HomeMy WebLinkAbout2023-01-16 G01 The Quarter at Waukee First Amendment_PHAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: January 16, 2023
AGENDA ITEM:Public hearing on the proposal to enter into a First Amendment to the
Agreement for Private Development and Minimum Assessment
Agreement with The Quarter at Waukee, LLC
FORMAT:Public Hearing
SYNOPSIS INCLUDING PRO & CON: The First Amendment to the Agreement for Private
Development and Minimum Assessment Agreement with The Quarter at
Waukee, LLC proposes modifications to the minimum actual values and
the economic development grant schedules. The changes do not impact
all buildings.
The Minimum Assessed value of the overall project remains mostly
unchanged. There will not be significant changes to the TIF rebate.
REFERENCE: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.
On December 19, 2022, the City entered into a new Agreement with The
Quarter at Waukee, LLC. The new agreement replaced the Second
Amended and Restated Agreement and the Prior Minimum Assessment
Agreement and included an updated Minimum Assessment Agreement.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT: Staff recommends City Council holding a public
hearing to discuss a proposed amendment with The Quarter at Waukee,
LLC
RECOMMENDATION: Hold the Public Hearing.
ATTACHMENTS: I. Proposed Amendment
PREPARED BY:Jennifer Brown
REVIEWED BY:
G1
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION: Dallas County News
DATE OF PUBLICATION: January 12, 2023