To: Honorable Mayor and Members of Town Council
Through: Dave Corliss, Town Manager
From: Tara Vargish, P.E., Director, Development Services
Title
Ordinance Approving the Canyons Far South Development Agreement and Purchase Option Agreement; and Vesting a Site Specific Development Plan through December 31, 2037 (Second Reading - Approved on First Reading on February 21, 2023, by a vote 7-0)
Body
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Executive Summary
The ordinance was approved on first reading on February 21, 2023 with a vote of 7 - 0, with no changes.
Town Council voted to continue the public hearing for the Canyons Far South Development Agreement from January 3, 2023 to February 21, 2023. The purpose for the continuance was to allow the Development Agreement ordinance to be heard with the Annexation and Zoning ordinances.
Lowe Enterprises (the “Parties”) is requesting to enter into a Development Agreement (DA) with the Town for property known as Canyons Far South Planned Development, that is located east of Founders Parkway, west of Castle Oaks Drive, north of Crimson Sky Drive and south of Crowfoot Valley Road (Figure 1) (Attachment A). In addition, the Parties are requesting vested property rights through December 31, 2037.
The property is currently under consideration for annexation and zoning as a Planned Development (PD) under separate land use applications. If the Canyons Far South Annexation and Planned Development Plan and Zoning Regulations are approved, the Parties must enter into a Development Agreement with the Town to define the obligations of the property owners and the Town relative to the development of the property.
A DA is a legally binding contract between the property owners and the Town that requires public hearings before Town Council, who shall review and make a decision upon the proposed DA.
Recommendation
Staff recommends approval of the Canyons Far South Development Agreement and Vesting a Site Specific Development Plan through December 31, 2037, as proposed.
Proposed Motion
Option 1: Approval
“I move to approve Ordinance No. 2023 - 003, as introduced by title.”
Option 2: Approval with Conditions
“I move to approve Ordinance No. 2023 - 003, with the following conditions:” (list conditions)
Option 3: Continue item to next hearing (need more information to make decision)
“I move to continue this item to the Town Council meeting on [date], 2023, at [time].”
Attachments
Attachment A: Vicinity Map
Attachment B: Ordinance