Resolution 5509 Authorizing Overstreet Garage Purchase

RESOLUTION NO. 5509 
 
A RESOLUTION OF THE CITY OF CHANDLER, ARIZONA, AUTHORIZING 
THE PURCHASE OF A PARKING GARAGE PROPERTY LOCATED AT 
150 N. OREGON STREET; AUTHORIZING A PURCHASE PRICE OF 
$8,793,351 AND AUTHORIZING CITY STAFF TO EXECUTE ALL 
AGREEMENTS 
AND 
OTHER 
DOCUMENTS 
NECESSARY 
TO 
COMPLETE THE PURCHASE.   
 
WHEREAS, on February 23, 2017, the City Council approved the Development Agreement and 
Option Agreement (“Development Agreement”) between the City and DT Chandler, LLC, 
(“Developer”) which sets forth certain obligations of the parties regarding the development of City-
owned property located at the southwest corner of Arizona Avenue and Chandler Boulevard, and 
commonly referred to as the “Overstreet” development; and 
 
WHEREAS, pursuant to the Development Agreement, Developer constructed a five-story 113,100 
square foot public parking garage located at 150 N. Oregon Street (the “Overstreet Garage”) to 
provide parking for downtown businesses; and 
 
WHEREAS, the City and Developer entered into a thirty-year Parking Structure Lease Agreement 
on April 24, 2017 (the “Parking Lease”), which allowed the City to use the Overstreet Garage for 
public parking in exchange for monthly lease payments, and which also contained an option for the 
City to purchase the garage for $8,690,351; and 
 
WHEREAS, the City and Developer entered into a first amendment to the Development Agreement 
on July 24, 2017, whereby Developer agreed to add additional architectural cladding on the garage 
structure in order to enhance its aesthetic quality, in exchange for an increase in the purchase option 
price to $8,793,351; and 
 
WHEREAS, the City Council finds that it is in the best interest of the City to exercise the option 
to purchase the Overstreet Garage for $8,793,351. 
 
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chandler, Arizona, 
as follows: 
 
Section 1. Authorizes the purchase of the Overstreet Garage from Developer for a purchase price 
of $8,793,351, pursuant to the provisions of the Development Agreement and Parking 
Lease, including all amendments thereto;  
 
Section 2.   Authorizes the City Manager or designee to execute all agreements and other 
documents necessary to complete the purchase.   
 
PASSED AND ADOPTED by the City Council of the City of Chandler, Arizona, this ____ day of 
__________ 2021.

Resolution 5509 
Page 2 
 
 
ATTEST: 
 
________________________________               ______________________________________  
CITY CLERK  
 
                                 MAYOR 
 
 
CERTIFICATION 
 
I HEREBY CERTIFY that the above and foregoing Resolution No. 5509 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