HomeMy WebLinkAbout2022-11-21 I02A_02 The Quarter URP_Set PHAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: November 21, 2022
AGENDA ITEM:Consideration of approval of a resolution determining the necessity and
setting dates of a consultation and a public hearing on proposed The
Quarter Urban Renewal Plan in the City of Waukee, State of Iowa
FORMAT:Consent Agenda
SYNOPSIS INCLUDING PRO & CON: Staff is proposing a new urban renewal plan to help
promote commercial and industrial economic development, encourage
commercial growth and expansion and provide public infrastructure and
amenities in the City of Waukee. The plan includes the City’s intention
to use various financing tools to accomplish plan goals.
The proposed plan includes property that was previously included in the
Waukee Consolidated Urban Renewal.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT: Pending the approval of the public hearing date, staff
will hold a consultation meeting with the County and the affected school
district involved in the Plan area to review the proposal. That meeting is
tentatively scheduled for Monday, November 28, 2022. As part of the
adoption process for a new urban renewal plan, the Planning and Zoning
Commission will review the Plan for conformance with the City’s
general Plan for development as a whole. That meeting is tentatively
scheduled for Tuesday, December 13, 2022.
RECOMMENDATION: Approve the resolution
ATTACHMENTS: I. Proposed Resolution
PREPARED BY:Jennifer Brown
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION:
DATE OF PUBLICATION:
I2A2
RESOLUTION NO. ______
RESOLUTION DETERMINING THE NECESSITY AND
SETTING DATES OF A CONSULTATION AND A PUBLIC
HEARING ON A PROPOSED THE QUARTER COMMERCIAL
URBAN RENEWAL PLAN FOR A PROPOSED URBAN
RENEWAL AREA IN THE CITY OF WAUKEE, STATE OF
IOWA
WHEREAS, it is hereby found and determined that one or more economic development
areas, as defined in Chapter 403, Code of Iowa, exist within the City and the rehabilitation,
conservation, redevelopment, development, or combination thereof, of the area is necessary in the
interest of the public health, safety, or welfare of the residents of the City; and
WHEREAS, this Council has caused there to be prepared a proposed The Quarter
Commercial Urban Renewal Plan ("Plan" or "Urban Renewal Plan") for The Quarter Commercial
Urban Renewal Area ("Area" or "Urban Renewal Area"), which proposed Plan is attached hereto
as Exhibit 1 and which is incorporated herein by reference; and
WHEREAS, the purpose of the Plan is to form The Quarter Commercial Urban Renewal
Area suitable for economic development and to include a list of proposed projects to be undertaken
within the Urban Renewal Area, and a copy of the Plan has been placed on file for public inspection
in the office of the City Clerk; and
WHEREAS, the property proposed to be included in the Urban Renewal Area is legally
described in the Plan and this Council has reasonable cause to believe that the Area described in
the Plan satisfies the eligibility criteria for designation as an urban renewal area under Iowa law
and; and
WHEREAS, it is desirable that the area be redeveloped as part of the overall redevelopment
covered by the Plan; and
WHEREAS, the Iowa statutes require the City Council to submit the proposed Urban
Renewal Plan to the Planning and Zoning Commission for review and recommendation as to its
conformity with the general plan for development of the City as a whole prior to Council approval
of such Plan, and further provides that the Planning and Zoning Commission shall submit its
written recommendations thereon to this Council within thirty (30) days of its receipt of such
proposed Urban Renewal Plan; and
WHEREAS, the Iowa statutes require the City Council to notify all affected taxing entities
of the consideration being given to the proposed Urban Renewal Plan and to hold a consultation
with such taxing entities with respect thereto, and further provides that the designated
representative of each affected taxing entity may attend the consultation and make written
recommendations for modifications to the proposed division of revenue included as a part thereof,
to which the City shall submit written responses as provided in Section 403.5, Code of Iowa, as
amended; and
WHEREAS, the Iowa statutes further require the City Council to hold a public hearing on
the proposed Urban Renewal Plan subsequent to notice thereof by publication in a newspaper
having general circulation within the City, which notice shall describe the time, date, place and
purpose of the hearing, shall generally identify the urban renewal area covered by the Plan and
shall outline the general scope of the urban renewal project under consideration, with a copy of
the notice also being mailed to each affected taxing entity.
