HomeMy WebLinkAbout2022-12-05 H02 Waukee Towne Center Development Agreement_PHAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: December 5, 2022
AGENDA ITEM:Public hearing on the proposal to enter into a Development Agreement
with Waukee Towne Center, LLC
FORMAT:Public Hearing
SYNOPSIS INCLUDING PRO & CON: Waukee Towne Center, LLC is proposing to develop
approximately 48 acres located west of SE Alice’s Road and south of SE
Laurel Street. The proposed development consists of at least 270,000
square feet of retail development for a total investment of approximately
$90M. The proposed development is planned to be completed in two
phases with improvements as follows;
Phase One: construction of at least 185,000 square foot retail
development, a 7-acre lake, foundation/pad for an amphitheater and a
paved trail that connects to the regional system (Outlot Y). Completion
in summer 2025.
Phase two includes construction of at least 85,000 square feet of retail
development with lifestyle amenities including the vertical component of
the amphitheater, a water feature, outdoor seating public art, ice rink and
playground on development property. Completion at the end of 2029.
Similarly, the proposed economic development grants would include two
schedules to match the phased development with each schedule including
thirteen (13) consecutive payments at 75% of the incremental taxes.
The proposed development agreement also includes $2.1M payments in
exchange for the Developer completion and dedication of Phase one
quality of life improvements and transfer of Outlot Y. An additional
$400,000 Outlot Y Payment would be made upon Developer completing
and dedicating Phase Two quality of life improvements.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: A market analysis conducted
in 2021, defined the Waukee Trade Area as having significant retail
demand with over $1.2B in annual non-automotive spending across all
retail and dining categories. Commodity retail stores were specifically
identified as the biggest opportunity with a retail gap of over $240M
annually. Commodity retail is driven by new rooftops and Waukee
continues its record growth.
Waukee Towne Center retail development is expected to make
significant strides in addressing some of these retail gaps in the Waukee
H2
Trade Area, not only as source of commodity retail, but also specialty
retail and eating establishments.
The retail development will provide more retail and restaurant options
for residents and visitors alike while bringing more dollars into the local
economy.
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT: Staff recommends City Council holding a public
hearing to discuss a proposed development agreement with Waukee
Towne Center, LLC.
RECOMMENDATION: Hold the Public Hearing.
ATTACHMENTS: I. Proposed Development Agreement
PREPARED BY:Jennifer Brown
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION: Dallas County News
DATE OF PUBLICATION: 12/01/2022