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Home My WebLink AboutRES 12-01RESOLUTION NO. 12-01 A RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY OF APACHE JUNCTION,ARIZONA,AUTHORIZING THE CITY OF APACHE JUNCTION TO ENTER INTO A FIRST AMENDMENT TO INTERGOVERNMENTAL AGREEMENT BETWEEN PINAL COUNTY AND THE CITY OF APACHE JUNCTION CONCERNING SHARED COSTS FOR THE RECONSTRUCTION AND RE -DESIGN OF IRONWOOD DRIVE WITHIN THE CITY LIMITS OF APACHE JUNCTION. WHEREAS, on August 30,2006,the City of Apache Junction and Pinal County • entered an Intergovernmental Agreement (the "Agreement") to share costs for the design and construction of approximately 2.2 miles of Ironwood Drive between Elliott Avenue and U.S.60 within corporate limits of the City and County, including widening o f Ironwood Drive from two lanes to four lanes with a median,and installation of new pavement, curb and gutters,sidewalks,street lighting,drainage facilities,and other improvements; and WHEREAS,the Agreement set forth the City's proportionate share of the engineering cost estimate for the Project as Ten Million Six Hundred Eighty -Five Thousand Seven Hundred Fourteen Dollars ($10,685,714.00), to be paid by City to County in twenty (20)equal payments of Five Hundred Thirty -Four Thousand Two Hundred Eighty -Five Dollars and Seventy Cents ($534,285.70) beginning on January 1,2015, and then on January 1st each year thereafter until the last payment date of January 1, 2034; and WHEREAS,both Parties seek to amend the original payment schedule by allowing the City to make a one-time $2,000,000 payment on or before April 2,2012 with the remaining balance being paid in equal payments beginning on January 1,2023 through January 1, 2034; and WHERAS, such arrangement will have a neutral effect on the Parties; and WHEREAS,pursuant to A.R.S.§11-952(A),public entities may enter into intergovernmental agreements with other municipalities and governmental entities; and WHEREAS,the p a r t i e s have amended the Agreement,which formalizes the arrangement. RESOLUTION NO. 12-01 PAGE 1 OF 2 NOW, THEREFORE,BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF APACHE JUNCTION ARIZONA, AS FOLLOWS: 1)The Mayor and City Council approve the form of the First Amendment to Intergovernmental Agreement between Pinal County and the City of Apache Junction Concerning Shared Costs for the Reconstruction and Re -Design of Ironwood Drive within the City Limits of Apache Junction set forth in Attachment A; and the Mayor is hereby authorized to sign the agreement on behalf of the City. 2.Staff shall record zuch document in the Pinal and County Recorder's offices within sixty (60)days after full execution by all Parties. PASSED AND ADOPTED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF APACHE JUNCTION, ARIZONA, THIS 17TH DAY OF JANUARY , 2012. SIGNED AND ATTESTED TO THIS 17TH DAY OF JANUARY , 2012. Mayor ATTEST: KATHLEEN CONNELLY City Clerk APPROVED AS TO FORM: RICHARD J. STERN City Attorney RESOLUTION NO. 12-01 PAGE 2 OF 2 ATTACHMENT A FIRST AMENDMENT TO INTERGOVERNMENTAL AGREEMENT BETWEEN PINAL COUNTY AND THE CITY OF APACHE JUNCTION CONCERNING SHARED COSTS FOR THE RECONSTRUCTION AND RE -DESIGN OF IRONWOOD DRIVE WITHIN THE CITY LIMITS OF APACHE JUNCTION THIS AMENDMENT is made and entered into this day of ,2012, ("the Execution Date") by and between PINAL COUNTY, a political subdivision of the State of Arizona ("County"),and the CITY OF APACHE JUNCTION,ARIZONA,an Arizona municipal corporation ("City"), sometimes both collectively referred to as the "Parties". RECITALS A.On August 30,2006,the Parties entered an Intergovernmental Agreement (the "Agreement")to share costs for the design and construction of approximately 2.2 miles of Ironwood Drive between Elliott Avenue and U.S. 60 (also known as the "Superstition Freeway") within corporate limits of the City and County, including widening of Ironwood Drive from two lanes to four lanes with a median, and installation of new pavement, curb and gutters, sidewalks, street lighting, drainage facilities, and other improvements (referred to herein as the "Project"). B.The Agreement set forth the City's proportionate share of the engineering cost estimate for the Project as Ten Million Six Hundred Eighty -Five Thousand Seven Hundred Fourteen Dollars ($10,685,714.00), to be paid by City to County in twenty (20) equal payments of Five Hundred Thirty -Four Thousand Two Hundred Eighty -Five Dollars and Seventy Cents ($534,285.70) beginning on January 1, 2015, and then on January 1st each year thereafter until, the last payment