Resolution 5506

RESOLUTION NO. 5506 
 
A RESOLUTION OF THE CITY OF CHANDLER, ARIZONA, APPROVING 
A CONSENT TO ASSIGNMENT AND ASSUMPTION AGREEMENTS 
BETWEEN DT CHANDLER, LLC AND AZ MANAGEMENT & 
INVESTMENTS, LLC FOR THE CINEMA PORTION OF THE 
OVERSTREET 
DEVELOPMENT 
IN 
DOWNTOWN 
CHANDLER, 
LOCATED AT THE SOUTHWEST CORNER OF ARIZONA AVENUE 
AND CHANDLER BOULEVARD. 
 
WHEREAS, on February 23, 2017, the Chandler City Council approved a Development Agreement 
and Option Agreement (“Development Agreement”) with DT Chandler, LLC, which sets forth 
obligations of the parties with regard to the development of City-owned real property located on 
the southwest corner of Arizona Avenue and Chandler Boulevard and commonly referred to as the 
Overstreet development (the “Overstreet Property”), as permitted by Ariz. Rev. Stat. § 9-500.05; 
and 
 
WHEREAS, in exchange for DT Chandler, LLC’s promise to build certain minimum 
improvements on the Overstreet Property, the Development Agreement allows DT Chandler, LLC 
to lease the City’s real property pursuant to a ground lease (“Ground Lease”) and government 
property lease excise tax lease (“GPLET Lease”) with an additional option to purchase the City’s 
property for a price established within the Development Agreement; and  
 
WHEREAS, on December 12, 2019, the City Council approved DT Chandler, LLC’s request to 
amend the Development Agreement to provide for bifurcation of the Overstreet Property into 
separate projects that can be individually sold and owned by different entities, including a “Cinema 
Site,” a “Retail/Office Site,” and a “Remainder Site”; and 
 
WHEREAS, DT Chandler, LLC has negotiated a sale of the Cinema Site to AZ Management & 
Investments, LLC; and  
 
WHEREAS, DT Chandler, LLC seeks the City’s consent and approval of the sale pursuant to a 
Consent to Assignment and Assumption Agreements (“Assignment Agreements”), a copy of which 
is attached to this Resolution as Exhibit A; and 
 
WHEREAS, the City Council finds that it is in the best interest of the City of Chandler to approve 
the Consent to the Assignment and Assumption Agreements.  
 
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Chandler, Arizona, 
as follows: 
 
Section 1. 
Approving the Consent to Assignment Agreements in substantially the form 
attached to this Resolution as Exhibit A.  
 
Section 2. 
Authorizing the City Manager to execute the Consent to Assignment Agreements.

Resolution 5506 
Page 2 
 
 
 
PASSED AND ADOPTED by the City Council of the City of Chandler, Arizona, this ____ day of 
____________, 2021 
 
ATTEST: 
 
________________________________               ______________________________________  
CITY CLERK  
 
                                 MAYOR 
 
CERTIFICATION 
 
I HEREBY CERTIFY that the above and foregoing Resolution No. 5506 was duly passed and 
adopted by the City Council of the City of Chandler, Arizona, at a regular meeting held on the ____ 
day of ________, 2021, and that a quorum was present thereat. 
 
________________________________  
CITY CLERK 
APPROVED AS TO FORM: 
 
______________________________ 
CITY ATTORNEY