The Phoenix City Council authorized an amendment to the development agreement with PV Land SPE, LLC, concerning the mixed-use redevelopment of the former Paradise Valley Mall. This amendment increases the proportion of Transaction Privilege Taxes (TPT) available to reimburse the Developer for public improvements from 50 percent to 100 percent for the 30-year term of the agreement. This adjustment addresses financial impacts stemming from Senate Bill 1131, a new state law effective January 1, 2025, which prohibits municipalities from collecting a residential rental tax that was previously forecasted as a reimbursement source. Additionally, the amendment reserves an average daily flow of 45,000 gallons per day of wastewater capacity, equivalent to an additional 250 multifamily dwelling units, to support the project's full build-out. This decision follows previous amendments, including one in March 2025 that extended the agreement term from 25 to 30 years.