HomeMy WebLinkAbout2020-06-15-I05 Kettleview Amended Development Agreement
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: June 15, 2020
AGENDA ITEM: Consideration of approval of a resolution approving and authorizing
execution of an Amendment to Amended and Restated Agreement for
Private Development by and between the City of Waukee and
Kettleview, LLC
FORMAT: Resolution
SYNOPSIS INCLUDING PRO & CON: The City entered into a development agreement with
Kettleview LLC for the development of a commercial office project
located at the intersection of Grand Prairie Parkway and SE Tallgrass
Lane in May 2019. The agreement was amended in November 2019 to
reflect changes to the overall development. The agreement is being
further amended to reflect additional changes including the removal of
one of the parcels that had previously been included within the
development area.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: Based on a minimum
assessed value of $29,800,000 the tax rebates being made available to the
Developer will be paid back in 5 years. The City will receive the
remainder of the tax increment funds created from the development for
the remaining 15 years of the tax increment financing district. These
funds will be available for future infrastructure projects.
COMMISSION/BOARD/COMMITTEE COMMENT: N/A
STAFF REVIEW AND COMMENT: Staff believes the proposed changes to the
Development Agreement continue to be consistent with City’s policy for
offering incentives under the approved Regional Incentive Policy. This
development will provide Waukee with event space, office buildings and
a hotel and will allow the City to continue to make improvements to the
City owned pond adjacent to this development along with extension of
the trail network throughout the Kettlestone development area.
RECOMMENDATION: Approve the Resolution
ATTACHMENTS: I. Proposed Resolution
II. Proposed Development Agreement
PREPARED BY: Brad Deets, Development Services Director
REVIEWED BY:
AGENDA ITEM: I5
PUBLIC NOTICE INFORMATION –
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