NOW THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF
WAUKEE, STATE OF IOWA:
Section 1.That the consultation on the proposed Urban Renewal Plan required by Section
403.5(2), Code of Iowa, as amended, shall be held on November 28, 2022, in the Council
Chambers, City Hall, 230 West Hickman Road, Waukee, Iowa, at 3:00 P.M., and the Director of
Economic Development, or her delegate, is hereby appointed to serve as the designated
representative of the City for purposes of conducting the consultation, receiving any
recommendations that may be made with respect thereto and responding to the same in accordance
with Section 403.5(2), Code of Iowa.
Section 2.That the City Clerk is authorized and directed to cause a notice of such
consultation to be sent by regular mail to all affected taxing entities, as defined in Section
403.17(1), Code of Iowa, along with a copy of this Resolution and the proposed Urban Renewal
Plan, the notice to be in substantially the following form:
NOTICE OF A CONSULTATION TO BE HELD BETWEEN THE
CITY OF WAUKEE, STATE OF IOWA AND ALL AFFECTED
TAXING ENTITIES CONCERNING THE PROPOSED THE
QUARTER COMMERCIAL URBAN RENEWAL PLAN FOR
THE CITY OF WAUKEE, STATE OF IOWA
The City of Waukee, State of Iowa will hold a consultation with all affected taxing entities,
as defined in Section 403.17(1), Code of Iowa, as amended, commencing at 3:00 P.M. on
November 28, 2022, in the Council Chambers, City Hall, 230 West Hickman Road, Waukee, Iowa
concerning a proposed The Quarter Commercial Urban Renewal Plan for The Quarter Commercial
Urban Renewal Area, a copy of which is attached hereto.
Each affected taxing entity may appoint a representative to attend the consultation. The
consultation may include a discussion of the estimated growth in valuation of taxable property
included in the proposed Urban Renewal Area, the fiscal impact of the division of revenue on the
affected taxing entities, the estimated impact on the provision of services by each of the affected
taxing entities in the proposed Urban Renewal Area, and the duration of any bond issuance
included in the Plan.
The designated representative of any affected taxing entity may make written
recommendations for modifications to the proposed division of revenue no later than seven days
following the date of the consultation. The Director of Economic Development, or her delegate,
as the designated representative of the City of Waukee, State of Iowa, shall submit a written
response to the affected taxing entity, no later than seven days prior to the public hearing on the
proposed The Quarter Commercial Urban Renewal Plan, addressing any recommendations made
by that entity for modification to the proposed division of revenue.
This notice is given by order of the City Council of the City of Waukee, State of Iowa, as
provided by Section 403.5, Code of Iowa, as amended.
Dated this 21st day of November, 2022.
Rebecca D. Schuett
City Clerk, City of Waukee, State of Iowa
(End of Notice)
Section 3.That a public hearing shall be held on the proposed Urban Renewal Plan before
the City Council at its meeting which commences at 5:30 P.M. on December 19, 2022, in the
Council Chambers, City Hall, 230 West Hickman Road, Waukee, Iowa.
