This report requests the Economic Development and Housing Subcommittee recommend City Council approval for a development agreement, lease agreement, easements, and other related agreements with Aardex LLC. The project is a two-phase, mixed-use development at the southwest corner of Central Avenue and Madison Street in downtown Phoenix. It includes the adaptive reuse and historic preservation of a 13,500 square foot historic building (Madison Phase) and the development of a 14-story, 262-unit multi-family residential building with 6,800 square feet of ground floor retail and 202 structured parking spaces (Jackson Phase). The overall project encompasses 244,322 square feet of new construction and the adaptive reuse of 13,500 square feet. The developer will convey title of the property to the City, and the City will lease it back for up to 25 years under a Government Property Lease Excise Tax (GPLET) transaction. The project is expected to bring a capital investment of approximately $117 million and create 1,166 construction jobs. The developer has agreed to contribute 100 percent of the City’s share of property taxes during each lease term to the City's Affordable Housing Trust Fund.