450_S_5THAVENUEPSA_AGENDA_FINAL.DOCX

Requester:  Alex Smith
Meeting Type:   Formal
Target Meeting Date:  2/28/2024
Ownership Group/Department:   Real Estate
Target Section Level 1:  County Offices and Departments
Target Section Level 2:  Real Estate
C Number if an Amendment (next in sequence):  C-78-
Purchase Agreement and Escrow Instructions
Action Requested: 
Approve and execute a Purchase Agreement and Escrow Instructions (PSA) for the purchase of real property and 
improvements located at 450 S. 5th Avenue, Phoenix, from WIC West Lincoln JV, LLC, a Delaware corporation, and 
authorize the Chairman to execute all other documents required to purchase the property, including a Prospective 
Purchaser Agreement with the Arizona Department of Environmental Quality, without further Board action 
provided the terms are in substantial conformance with the PSA and approved by legal counsel. The purchase 
price is $4,200,000. The property is being purchased for parking, staging, and other County uses. 
In accordance with A.R.S. 42-17106(B), approve the following amendments to the FY 2024 budget:
1.
Increase the expenditure authority for the Non Departmental (D470) County Improvement COP Series 2023 
(444) Downtown Facility (DELF) budget by $1,800,000.
2.
Decrease the expenditure authority for the Non-Departmental (D470) Non Departmental Grants Fund (249) 
Non Recurring (NRNP) Contingency (4711) budget by $1,800,000.
These actions will have a County-wide net impact of zero and they do not alter the budget constraining the 
expenditure of local revenues duly adopted by the Board pursuant to A.R.S. 42-17105.
This action takes place in Supervisory District 5.
Additional Information:
The property will be used for parking, staging, and other County uses. Escrow will open on the date that a fully 
executed PSA is delivered to the Escrow Agent and the County will make the Earnest Money Deposit in the 
amount of $300,000, which shall be refunded if the County cancels this PSA during the Inspection Period or upon 
Seller’s default. The Inspection Period is sixty (60) days following full execution of the PSA. Close of escrow shall 
occur no later than 30 days following the completion of the Inspection Period. The Earnest Money Deposit shall be 
credited to County toward the purchase price at the close of escrow.  
Financial Impact: 
Yes: Expenditure $4,200,000

Agenda Item Attachments:
Purchase Agreement and Escrow Instructions
Financial Impact Form