Section 4.That the City Clerk is authorized and directed to publish notice of this public
hearing in the Dallas County News, once on a date not less than four (4) nor more than twenty (20)
days before the date of the public hearing, and to mail a copy of the notice by ordinary mail to
each affected taxing entity, such notice in each case to be in substantially the following form:
(One publication required)
NOTICE OF PUBLIC HEARING TO CONSIDER APPROVAL
OF A PROPOSED THE QUARTER COMMERCIAL URBAN
RENEWAL PLAN FOR A PROPOSED URBAN RENEWAL
AREA IN THE CITY OF WAUKEE, STATE OF IOWA
The City Council of the City of Waukee, State of Iowa, will hold a public hearing before
itself at its meeting which commences at 5:30 P.M. on December 19, 2022 in the Council
Chambers, City Hall, 230 West Hickman Road, Waukee, Iowa, to consider adoption of a proposed
The Quarter Commercial Urban Renewal Plan (the "Plan") concerning a proposed Urban Renewal
Area in the City of Waukee, State of Iowa.
The Towne Center Commercial Urban Renewal Area is proposed to contain the land
legally described as follows:
Lots 2-3 and 5-15, Outlot Y, and Outlot Z of KeeTown Loop Plat 1, an Official
Plat, now including and forming a part of the City of Waukee, Dallas County, Iowa
(Parcel #1604480002, 160448004 through 1604480016, 1604377001; and
Lots 1-3, KeeTown Loop Plat 2, and an Official Plat, now including and forming a
part of the City of Waukee, Dallas County, Iowa (Parcel #1604481001 –
1604481003); and
Lots A, B, C and D of The Shops at Kettlestone North Plat 4, an Official Plat, City
of Waukee, Dallas County, Iowa (Parcel #1604332002).
A copy of the Plan is on file for public inspection in the office of the City Clerk, City Hall,
City of Waukee, Iowa.
The City of Waukee, State of Iowa is the local public agency which, if such Plan is
approved, shall undertake the urban renewal activities described in such Plan.
The general scope of the urban renewal activities under consideration in the Plan is to
promote the growth and retention of qualified industries and businesses in the Urban Renewal Area
through various public purpose and special financing activities outlined in the Plan. To accomplish
the objectives of the Plan, and to encourage the further economic development of the Urban
Renewal Area, the Plan provides that such special financing activities may include, but not be
limited to, the making of loans or grants of public funds to private entities under Chapter 15A,
Code of Iowa. The City also may reimburse or directly undertake the installation, construction
and reconstruction of substantial public improvements, including, but not limited to, street, water,
sanitary sewer, storm sewer or other public improvements. The City also may acquire and make
land available for development or redevelopment by private enterprise as authorized by law. The
Plan provides that the City may issue bonds or use available funds for purposes allowed by the
Plan and that tax increment reimbursement of the costs of urban renewal projects may be sought
if and to the extent incurred by the City. The Plan initially proposes no specific public
infrastructure or site improvements to be undertaken by the City, and provides that the Plan may
be amended from time to time.
Any person or organization desiring to be heard shall be afforded an opportunity to be
heard at such hearing.
This notice is given by order of the City Council of the City of Waukee, State of Iowa, as
provided by Section 403.5, Code of Iowa.
Dated this 21st day of November, 2022.
Rebecca D. Schuett
City Clerk, City of Waukee, State of Iowa
(End of Notice)
Section 5.That the proposed Urban Renewal Plan, attached hereto as Exhibit 1, for the
proposed Urban Renewal Area described therein is hereby officially declared to be the proposed
Urban Renewal Plan referred to in the notices for purposes of such consultation and hearing and
that a copy of the Plan shall be placed on file in the office of the City Clerk.
Section 6.That the proposed Urban Renewal Plan be submitted to the Planning and Zoning
Commission for review and recommendation as to its conformity with the general plan for the
development of the City as a whole, with such recommendation to be submitted in writing to this
Council within thirty (30) days of the date hereof.
PASSED AND APPROVED this 21st day of November, 2022.
