HomeMy WebLinkAbout2022-12-19 G03 The Quarter at Waukee LLC Development Agreement_PHAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: December 19, 2022
AGENDA ITEM:Public hearing on the proposal to enter into a Development Agreement
with The Quarter at Waukee, LLC
FORMAT:Public Hearing
SYNOPSIS INCLUDING PRO & CON: The City entered into a development agreement with
Midtown Waukee Holdings, LLC in November 2019 related to a
development project proposed to be constructed at the intersection of
Grand Prairie Parkway and SE Ashworth Road followed by an
amendment in August 2020 which included an assignment of the
agreement to The Quarter at Waukee, LLC and Waukee Prairie
Apartments, LLC.
The Quarter at Waukee, LLC proposes to terminate the Second Amended
and Restated Agreement and the Prior Minimum Assessment Agreement
and replace them with this new Agreement for development along with
an updated Minimum Assessment Agreement.
The new development agreement includes modifications to individual
building minimum assessments due to construction costs related to the
second hotel and the retail buildings.
The Minimum Assessed value of the overall project remains mostly
unchanged and shall not be less than $92,145,957.00.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: The economic development
grants includes the same gross total under the revised calculations.
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT: Staff recommends City Council holding a public
hearing to discuss a proposed development agreement with The Quarter
at Waukee, LLC
RECOMMENDATION: Hold the Public Hearing.
ATTACHMENTS: I. Proposed Development Agreement
PREPARED BY:Jennifer Brown
REVIEWED BY:
G3
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION: Dallas County News
DATE OF PUBLICATION: 12/01/2022