date of January 1, 2034. C.The Parties seek to amend the original payment schedule with a neutral effect on County by deferring a portion of the payments and adjusting and accelerating another portion of the payments. D.Attachment A sets forth the schedule and amounts for installment payments to be paid by the City. E.The Parties have therefore agreed to amend the Agreement as noted herein. AGREEMENT NOW, THEREFORE, in consideration of mutual promises contained herein and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Parties agree to amend the August 30, 2006 Agreement as follows: A.The Recitals set forth herein above and Attachment A are incorporated into this Amendment in their entirety below. B.Section 3(E) of the Agreement shall be replaced with the following new provision: City's proportionate share of the Project is Ten Million Eight Hundred Eighty -Two Thousand Eight Hundred Twenty -Five Dollars and Thirty -One Cents ($10,882,825.31) and shall be paid by City to County as follows: 1)$2,000,000 due no later than April 2, 2012. 2)Starting on January 1, 2023 and each January 1st thereafter through January 1, 2034, the remaining balance in equal installments of Seven Hundred Forty Thousand Two Hundred Thirty -Five Dollars and Forty -Four Cents ($740,235.44). Without affecting the City's obligation to make payments as set forth in this paragraph, in the event that the State fails to agree to transfer the Ironwood Drive right-of-way from the County to the City, the Parties mutually agree to take all necessary legal means to effectuate the transfer.The Parties mutually agree to take all necessary legal means to effectuate the transfer of the Ironwood Drive right-of-way. C.Except as expressly amended herein, all other terms and provisions of the Agreement shall remain in full force and effect. IN WITNESS WHEREOF, the Parties have caused this Amendment to be signed by their duly authorized representatives as of the day and year first above written. PINAL COUNTY, a political subdivision of the State of Arizona By:David Snider Its:Chairman of the Board of Supervisors CITY OF APACHE JUNCTION, ARIZONA, an Arizona municipal corporation By:John S. Insalaco Its:Mayor ATTEST: Kathleen Connelly, City Clerk STATE OF ARIZONA ) ) ss. County of Pinal The foregoing was acknowledged before me this day of , 2012, by David Snider as Chairman of the Board of Supervisors of Pinal County, a political subdivision of the State of Arizona. My Commission Expires: (seal) STATE OF ARIZONA County of Pinal Notary Public The foregoing was acknowledged before me this day of , 2012, by John S. Insalaco, as Mayor of the City of Apache Junction, Arizona, an Arizona municipal corporation. Notary Public My Commission Expires: (seal) COUNSEL APPROVAL AS TO FORM: I have read this Agreement and have determined such Agreement is in proper form and is entered into within the powers of and authority granted under the laws of the State of Arizona. James Walsh, County Attorney Date I have read this Agreement and have determined such Agreement is in proper form and is entered into within the powers of and authority granted under the laws of the State of Arizona. I 2-l et Richard J. Stern, City Attorney Date Date 4/2/2012 1/1/2013 1/1/2014 1/1/2015 1/1/2016 1/1/2017 1/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022 1/1/2023 1/1/2024 1/1/2025 1/1/2026 1/1/2027 1/1/2028 1/1/2029 1/1/2030 1/1/2031 1/1/2032 1/1/2033 1/1/2034 Total Attachment A Ironwood Drive Intergovernmental Agreement Original and Pre & Deferred Payments Discount Rate for Present Value Calculations:2.30% (Source: United States Treasury Rates as of August 9, 2011 ) Original Payments Nominal Present Value $ 10,685,714.00 $8,157,957.89 $534,285.70 534,285.70 534,285.70 534,285.70 534,285.70 534,285.70 534,285.70 534,285.70 534,285.70 534,285.70 534,285.70 534,285.70 534,285.70 534,285.70 534,285.70 534,285.70 534,285.70 534,285.70 534,285.70 534,285.70 $501,929.81 490,644.98 479,613.86 468,830.75 458,290.08 447,986.39 437,914.36 428,068.78 418,444.55 409,036.71 399,840.38 390,850.81 382,063.36 373,473.47 365,076.70 356,868.72 348,845.28 341,002.23 333,335.51 325,841.16 Pre & Deferred Payments Nominal Present Value $ 10,882,825.31 $8,157,957.89 $2,000,000.00 $2,000,000.00 740,235.44 579,741.31 740,235.44 566,707.04 740,235.44 553,965.83 740,235.44 541,511.08 740,235.44 529,336.34 740,235.44 517,435.33 740,235.44 505,801.88 740,235.44 494,429.99 740,235.44 483,313.78 740,235.44 472,447.49 740,235.44 461,825.50 740,235.44 451,442.33 $10,685,714.00 $8,157,957.89 $10,882,825.31 $8,157,957.89