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Downtown developer asks council to issue permits after financing delays for Park Place phases 2–3
Summary
Developers and downtown supporters urged the Fountain Hills Town Council to move forward with Park Place Phase 2 and 3 permits, saying loan timelines and repeated permit delays threaten the project; developers asked staff and council to allow issuance under the existing developer greement.
Developers and local supporters urged the Fountain Hills Town Council to issue permits for Park Place Phase 2 and 3, saying delays and repeated funding extensions are jeopardizing their ability to close construction financing.
The requests came during the council—all to the public on Oct. 7, when Cecil Yates, executive vice president of Shea Conley Development, told the council his company had met the requirements of the town eveloper greement and asked that permits be issued so lenders can close. Yates said the project previously generated about $1.2 million in materials sales tax for the town and currently pays more than $500,000 a year in combined taxes from Phase 1 retail and that "time kills all deals" as lenders become unwilling to extend financing repeatedly.
Yates cited portions…
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