Mayor
ATTEST:
City Clerk
Final
THE QUARTER COMMERCIAL
URBAN RENEWAL PLAN
for the
THE QUARTER COMMERCIAL
URBAN RENEWAL AREA
CITY OF WAUKEE, IOWA
December 2022
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TABLE OF CONTENTS
SECTION
A.INTRODUCTION
B.DESCRIPTION OF THE URBAN RENEWAL AREA
C.AREA DESIGNATION
D.BASE VALUE
E.DEVELOPMENT PLAN
F.PLAN OBJECTIVES
G.TYPES OF RENEWAL ACTIVITIES
H.ELIGIBLE URBAN RENEWAL PROJECTS
I.FINANCIAL INFORMATION
J.URBAN RENEWAL FINANCING
K.PROPERTY ACQUISITION/DISPOSITION
L.RELOCATION
M.PROPERTY WITHIN AN URBAN REVITALIZATION AREA
N.STATE AND LOCAL REQUIREMENTS
O.SEVERABILITY
P.URBAN RENEWAL PLAN AMENDMENTS
Q.EFFECTIVE PERIOD
EXHIBITS
A.LEGAL DESCRIPTION OF THE QUARTER COMMERCIAL URBAN RENEWAL
AREA
B.THE QUARTER COMMERCIAL URBAN RENEWAL AREA MAP
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The Quarter Commercial Urban Renewal Plan
for the
The Quarter Commercial Urban Renewal Area
City of Waukee, Iowa
A. INTRODUCTION
The Quarter Commercial Urban Renewal Plan (“Plan” or “Urban Renewal Plan”) for the Quarter
Commercial Urban Renewal Area (“Area” or “Urban Renewal Area”) has been developed to help
local officials promote commercial and industrial economic development in the City of Waukee,
Iowa (the “City”). In order to achieve this objective, the City intends to undertake urban renewal
activities pursuant to the powers granted to it under Chapter 403 of the Code of Iowa, as amended.
B. DESCRIPTION OF THE URBAN RENEWAL AREA
The Urban Renewal Area is described in Exhibit “A” and illustrated in Exhibit “B.” The City
reserves the right to modify the boundaries of the Area at some future date.
C. AREA DESIGNATION
With the adoption of this Plan, the City designates this Urban Renewal Area as an area appropriate
for the promotion of economic development (commercial and industrial development).
D. BASE VALUE
If the Urban Renewal Area is legally established, a Tax Increment Financing (TIF) Ordinance is
adopted, and debt is certified prior to December 1, 2022, the taxable valuation as of January 1,
2021, will be considered the frozen “base valuation” of the taxable property within that area
covered by the TIF ordinance. If a TIF Ordinance is not adopted until a later date, or debt is not
first certified prior to December 1, 2022, the frozen “base value” will be the assessed value of the
taxable property within that area covered by the TIF Ordinance as of January 1 of the calendar
year preceding the calendar year in which the City first certifies the amount of any debt on the
Area. It may be that multiple TIF ordinances will be adopted on separate portions of the Area as
development occurs. If so, the frozen base values may vary among the subareas.
E. DEVELOPMENT PLAN
The City has a general plan for the physical development of the City as a whole, outlined in the
Waukee Comprehensive Land Use Plan, adopted in 2019. The goals and objectives proposed in
this Plan, and the urban renewal projects described herein, are in conformity with the land use
policies and plans for the development of the City as a whole established in the Waukee
Comprehensive Land Use Plan.
The Urban Renewal Plan does not in any way replace the City’s current land use planning or
zoning regulation process. The land being included in the Urban Renewal Area is currently zoned
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as Community Commercial/Planned Development Overlay, but may be rezoned, if needed, in
accordance with the City’s standard zoning processes.
The need, if any, for improved traffic, public transportation, public utilities, recreational and
community facilities, or other public improvements within the Urban Renewal Area is set forth in
this Plan. As the Area continues to develop, the need for public infrastructure extensions and
upgrades will be evaluated and planned for by the City.
