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A five party agreement
A five party agreement
In December 2021, the Town of Oro Valley agreed to a joint transaction with Romspen Vistoso LLC, The Conservation Fund and developer Ross Rulney that is intended to result in the preservation of 202 acres of the former Vistoso Golf Course as open space and passive recreation in perpetuity. In addition to the 202 acres, the former golf course also includes a 6.3 acre parcel formerly used for clubhouse operations. As a condition of the sale, the agreement requires that both the 202 acre and 6.3 acre parcels be sold simultaneously.
Procedural issues to be resolved
Procedural issues to be resolved
The initial closing date was December 31, 2021 but was extended to January 21, 2022 due to the parties waiting on documentation from the Pima County Assessor that verifies the future use of the 202 acres will not be subject to a tax recapture issue as specified in state law. Pima County officials are actively working on this matter with completion expected in the near future.
Mr. Rulney has agreed to purchase the 6.3 acre parcel for a future multi-family residential development; however, through the due diligence process, an issue has arisen that must be resolved in order for Mr. Rulney to finalize the purchase.
A solution to this issue has been identified, but it requires the Vistoso Community Association (VCA) Board of Directors to consider a variance to a legal classification designation of “Commercial” within the 1996 land tract declarations (related to private CC&R’s) for the 6.3 acre clubhouse parcel to a classification that is consistent with current Town zoning. A variance request has been made by Mr. Rulney to the VCA Board, and the Town supports this request.
Anticipated closing moved to mid February
Mr. Rulney has agreed to purchase the 6.3 acre parcel for a future multi-family residential development; however, through the due diligence process, an issue has arisen that must be resolved in order for Mr. Rulney to finalize the purchase.
A solution to this issue has been identified, but it requires the Vistoso Community Association (VCA) Board of Directors to consider a variance to a legal classification designation of “Commercial” within the 1996 land tract declarations (related to private CC&R’s) for the 6.3 acre clubhouse parcel to a classification that is consistent with current Town zoning. A variance request has been made by Mr. Rulney to the VCA Board, and the Town supports this request.
Anticipated closing moved to mid February
Due to these outstanding issues, the parties have agreed to an additional extension to February 16, 2022, pending satisfactory outcomes. The terms of the agreement preclude the Town of Oro Valley from providing additional information at this time. The Town and the other parties in this transaction appreciate the patience of our residents as we work cooperatively to bring this purchase to fruition.
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