Thursday, June 10, may become a red-letter day in the history of the construction of the Ritz-Carlton Paradise Valley Resort Community as an out-of-court settlement was announced jointly — by developer and municipality.
The peace offering, which comes to the tune of more than $8 million in dollars and cents directed to the Town of Paradise Valley over a period of several years, will pave the way for future construction of all things Ritz-Carlton including The Palmeraie shopping center in neighboring Scottsdale a sure bet.
In addition to an $800,000 payment from Five Star Development — to be held in a separate account for town purview — the settlement agreement approved by Paradise Valley Town Council June 10 outlines:
