Developers drop claims against OV - Tucson Local Media: Pima Pinal

Developers drop claims against OV

Suits abandoned after town reinstates payments under development contracts

Print
Font Size:
Default font size
Larger font size

Posted: Wednesday, March 24, 2010 11:00 pm

Plaintiffs in a pair of multi-million dollar lawsuits against the Town of Oro Valley have dropped their claims.

The suits, filed by Vestar Development Company and BP Oracle Crossings Investors, were connected to the Oro Valley Town Council's January 2009 decision to withhold contract payments to the companies.

The companies dropped the suits after the town last month reinstated economic development agreement payments, following the resolution of an Arizona Supreme Court case challenging the legality of a similar contract between the city of Phoenix and a retail developer.

The town had entered into economic development agreements with the firms, which own retail developments in Oro Valley.

Vestar, owners of the Oro Valley Marketplace, receives a 45 percent cut of local sales taxes generated at the shopping center. In 2006, local voters approved the sales-tax sharing deal that over 10 years would give the company $23 million.

BP Oracle Crossings Investors, owners of Oracle Crossings shopping center, penned a similar deal with the town for a share of sales tax revenues. The town council approved the Oracle Crossings deal, which would pay the developer up to $6.5 million.

 

Economic development deals in Oro Valley

Oro Valley Marketplace

Vestar Development Company

45 percent of sales taxes

Up to $23 million

 

Oro Valley Town Centre

Cañada Del Oro Properties

45 percent of sales taxes and one-third of bed taxes

Up to $11 million

(This development has not been built)

 

Steam Pump Village

Evergreen/Diamond Ventures

40 percent of sales taxes

Up to $7.6 million

Oracle Crossings

BP Oracle Crossings Investors

46 percent of sales taxes

Up to $6.5 million

 

Hilton El Conquistador

Rebate one-third of town's 6 percent bed tax

© 2016 Tucson Local Media. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

More about

More about

More about

Welcome to the discussion.

Clutch - X-Ray Visions

More Featured Videos

Featured Videos

Spacer4px

Online poll

The Marana capital improvements improvements are expected to take years to complete as Marana finds the best plan of action to complete the projects and fund the improvements. Do you think this is a good idea?

The town of Marana is looking at ways to do capital improvements to the oldest neighborhoods in Marana. Over the next few months the town will survey older neighborhoods and see what amenities they need and form a plan to make sure neighborhoods have paved roads, sidewalks, adequate drainage, lighting and even pocket parks. “We want to make sure that every neighborhood has a base standard for infrastructure,” said Marana Town Manager Gilbert Davidson. The improvements are expected to take years to complete as Marana finds the best plan of action to complete the projects and fund the improvements. Do you think this is a good idea?

Total Votes: 14

Loading…

How do you feel about a potential memorial art project to honor our community’s bravest men and women?

During the Jan. 20 town council meeting, a vote was unanimously passed to look into the feasibility of a “Memorial Public Art Project,” at the request of Oro Valley resident Dick Eggerding to potentially be placed somewhere in the town to honor military veterans and first responders. Though no concrete plans were then ready to act on, there was a show of overwhelming support for such project from residents and staff alike during the council meeting. In an effort to poll to community at-large, The Explorer would like to know how you feel about a potential memorial art project to honor our community’s bravest men and women.

Total Votes: 27

Loading…

Follow us on Facebook