[phxatty]

Here is what is on the Phoenix City Council agenda for May 11th regarding this project. Those interested, and with the time, may want to drop by the meeting to learn more.



ITEM 29
DISTRICT 8
DEVELOPMENT AGREEMENT WITH CITY CENTRE LLC FOR NORTHEAST CORNER OF 1ST STREET AND POLK STREET




Ordinance S-31933 authorizing the City Manager or his designee to take title to property and to enter into a development agreement with City Centre L.L.C. and any other agreements necessary to facilitate development of the property generally bounded by 1st Street to 2nd Street and Taylor to Polk Streets for the Arizona State University Downtown Campus and private sector development.



City Centre L.L.C. will convey the entire property, currently the Ramada Inn, to the City at no cost. City Centre L.L.C. will also provide a Phase I environmental assessment of the site acceptable to the City.





The City will convey development rights to City Centre L.L.C. to develop approximately 750,000 to one million square feet of condominium towers, (subject to further market assessment), structured parking, ground retail and amenities.



The City will retain an approximately 35,000 square foot development pad on the site for the development of up to 250,000 square feet of academic, academic support and ground floor retail space for the ASU Downtown Campus. City Centre L.L.C. will be responsible for preparing the site for development. Construction of the City/ASU development which will occur on the City's schedule.



City Centre L.L.C. will construct and provide up to 200 parking spaces to serve ASU facility needs. ASU will retain the option to lease 200 of such parking spaces on an annual basis at $480 per space.



The public-private development concept achieves a variety of City objectives such as the development of the ASU Downtown Campus, the creation of street level retail, and downtown housing. The proposed business agreement would save the City significant land acquisition costs.



Affirmative Action

The subject organization is eligible to do business with the City of Phoenix until April 27, 2007, by its compliance with the affirmative action requirements of the City Code, Chapter 18, Article V.



This item is recommended by Ms. Sculley and the Downtown Development Office.