HomeMy WebLinkAbout2023-04-03 H02 Northpointe Amendment to Option to Purchase_PHAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: April 3, 2023
AGENDA ITEM:On an Amendment to the Option to Purchase Agreement with Northpointe
Development II Corporation for an Affordable Housing Project
FORMAT:Public Hearing
SYNOPSIS INCLUDING PRO & CON: The City selected Northpointe Development II
Corporation’s proposal to develop affordable housing units on 6.44 acres near
Douglas Parkway and North Warrior Ln. As part of the City’s contribution to
the project, Northpointe will be given a nine-month option to purchase the
portion of the land that will house low-income housing rental units for $1. A
portion of the property will be developed by a third party to build 9-14 owner
occupied units for sale. The City will directly transfer that portion of the land
to the third party for $1. If Northpoint does not receive low-income housing
tax credits, this agreement will dissolve.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: Northpointe Development noticed
a change between the proposed state funding for the low-income housing tax
credit (LIHTC) program and the final guidance. As a result of this change, the
project as proposed would result in a $3 million funding gap. As a way to
solve this funding gap, Northpointe has proposed building 46 LIHTC units
and approached Habitat for Humanity about building 9-14 single family or
townhomes for sale. This amendment has no additional fiscal impact to the
City.
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT:
RECOMMENDATION: Hold the public hearing
ATTACHMENTS: I. Notice of Public Hearing
PREPARED BY: Nick Osborne
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION: Dallas County News
DATE OF PUBLICATION: 03/30/2023
H2
NOTICE OF PUBLIC HEARING CONCERNING
A PROPOSAL TO DISPOSE OF CITY PROPERTY BY ENTERING INTO CERTAIN
AMENDMENTS TO AGREEMENTS WITH NORTHPOINTE DEVELOPMENT II
CORPORATION FOR THE DEVELOPMENT OF AN AFFORDABLE HOUSING PROJECT
In accordance with Iowa Code 364.7, the Waukee City Council will hold a public hearing on
April 3, 2023, at 5:30 p.m. at Waukee City Hall, 230 W. Hickman Road. Due to public health
concerns and guidance, in accordance with Iowa Code Sections 21.4(1)(b) and 21.8, this meeting
of the Waukee City Council will be conducted with two different options for public participation:
1) Members of the public wishing to attend in person may do so in the Council Chambers at
Waukee City Hall. 2) Members of the public wishing to participate electronically may do so via
Zoom at the following link or phone numbers:
https://zoom.us/j/352651371
Meeting ID: 352-651-371
Or by phone:
+1 646-558-8656 or
+1 312-626-6799 or
+1 301-715-8592
All persons wishing to observe or participate in this meeting via Zoom or telephone. Please
contact the City Clerk’s office at 515-978-7904 or bschuett@waukee.org if you have questions
or electronic accessibility issues.
The purpose of the hearing concerns a proposal to dispose of City Property by entering into
certain amendments to agreements with Northpointe Development II Corporation. After the
public hearing, the Waukee City Council will take action concerning the proposed resolution and
the proposed amendments to agreements.
The resolution setting forth the proposal and the proposed amendments to agreements are on file
in the office of the City Clerk, Waukee City Hall, 230 W. Hickman Road, and are available for
public inspection during the regular business hours of 8:00 a.m.-5:00 p.m., Monday-Friday.
Interested individuals are encouraged to attend the public hearing and offer their opinions, pro or
con, to the proposed agreement.
By order of the City Council,
Rebecca D. Schuett
City Clerk