a vacant shopping center into a 220-unit market-rate multi-family project that will generate economic benefits to the City of Mesa. (District 3)