7/24/2013 9:45:00 AM Prescott Valley open space acquisition deal would extend contract with developer to 2028
Prescott Valley Tribune
The Town Council Thursday will consider extending a development agreement for 38 months with a shopping center developer and in turn acquire an estimated 181 acres of open space.
The action that the council will consider amends the development agreement with Kitchell Development Co. Kitchell, based in Phoenix, developed the Prescott Valley Crossroads shopping center on both sides of Highway 69 at Sundog Ranch Road.
The amendment will extend the previous agreement through Oct. 31, 2028, in which the town returns a penny on the dollar of the 2.33 sales tax proceeds from stores and restaurants at Crossroads. Kitchell has used the reimbursements to pay for widening the stretch of Highway 69 near Crossroads.
The businesses are projected to generate about $7.2 million in sales tax proceeds for the town through 2028 and about $5.4 million for Kitchell, according to a two-page report to the council from Applied Economics of Phoenix.
In return, Kitchell has agreed to speed up conveying the undeveloped land to the town. The Kitchell property includes a 156-acre parcel on Glassford Hill and 20 acres along Rose Creek west of Fain Park.
The Town Council and Planning and Zoning and Parks and Recreation commissions conducted a field trip this past Thursday to view the 181 acres. Town officials envision recreational use for the land, such as hiking.
The proposal is the final item on the agenda for the regular meeting of the council set for 5:30 p.m. Thursday in the library auditorium, 7401 E. Civic Circle.
Also on the agenda are:
A report on the Healing Field, an event commemorating Sept. 11, 2001, from Councilwoman Mary Mallory.
A public hearing on Community Development Block Grants, which must be used to benefit people of modest means and eliminate blight. Town staff plans to apply for $300,000 in CDBG money.
A second reading and adoption of an ordinance to rezone 7.2 acres at Galpin Ford to expand an existing recreational vehicle storage area.
An amendment to a policy on disposing of unclaimed property to comply with a new state law.
A proposed reimbursement agreement with the developer of the Granville subdivision for extending a sewer line.
Meet as the boards of the community facilities districts for three CFDs.