Description
Microsoft owns approximately 145 acres of real property within the City of Goodyear generally located south east corner of Citrus Road and W Indian School Road, which Microsoft intends to develop under the name PHX 70. Microsoft is seeking relief from the obligation in the 2020 PHX 70 Development Agreement that requires that a final plat for the Property be recorded and that all public infrastructure that is to be City owned and maintained and the dedication to the City of all required property interests needed for such public infrastructure be completed before a building permit can be issued for the second building on the Property. Because the expedited development of the Property is in the best interests of the City, the City is willing to allow Microsoft to obtain a building permit before the final plat for the Property has been recorded, before the property interests needed for public infrastructure that is to be constructed pursuant to applicable Development Regulations is dedicated, before the completion of required off-site public infrastructure, and because the terms and conditions set forth in the 2020 PHX 70 Development Agreement mitigate the risks to the City of allowing Microsoft to develop the Property pursuant to the terms and conditions outlined in the 2020 PHX 70 Development Agreement and this First Amendment.