F. PLAN OBJECTIVES
Renewal activities are designed to provide opportunities, incentives, and sites to promote
economic development (commercial and industrial). More specific objectives for the development,
redevelopment, and rehabilitation within the Urban Renewal Area are as follows:
1.To achieve a diversified, well-balanced economy providing a desirable standard of living,
creating job opportunities, and strengthening the tax base.
2.To plan for and provide sufficient land for commercial and industrial development in a
manner that is efficient from the standpoint of providing municipal services.
3.To provide for the installation of public works and facilities including, but not limited to,
water, sanitary sewer, trail, amphitheater and other public and quality of life improvements,
which contribute to the development of the area and to the sound development of the entire
City.
4.To encourage commercial growth and expansion through governmental policies which
make it economically feasible to do business.
5.To provide a more marketable and attractive investment climate through the use of various
federal, state and local incentives.
6.To stimulate, through public action and commitment, private investment in new and
expanded commercial and industrial development.
7.To improve the conditions and opportunities for economic development (commercial and
industrial).
8.To help develop a sound economic base that will serve as the foundation for future growth
and development.
9.To enhance the City by fostering an entrepreneurial climate, diversifying the local
economy, encouraging opportunities for new businesses, and supporting retention of
existing businesses.
10.To enhance the health, safety, living environment, general character, and general welfare
of Waukee, Iowa.
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11.To promote development utilizing any other objectives allowed by Chapter 403 of the Code
of Iowa.
G. TYPES OF RENEWAL ACTIVITIES
To meet the objectives of this Urban Renewal Plan and to encourage the development of the Area,
the City intends to utilize the powers conferred under Chapter 403 and Chapter 15A, Code of Iowa
including, but not limited to, tax increment financing. Activities may include:
1.To undertake and carry out urban renewal projects through the execution of
contracts and other instruments.
2.To arrange for or cause to be provided the construction or repair of public
infrastructure including but not limited to streets, curb and gutter, street lighting,
water, sanitary sewer, public utilities or other facilities and quality of life
improvements in connection with urban renewal projects.
3.To make loans, forgivable loans, grants, tax rebate payments or other types of
economic development grants or incentives to private persons, local development
organizations, or businesses for economic development purposes on such terms as
may be determined by the City Council.
4.To borrow money and to provide security therefor.
5.To acquire or dispose of property.
6.To provide for the construction of specific site improvements such as grading and
site preparation activities, access roads and parking, fencing, utility connections,
and related activities.
7. To make or have made surveys and plans necessary for the implementation of the
Urban Renewal Plan or specific urban renewal projects.
8. To use any or all other powers granted by the Urban Renewal Act to develop and
provide for improved economic conditions for the City.
Nothing herein shall be construed as a limitation on the power of the City to exercise any lawful
power granted to the City under Chapter 15, Chapter 15A, Chapter 403, Chapter 427B, or any
other provision of the Code of Iowa in furtherance of the objectives of this Urban Renewal Plan.
H. ELIGIBLE URBAN RENEWAL PROJECTS
Although certain project activities may occur over a period of years, the eligible urban renewal
projects under this Urban Renewal Plan include:
1. Development Agreement with The Quarter at Waukee, L.L.C.: The City previously
approved a Second Amended and Restated Development Agreement with the Quarter at
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Waukee, L.L.C. (“Developer”) as a project in the Waukee Consolidated Urban Renewal
Area. Additional changes to the project have now been identified by Developer and the
project has not been initiated. Given the scope and duration of the project now being
contemplated, the City has decided to establish a separate urban renewal area to facilitate
the project and to approve a Third Amended and Restated Development Agreement
(“Agreement”) as an urban renewal project in this Area. Subject to the terms and
conditions set forth in the Agreement, the City would provide Developer with Economic
Development Grants to incentivize a total of an anticipated seventeen (17) commercial
buildings and related site improvements, with a total investment of approximately
$94,000,000. The City expects to make Economic Development Grants to Developer in
the form of rebates of varying percentages of incremental taxes generated by the separate
buildings over a period of twelve (12), sixteen (16) or twenty (20) years, depending on the
nature of the specific commercial building as described in the Agreement. The cumulative
total of all such grants is not expected to exceed $35,000,000 and will be subject to the
terms and conditions of a detailed development agreement.
