Resolution 5898

RESOLUTION NO. 5898 
 
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHANDLER, 
ARIZONA, 
ADOPTING 
A 
FIRST 
AMENDMENT 
TO 
THE 
DEVELOPMENT AGREEMENT BETWEEN JEMBJACD, LLC, AND THE 
CITY 
OF 
CHANDLER, 
APPROVING 
EXTENSIONS 
TO 
THE 
AGREEMENT TERM AND DEVELOPMENT DEADLINES, AMENDING 
THE TIME TO CURE DEFAULTS, AND ALSO APPROVING AN 
ASSIGNMENT 
OF 
THE 
DEVELOPMENT 
AGREEMENT 
TO 
EVERSTEAD VENTURES LLC, FOR THE PROPERTIES LOCATED AT 
200 SOUTH OREGON STREET AND 210 SOUTH OREGON STREET. 
 
WHEREAS, on August 21, 2023, the Chandler City Council approved a development agreement 
(“Development Agreement”) with JEMBJACD, LLC, (“Developer”) which sets forth obligations 
of the parties with regard to the development of City-owned real property located at 200 South 
Oregon Street and 210 South Oregon Street (the “Property”), as permitted by Ariz. Rev. Stat. § 9-
500.05; and 
 
WHEREAS, in exchange for the Developer’s promise to build certain minimum improvements on 
the Property, the Development Agreement allowed the Developer to purchase City-owned property 
for a price established within the Development Agreement; and 
 
WHEREAS, because of the economic disruption caused by rapidly changing market conditions, 
the Developer has requested to amend the Development Agreement to extend the overall term of 
the agreement until May 31, 2031, and to provide additional time for the Developer to meet the 
development deadlines contained within the Agreement; and 
 
WHEREAS, the Developer has requested to assign their rights to the Property and the Agreement 
to an affiliated business entity called Everstead Ventures LLC; and 
 
WHEREAS, the City Council finds that it is in the best interest of the City of Chandler to approve 
the assignment to Everstead Ventures LLC, and to execute the proposed amendment to the 
Development Agreement.  
 
NOW, THEREFORE, BE IT RESOVED that the City Council of the City of Chandler, Arizona, 
as follows: 
 
Section 1. 
Approves the amendment that is attached to this Resolution as Exhibit A.    
 
Section 2. 
Authorizes the Mayor to execute such amendment in a form substantially similar to 
that form attached to this Resolution as Exhibit A. 
 
Section 3. 
Approves the assignment of the Development Agreement to Everstead Ventures 
LLC, and authorizes the City Manager to execute any documents needed to facilitate 
the assignment upon approval by the City Attorney.

Resolution 5898 
Page 2 
 
 
PASSED AND ADOPTED by the City Council of the City of Chandler, Arizona, this ____ day of 
_______________, 2025. 
 
ATTEST: 
 
________________________________               ______________________________________  
CITY CLERK  
 
                                 MAYOR 
 
CERTIFICATION 
 
I HEREBY CERTIFY that the above and foregoing Resolution No. 5898 was duly passed and 
adopted by the City Council of the City of Chandler, Arizona, at a regular meeting held on the 
_____ day of ____________________, 2025, and that a quorum was present thereat. 
 
 
________________________________
 
CITY CLERK 
 
APPROVED AS TO FORM: 
 
 
______________________________ 
CITY ATTORNEY