Arizona Revised Statutes Title 48. Special Taxing Districts § 48-6412. Exemption from adequate water supply requirements based on substantial capital investment; application; criteria; expiration

1. The subdivider has made substantial capital investment toward the construction of the proposed subdivision before the date the district was established. For the purposes of this paragraph, substantial capital investment may include construction costs, site preparation costs, construction of off-site improvements and conversion or remodeling costs for existing structures, as well as planning and design costs associated with those items, but does not include the original cost of acquiring the property.

2. The subdivider was not aware of the proposed requirement for an adequate water supply at the time the investment was made.

3. The proposed subdivision complied in all other respects with existing state laws as of the date the district was established.

1. The exemption expires five years after the date the exemption is granted unless, before that date, at least one lot in the subdivision is sold to a bona fide purchaser or the director extends the exemption pursuant to paragraph 2 of this subsection.

2. The director may extend the period of the exemption for not more than two successive five-year periods if the subdivider applies for an extension before the exemption expires and demonstrates to the satisfaction of the director that the subdivider has made material progress in developing the subdivision, but that sales of parcels in the subdivision have been delayed for reasons outside the control of the subdivider.

1. The subdivider files with the state real estate commissioner a new notice of intention to subdivide lands pursuant to § 32-2181 and complies with § 48-6411.

2. The state real estate commissioner issues a new public report for the subdivision pursuant to § 32-2183.