Item Text

SA-1. LETTER OF INTENT FOR REDEVELOPMENT OF THE PROFESSIONAL BUILDING – HOTEL MONROE WITH CSM PHOENIX DOWNTOWN, LLC Authorize the County Stadium District Executive Director to negotiate and enter into a letter of intent for the redevelopment of the Professional Building – Hotel Monroe between the Maricopa County Stadium District and CSM Phoenix Downtown, LLC (Developer). The historic Professional Building is located at 15 E. Monroe Street, and Developer intends to redevelop the site as a Hilton Garden Hotel (Project). Authorize the County Stadium District Executive Director to notify the governing bodies of Phoenix and the school districts in which the Project is located, pursuant to A.R.S. § 42-6206(B)(1)(a), of the County’s intent to seek approval to enter into a Government Property Lease Excise Tax (GPLET) transaction with Developer no sooner than sixty (60) days from the mailing of the letter. Authorize the County Stadium District Executive Director to proceed to negotiate the terms of a development agreement and lease with the Developer, which agreements will be considered for approval in final form at a future date. (C-06-15-070-M-00)