The City and Vistancia have collaborated over the past 20 years to design, construct and dedicate water and wastewater infrastructure, a fire station and neighborhood parks.  The requirements for construction of these infrastructure projects, and the associated reimbursement methodologies, were all defined within the Vistancia Development Agreement (the “Development Agreement”).  Over the next 3-5 years, Vistancia and the City will deliver the next phase of projects as the master planned community continues to build out.  Included in this are the design and construction of three additional parks, and a fire station to serve residents north of the Central Arizona Project Canal (“CAP”). 

Under the current terms of the Development Agreement, the City is required to pay Vistancia certain impact fee reimbursements for infrastructure improvements consisting of parks and streets. Under these same terms, Vistancia would have to reimburse the City for expansion of sewer treatment facilities, which could lead to a series of redundant and reciprocating transactions.  Therefore, this Amendment seeks to adjust the reimbursement mechanisms for the specific projects and liabilities currently defined in Development Agreement.  By adopting this Amendment, the City will preserve cash resources in the associated impact fee accounts to support project construction costs and address current outstanding liabilities.  Through this approach, all transactions balance by equalizing liabilities and transferring equal value of assets, which ensures neither party receives more benefit than the other. 

• Original 2001 Vistancia DA - LCON 14601
• 2005 First Amendment to the DA - LCON 14601A
• 2010 Assignment of DA and Annexation Agreement - LCON 14601B
• 2010 Assignment of District Development, Financing Participation and IGA - LCON 10702A
• 2012 Amended and Restated DA - LCON 14601C
• 2014 First Amendment to Amended and Restated DA - LCON 14601D
• 2015 Amended and Restated First Amendment to Amended and Restated DA - LCON 14601E

• 2021 Assignment and Second Amendment to Amended Restated DA - LCON 10702B

• 2021 Reimbursement Agreement - ACON 33421 

The City’s project costs referenced in this Amendment, and the associated Impact Fee Credits and/or Reimbursements, have already been contemplated by City Council and appropriated in the CIP and IIP budgets, respectively.