(Disclosure: Rose Law Group represents Atlas Global Development Group and Global Logistics Development Partners.)
By Shawn White
The Winslow City Council on Feb. 24, unanimously approved a significant restructuring of its agreement with Atlas Global Development. City Manager David Coolidge, who has led negotiations on the deal and presented the item to the council, said, “As you’re well aware, we’ve been working on this agreement for several years now,” noting that “the last extension was through the end of February.” He explained that while the purchase price remains unchanged, the payment structure has shifted significantly. “The only difference being that this will be a term, a per month basis payment versus a lump sum payment. Really, that’s the only difference between this and the prior purchase and sale agreement.” He added the revised arrangement would give the city the ability to close on this property while simultaneously closing on the Brimhall property as well.
The Brimhall property is right in the northeast corner where I-40 and state Highway 87 meet. This property is currently being eyed as a logistics hub being worked on by GLD Partners, which is a different project than the one being pursued by Atlas Global near the city airport. The property funding is bound by the closure of the deal with Atlas Global, and this has put the city in a situation in which it cannot develop the hub property while Atlas Global continues to ask for extensions after not securing a deal with the Hopi Tribe for land to be used for energy development, most notably solar. The city’s fix to this is to enter into this agreement with Atlas Global where it can start to make payments on the property, and that will fulfill the requirements for the funding received for the hub project.
