By Terrance Thornton | Digital Free Press
The threat level of midnight may never come for Five Star Development as Paradise Valley Town Council late last week approved two contract extensions for the original 2018 agreement to the total tune to date of $1.5 million in funds designated for reimbursement from the Scottsdale development company.
Five Star Development, which is helmed by Scottsdale resident Jerry Ayoub, is the land owner and developer of the envisaged Ritz-Carlton Paradise Valley community and adjacent ‘The Palmeraie’ retail cluster a stone’s throw in neighboring Scottsdale.
Paradise Valley Town Council during its Feb. 23 regular meeting hosted a public hearing on the duo of contract extensions — one that granted Five Star Development more time to complete its project and is providing a sum of municipal funds of $630,000 to Brown and Associates, which is designated for reimbursement, Town officials say.
Paradise Valley Town Council unanimously approved the additional Five Star Development contract extensions at Town Hall, 6401 E. Lincoln Drive, Thursday, Feb. 23.
“This is a request for two contracts one for the town to outsource work with Brown and Associates and Five Star is to reimburse us for those services,” said Paradise Valley Community Development Director Lisa Collins during the public hearing. “You have seen this a few times before because this is an amendment to the original contract.”
