COUNCIL COMMUNICATION
TO: Honorable Mayor and Council
FROM: Jeremy Abbott, Assistant City Engineer
Community Investment Department
SUBJECT:Title
Approve the Havasu Riviera Development Agreement with Havasu Riviera, LLC
Body
FUNDING SOURCE:
N/A
PURPOSE:
Approve the Havasu Riviera Development Agreement between Lake Havasu City and Havasu Riviera, LLC.
BACKGROUND:
This Development Agreement provides a public private partnership necessary to move improvements forward for an area of land formally known as the Havasu 280 and now referred to as the Havasu Riviera Project. The overall Havasu Riviera Project has been in the planning stages for more than 20 years and is a mix of public and private projects. Those involved include the Bureau of Land Management (BLM), Arizona State Parks, Lake Havasu City, and Havasu Riviera, LLC. The improvements identified in the Agreement will provide public access and use of current undeveloped land and also provide access to new development opportunities for growth.
COMMUNITY IMPACT:
This Agreement identifies Developer obligations to assist Lake Havasu City with the planning, permitting, design, and construction of infrastructure necessary to develop 280 acres of land that Lake Havasu City has control of under an existing Recreation and Public Purpose Lease with BLM. This infrastructure will provide access to the anticipated Arizona State Parks Contact Point, Ecological-Environmental Learning Center, future Municipal Golf Course, and a proposed private development.
FISCAL IMPACT:
$1,525,000 in reimbursements from the developer to be paid annually, but no less than $75,000 plus interest per year not to exceed 20 years.
ATTACHMENTS:
Development Agreement
Exhibit A - Legal Description
Exhibit B - Developer Property
Exhibit C - City Property
Exhibit D - Riviera Park Way
Exhibit E - Portion of Developer Property
SUGGESTED MOTION:Recommended Action
I move to approve the Havasu Riviera Development Agreement with Havasu Riviera, LLC.