CITY OF LITCHFIELD PARK
ORDINANCE NO. 06-117
AN ORDINANCE OF THE COMMON COUNCIL OF THE
CITY OF LITCHFIELD PARK, ARIZONA, AUTHORIZING
THE EXCHANGE OF REAL PROPERTY OWNED BY THE
CITY FOR REAL PROPERTY OF SUBSTANTIALLY EQUAL
VALUE; AUTHORIZING THE MAYOR, CITY MANAGER
AND CITY ATTORNEYS TO TAKE ALL STEPS NECESSARY
TO EXCHANGE SAID REAL PROPERTY.
WHEREAS, the City of Litchfield Park is authorized to exchange real
property pursuant to A.R.S. 9-407 for any other real property of substantially equal value
within the Town; and,
WHEREAS, the City of Litchfield Park desires to exchange certain real
property, subject to certain conditions;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON
COUNCIL OF THE CITY OF LITCHFIELD PARK, ARIZONA:
Section 1: The Mayor, City Manager and City Attorney are hereby
authorized and directed to take all necessary actions to exchange real property owned by
the City which is legally described as set forth in Exhibit A (“City Parcel”) for the real
property owned by the Toll Brothers AZ Construction Company and/or its landbanker
and legally described as set forth in Exhibit B (“Toll Brothers Parcel”) subject to the
conditions set forth in this Ordinance and the Real Property Exchange Agreement
attached to the Development Settlement Agreement dated July 19, 2006.
Section 2: Conditions of Exchange
The exchange is contingent upon a determination that the value of
the City parcel is substantially equal in value to the Toll Brothers Parcel.
Escrow shall not close until both of the following have occurred:
(i) a zoning ordinance is adopted by the City Council and becomes effective, amending
the zoning for Phase 2 of the Village at Litchfield Park, and (ii) the final plat for Phase 2
of the Village at Litchfield Park is approved by the City Council.
Page 2 of 2
PASSED AND ADOPTED by the City Council of the City of Litchfield
Park, Arizona, this 19th day of July, 2006, by the following vote: