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Narrative V1Narrative Original Project Name, Annexation/rezone file number and Ordinance Number: H-2019-0121; AZ 12-010 Original Development Agreement Approval Date: May 26, 2020 Bach Homes would like to amend our existing development agreement to allow for a phase 3 addition to our Regency at River Valley apartment community. This project is located in the Mixed Use - Regional Future Land Use Map area. High density residential uses are desired in this region, especially when located adjacent to Eagle Rd. After completing the prior development agreement and design process on our previously proposed storage units, construction costs rose such that it wasn't feasible for us to move forward with the project. Bach Homes has owned the northern most of the 3 parcels since 2006, and has had no success in selling the property for commercial development. We are proposing to build a 128 unit, 5 story addition to our community consisting of 4 stories of apartments over 1 story of parking. We will provide rooftop amenities above the parking structure including fire pits, hot tubs, a pavilion, multiple BBQ areas, and lounge seating. We will also be providing residents access to our existing amenities in phases 1 and 2, which include a large pool area, hot tub, BBQ areas, activity room, outdoor pavilions, game room, fitness center, and ample open space. All units will be provided with spacious exterior balconies. We will be providing two separate cross access connections to our property to the east as well as additional pedestrian access points. We are proposing the drive aisle to the north that connects to the former Great Wall property be emergency access only.