Resolution No. 5473

RESOLUTION NO. 5473

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHANDLER,
ARIZONA, AUTHORIZING A DEVELOPMENT AGREEMENT
BETWEEN SPECHT COMMERCIAL PROPERTIES, LLC AND THE
CITY OF CHANDLER FOR THE SALE AND REDEVELOPMENT OF
CITY-OWNED REAL. PROPERTY LOCATED AT 51 E. BOSTON
STREET.

WHEREAS, the City owns certain real property in its downtown area located at 51 East Boston
Street (the “Property”); and

WHEREAS, the Property is located in the City’s “Chandler Redevelopment Area” established
pursuant to Resolution No. 1180 and in the City’s Central Business District established pursuant to
Resolution No. 4646; and

WHEREAS, the Property was acquired by the City as part of its plan to redevelop and revitalize
the downtown area of the City as described in the Chandler Redevelopment Area Plan; and

WHEREAS, the City issued Request for Proposal CM1-925-4276 (the “RFP”) on December 1,
2020 for the purpose of seeking proposals from commercial developers for the redevelopment of
the Property in ways that would have a tangible and measurable social, cultural, and economic
impact to the City and the community; and

WHEREAS, Specht Commercial Properties, LLC (the “Developer”) submitted a proposal to build
improvements and use the Property for a live-entertainment venue in a way that the City finds will
contribute to the City’s goals of redevelopment and revitalization within the City’s downtown area;
and.

WHEREAS, the City finds that redevelopment of the Property will result in significant direct and
indirect benefits accruing to the City and the general public, including, without limitation, (i)
increasing transaction privilege tax revenues and other revenues to the City, (ii) increasing the
City’s employment base, (iii) stimulating further economic development, (iv) promoting the
redevelopment of other properties within the City’s downtown and (v) otherwise improving or
enhancing the economic welfare of the residents of the City; and

WHEREAS, the Development Agreement, a copy of which is attached as Exhibit A to this
resolution (the “Development Agreement”), is intended to ensure that the Developer will develop
and use the Property consistent with the Developer’s proposal in response to the RFP; and

WHEREAS, the City finds that this Development Agreement is consistent with the City’s general
plan, as defined in Ariz. Rev. Stat. § 9-461, applicable to the Property on the date the Development
Agreement is executed; and.

WHEREAS, the City is authorized to enter into development agreements relating to property under
Ariz. Rev. Stat. § 9-500.05.

Resolution 5473
Page 2

NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chandler, Arizona,
as follows:

Section 1. Approving the Development Agreement between the City of Chandler and Specht

Commercial Properties, LLC, in substantially the form attached hereto as Exhibit A
and incorporated herein by reference.

Section 2. Authorizing the Mayor or his designee to execute the Development Agreement.

PASSED AND ADOPTED by the City Council of the City of Chandler, Arizona, this__ day of
May, 2021.

ATTEST:

CITY CLERK MAYOR
CERTIFICATION
I HEREBY CERTIFY that the above and foregoing Resolution No. 5473 was duly passed and

adopted by the City Council of the City of Chandler, Arizona, at a regular meeting held on the
day of May, 2021, and that a quorum was present thereat.

CITY CLERK

APPROVED AS TO FORM:

CITY ATTORNEY Té