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HomeMy WebLinkAbout2020-08-17-J07 Waukee Triangle Property Improvement Program AGENDA ITEM: CITY OF WAUKEE, IOWA CITY COUNCIL MEETING COMMUNICATION MEETING DATE: August 17, 2020 AGENDA ITEM: Consideration of approval of a resolution approving the Waukee Triangle Business Improvement Program FORMAT: Resolution SYNOPSIS INCLUDING PRO & CON: The proposed Waukee Triangle Business Improvement Program would offer a financial incentive to commercial property owners located within the downtown triangle area that have an interest in making a significant investment into their property. The proposed program would offer a grant based upon the proposed amount of improvements to be made to the property. To be eligible, the property owner would need to invest a minimum of $100,000 into the property and would receive a grant in the amount of $15,000. For each additional $100,000 in improvements, the property owner would be eligible for an additional $5,000 in grant funds up to a maximum grant of $35,000. FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: Funding for this program will come out of tax increment financing that is generated within the Waukee Unified Urban Renewal Area. COMMISSION/BOARD/COMMITTEE COMMENT: STAFF REVIEW AND COMMENT: Staff would recommend approval of the resolution RECOMMENDATION: Approve the resolution. ATTACHMENTS: I. Proposed Resolution II. Waukee Triangle Property Improvement Program PREPARED BY: Brad Deets, Development Services Director REVIEWED BY: J7 THE CITY OF WAUKEE, IOWA RESOLUTION 2020- APPROVAL OF THE WAUKEE TRIANGLE BUSINESS PROPERTY IMPROVEMENT PROGRAM IN THE NAME AND BY THE AUTHORITY OF THE CITY OF WAUKEE, IOWA WHEREAS, the City of Waukee, Dallas County, State of Iowa, is a duly organized Municipal Organization; AND, WHEREAS, the City is committed to fostering an increase in investments and business opportunity in the original downtown area of Waukee as the area has provided an identifiable node of the City’s past and serves as an opportunity to promote community growth into the future; AND, WHEREAS, the Waukee Triangle Property Improvement Program is intended to provide assistance to property owners in the renovation and upgrade of older commercial, office, and mixed use properties within the designated Waukee Triangle Property Improvement District. NOW THEREFORE BE IT RESOLVED by the City of Waukee City Council in session this 17th day of August 2020 that the Waukee Triangle Business Property Improvement Program is approved. ____________________________ Courtney Clarke, Mayor Attest: ___________________________________ Rebecca D. Schuett, City Clerk ROLL CALL VOTE AYE NAY ABSENT ABSTAIN Anna Bergman R. Charles Bottenberg Chris Crone Larry R. Lyon Ben Sinclair Waukee Triangle Property Improvement Program Purpose: The City of Waukee is committed to fostering an increase in investments and business opportunity in the original downtown area of Waukee. The downtown area has provided an identifiable node of the City’s past and serves as an opportunity to promote community growth into the future. The Property Improvement Fund is intended to provide assistance to property owners in the renovation and upgrade of older commercial, office and mixed use properties within the designated Waukee Triangle Property Improvement District. Projects eligible for funding include but are not limited to: 1. Major renovation of structural elements of the building, including new or replacement roofs; 2. Total renovation and rehabilitation of underutilized building areas; 3. Additions to existing buildings; and 4. The cost associated with professional services of an architect, engineer, or other design professional. The Property Improvement Fund is separate from the Façade Improvement Program and may not be combined. Program Funding: Property owners within the designated Waukee Triangle Property Improvement District are eligible for a grant up to a maximum of $35,000. Grant awards will be based upon the value of the improvements. For the first $100,000 in improvements, the City may award a grant in the amount of $15,000. For each additional $100,000 in improvements, the City may award additional grant funds in the amount of $5,000 up to a maximum of $35,000. For example, the following grants would be available based upon the amount of investment. $100,000 investment = $15,000 grant $200,000 investment = $20,000 grant $300,000 investment = $25,000 grant $400,000 investment = $30,000 grant $500,000 investment or greater= $35,000 grant maximum Eligibility Requirements: Applicants must be owners of real property within the Waukee Triangle Property Improvement Program Boundary (see attached map) and must show proof of the following: 1. Proof of ownership of the subject property 2. Verification that tax payments are current Application Process: Property owners wishing to apply for funding through the Waukee Triangle Property Improvement Program shall submit an application to the Development Services Department. Staff shall review the application for completeness. Once a determination of completeness has been made by staff, the application shall be referred to the City Council for consideration. Only one application can be submitted per property per year. Maximum annual funding for this program shall be at the discretion of the City Council. If the project is approved for funding, the property owner will be required to submit documentation of project expenses before release of funds. Funding will be on a reimbursement basis. As a part of the Funding Agreement, the property owner shall commit to creating or retaining a minimum of two (2) full time equivalent employees within the first two years following completion of the redevelopment/renovation work, and retain those positions for an additional three (3) years. Funding Approval: The approval of participation in this program does not imply that any legal entitlement is granted or that any business or property owner that meets the identified requirements will be offered the incentive. The City Council at its sole discretion shall be responsible for consideration and potential approval of the incentive. All construction work shall begin within six months of signing a Funding Agreement and a final occupancy certificate shall be issued before the property owner is allowed to submit documentation for a request for reimbursement.