2. Planning, Engineering Fees (for Urban Renewal Plans), Attorney Fees,
Administrative, and Other Related Costs to Support Urban Renewal Projects and
Planning:
Project Estimated Date Estimated Cost to be
Funded by TIF
Funds
Fees and Costs Undetermined Not to Exceed
$1,000,000
I. FINANCIAL INFORMATION
1. July 1, 2022 Constitutional Debt Limit $127,379,974
2.Current Outstanding General Obligation Debt $101,657,587
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3. Proposed amount of indebtedness to be incurred: A
specific amount of debt to be incurred for the Eligible
Urban Renewal Projects has not yet been determined.
This document is for planning purposes only. The
estimated project costs in this Plan are estimates only and
will be incurred and spent over a number of years. In no
event will the City’s constitutional debt limit be
exceeded. The City Council will consider each project
proposal on a case-by-case basis to determine if it is in
the City’s best interest to participate before approving an
urban renewal project or expense. It is further expected
that such indebtedness, including interest on the same,
may be financed in whole or in part with tax increment
revenues from the Urban Renewal Area. Subject to the
foregoing, it is estimated that the cost of the Eligible
Urban Renewal Projects to be reimbursed from
incremental taxes from this Area as described above will
be approximately as stated in the next column:
$36,000,000
This does not include financing
costs related to debt issuance,
which may be incurred over the
life of the Area.
J. URBAN RENEWAL FINANCING
The City intends to utilize various financing tools, such as those described below to successfully
undertake the proposed urban renewal actions. The City has the statutory authority to use a variety
of tools to finance physical improvements within the Area. These include:
A.Tax Increment Financing.
Under Section 403.19 of the Code of Iowa, urban renewal areas may utilize the tax
increment financing mechanism to finance the costs of public improvements, economic
development incentives, or other urban renewal projects. Upon creation of a tax increment
district within the Area, by ordinance, the assessment base is frozen and the amount of tax
revenue available from taxes paid on the difference between the frozen base and the
increased value, if any, is segregated into a separate fund for the use by the City to pay
costs of the eligible urban renewal projects. The increased taxes generated by any new
development, above the base value, are distributed to the taxing entities, if not requested
by the City, and in any event upon the expiration of the tax increment district.
B.General Obligation Bonds.
Under Division III of Chapter 384 and Chapter 403 of the Code of Iowa, the City has the
authority to issue and sell general obligation bonds for specified essential and general
corporate purposes, including the acquisition and construction of certain public
improvements within the Area or incentives for development consistent with this Plan.
Such bonds are payable from the levy of unlimited ad valorem taxes on all the taxable
property within the City. It may be, the City will elect to abate some or all of the debt
service on these bonds with incremental taxes from this Area.
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The City may also determine to use tax increment financing to provide incentives such as cash
grants, loans, tax rebates, or other incentives to developers or private entities in connection with
the urban renewal projects identified in this Plan. In addition, the City may determine to issue
general obligation bonds, tax increment revenue bonds or such other obligations, or loan
agreements for the purpose of making loans or grants of public funds to private businesses located
in the Area for urban renewal projects. Alternatively, the City may determine to use available
funds for making such loans or grants or other incentives related to urban renewal projects. In any
event, the City may determine to use tax increment financing to reimburse the City for any
obligations or advances.
Nothing herein shall be construed as a limitation on the power of the City to exercise any lawful
power granted to the City under Chapter 15, Chapter 15A, Chapter 403, Chapter 427B, or any
other provision of the Code of Iowa in furtherance of the objectives of this Urban Renewal Plan.
