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city-of-mesa-housing-authoritymeeting-minutes2024-07-01_43d.pdf

Mesa and ASU to Amend Downtown Development Agreement

city of Mesa Housing AuthorityARIZONA BOARD OF REGENTS FOR & ON BEHALF OF ARIZONA STATE UNIVERSITYJuly 1, 2024

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Description

Mesa plans to enter an amended Intergovernmental Agreement with Arizona State University for future educational facility development, site leases, joint-use spaces, and operational cooperation in downtown Mesa. Terms allow for land sale, lease, transfers, and up to 99-year site lease per development site.

Contract Details

Vendor

ARIZONA BOARD OF REGENTS FOR & ON BEHALF OF ARIZONA STATE UNIVERSITY

Agency

city of Mesa Housing Authority, AZ

Contract Type

OTHER

Document Date

July 1, 2024

Contract Term

Term: earlier of expiration of all Development Determination Periods or 25 years; site leases each 99 years (per site, with up to 99-year total extension); multiple determination periods in years per site

Renewal Date

2049-07-01

Renewal Info

Site leases: Initial 99-year terms, with potential for maximum lease extension of 99 years if ASU invests in capital improvement after year 75 of each lease. Development determination periods include built-in extension options per site (up to 25 years total for Site 2, others per negotiation). IGA overall maximum term 25 years or until all periods expire.

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