Vote: approved

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28. DEVELOPMENT AGREEMENT WITH RE GILLESPIE 1 LLC Approve the Development Agreement with RE Gillespie 1 LLC and Maricopa County setting forth the conditions of assurance required by the Board of Supervisors as a condition to approval of Special Use Permit case Z2011034, approved November 16, 2011. As a condition to approval of the SUP, the applicant was required to post an assurance to cover the cost to return the property to its natural condition in the event the project were abandoned before construction was completed. It has been determined that it is in the best interest of Maricopa County to enter into a Development Agreement to describe the specifics of the assurance, such as when they are to be posted, calculation of the amount, the precise purpose of the assurance and when such assurance will be eligible for release. This Development Agreement is to be recorded. The property is located in Supervisorial District 5. (C-44-13-072-3-00)

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8. RELEASE OF FINANCIAL ASSURANCES WITH RE GILLESPIE 1, LLC Approve the release of an Irrevocable Standby Letter of Credit in the amount of $432,000.00 issued by Mizuho Corporate Bank, Ltd. on behalf of RE Gillespie 1, LLC and relating to the RE Gillespie 1 Solar Generating Facility, in accordance with the Development Agreement executed between Maricopa County and RE Gillespie 1, LLC on January 23, 2013, under C-44-13-072-3-00. (C-44-14-040-M-00 )

Attachments (2)

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A-7. RELEASE OF FINANCIAL ASSURANCES WITH RE GILLESPIE 1, LLC Approve the release of an Irrevocable Standby Letter of Credit in the amount of $432,000.00 issued by Mizuho Corporate Bank, Ltd. on behalf of RE Gillespie 1, LLC and relating to the RE Gillespie 1 Solar Generating Facility, in accordance with the Development Agreement executed between Maricopa County and RE Gillespie 1, LLC on January 23, 2013, under C-44-13-072-3-00. (C-44-14-040-M-00)