K. PROPERTY ACQUISITION/DISPOSITION
The City will follow any applicable requirements for the acquisition and disposition of property
within the Urban Renewal Area.
L. RELOCATION
The City does not expect there to be any relocation required of residents or businesses as part of
the proposed urban renewal project; however, if any relocation is necessary, the City will follow
all applicable relocation requirements.
M. PROPERTY WITHIN AN URBAN REVITALIZATION AREA
The Urban Renewal Area may (now or in the future) also be located within an established Urban
Revitalization Area. Properties within the Urban Renewal Area shall not be eligible for tax
abatement under an Urban Revitalization Plan without the City Council’s specific approval. The
City Council, at its sole discretion, shall determine which incentives are available through either:
(a) this Plan for urban renewal incentives, if any urban renewal incentives are offered by the City,
at the City Council’s sole discretion; or (b) tax abatement incentives through the City’s Urban
Revitalization Plan(s); or (c) a combination of urban renewal incentives and tax abatement
incentives.
N. STATE AND LOCAL REQUIREMENTS
The City will comply with all State and local laws related to implementing this Urban Renewal
Plan and its supporting documents.
O. SEVERABILITY
In the event one or more provisions contained in the Urban Renewal Plan shall be held for any
reason to be invalid, illegal, unauthorized, or unenforceable in any respect, such invalidity,
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illegality, un-authorization, or unenforceability shall not affect any other provision of this Urban
Renewal Plan, and this Urban Renewal Plan shall be construed and implemented as if such
provisions had never been contained herein.
P. URBAN RENEWAL PLAN AMENDMENTS
This Urban Renewal Plan may be amended from time to time for a number of reasons including,
but not limited to, adding or deleting land, adding or amending urban renewal projects, or
modifying goals or types of renewal activities. The City Council may amend this Plan in
accordance with applicable State law.
Q. EFFECTIVE PERIOD
This Urban Renewal Plan will become effective upon its adoption by the City Council and shall
remain in effect until terminated by the City Council.
With respect to the property included within the Urban Renewal Area, which is also included in a
Tax Increment Financing (TIF) ordinance which designates that property as a tax increment area
and is designated based on an economic development finding, the use of incremental property tax
revenues or the “division of revenue,” as those words are used in Chapter 403 of the Code of Iowa,
is limited to twenty (20) years beginning with the first calendar year following the calendar year
in which the City first certifies to the County Auditor the amount of any loans, advances,
indebtedness, or bonds which qualify for payment from the incremental property tax revenues
attributable to that property within a TIF Ordinance of the Urban Renewal Area. It may be that
multiple TIF ordinances will be adopted on separate portions of the Area as development occurs.
The division of revenues shall continue on the Urban Renewal Area for the maximum period
allowed by law.
At all times, the use of tax increment financing revenues (including the amount of loans, advances,
indebtedness, or bonds which qualify for payment from the division of revenue provided in Section
403.19 of the Code of Iowa) by the City for activities carried out under the Urban Renewal Area
shall be limited as deemed appropriate by the City Council and consistent with all applicable
provisions of law.
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EXHIBIT A
LEGAL DESCRIPTION OF
THE QUARTER COMMERCIAL URBAN RENEWAL AREA
Lots 2-3 and 5-15, Outlot Y, and Outlot Z of KeeTown Loop Plat 1, an Official Plat, now
including and forming a part of the City of Waukee, Dallas County, Iowa (Parcel #1604480002,
160448004 through 1604480016, 1604377001; and
Lots 1-3, KeeTown Loop Plat 2, and an Official Plat, now including and forming a part of the
City of Waukee, Dallas County, Iowa (Parcel #1604481001 – 1604481003); and
Lots A, B, C and D of The Shops at Kettlestone North Plat 4, an Official Plat, City of Waukee,
Dallas County, Iowa (Parcel #1604332002).
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EXHIBIT B
MAP OF THE QUARTER COMMERCIAL URBAN RENEWAL AREA