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Paradise Valley Town Council OKs Five Star Development extensions

Paradise Valley Vice Mayor Scott Moore followed up with Town Staff on current reimbursement schedule prior to approval of Five Star Development contract extensions Thursday, Feb. 23. (Photo: Arianna Grainey/
Paradise Valley Town Council provides time, $630k shot in the arm to development
By Terrance Thornton | Digital Free Press

The threat level of midnight may never come for Five Star Development as Paradise Valley Town Council late last week approved two contract extensions for the original 2018 agreement to the total tune to date of $1.5 million in funds designated for reimbursement from the Scottsdale development company.

Five Star Development, which is helmed by Scottsdale resident Jerry Ayoub, is the land owner and developer of the envisaged Ritz-Carlton Paradise Valley community and adjacent ‘The Palmeraie’ retail cluster a stone’s throw in neighboring Scottsdale.

Paradise Valley Town Council during its Feb. 23 regular meeting hosted a public hearing on the duo of contract extensions — one that granted Five Star Development more time to complete its project and is providing a sum of municipal funds of $630,000 to Brown and Associates, which is designated for reimbursement, town officials say.

Paradise Valley Town Council unanimously approved the additional Five Star Development contract extensions at Town Hall, 6401 E. Lincoln Drive, Thursday, Feb. 23.

“This is a request for two contracts one for the town to outsource work with Brown and Associates and Five Star is to reimburse us for those services,” said Paradise Valley Community Development Director Lisa Collins during the public hearing. “You have seen this a few times before because this is an amendment to the original contract.”

Paradise Valley Town Council provides time, $600k shot in the arm to development

Ms. Collins provided to Town Council background on the original contract.

“Our goal is to be as thorough and as expeditious as possible without over-staffing — we have had a great working relationship with Five Star and Brown, it has all gone smoothly,” she said. “The original contract with in 2018 in an amount not to exceed $240,000.”

Furthermore, Ms. Collins explained to Town Council, these additional amendments come following other amendments to the original contract over the previous local legislative seasons.

“We have had several amendments since then,” she said. “One to provide an addition $700,000 for additional services and another was an extension for more time. Again, the town is reimbursed for all that.”

The funding request approved at Town Hall last week comes to the tune of $630,000, Ms. Collins explained.

“How is the developer doing on making those payments for reimbursement?” Vice Mayor Scott Moore asked of Ms. Collins to which she replied, “They are up to date on their payments.”

Paradise Valley Councilwoman Ellen Andeen asked for the total of municipal funds designated for reimbursement.

“Our total to Brown and Associates is $1.5 million, right?” she asked of Ms. Collins, to which she replied, “Yes, that is right — that was not in the packet.”

Councilwoman Andeen then asked if additional amendments are anticipated to the 2018 contract.

“I do not at this point; I think we are in a good place,” Ms. Collins said. “If they do, we will come back and update the council on this.”

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