HomeMy WebLinkAbout2023-06-05 G07 Kettlestone Central LC, Caliber Land Company LLC Development Agreement_PHAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: June 5, 2023
AGENDA ITEM:Public hearing on the proposal to enter into a Development Agreement
with Kettlestone, LC, and Caliber Land Company, LLC
FORMAT:Public Hearing
SYNOPSIS INCLUDING PRO & CON: Kettlestone, LC, and Caliber Land Company, LLC
are proposing to develop approximately 53 Acres located east of Grand
Prairie Parkway and south of SE Pleasant View Drive. Total developer
investment is approximately $100M.
The developers intend to construct the infrastructure needed to facilitate
more housing options in the City of Waukee and provide necessary
access to services for the development, while improving the
transportation network in Waukee. The infrastructure improvements and
associated right-of-way will be dedicated to the City. Infrastructure
improvements are expected to cost the developer $10M and include the
following:
SE Westown Parkway Improvements
98th Street/SE Waco Place Improvements
SE Glacier Trail South Trail Improvements
SE Tall Grass Street Improvements
Developer expects infrastructure construction complete by December 31,
2024.
The developers plan to construct additional housing options in the City
of Waukee with the construction of (4) 72 plex buildings and (2) 60 plex
buildings as well as 160 townhomes and (3) 48 plex buildings. The entire
housing development is expected to be completed by 2032.
The proposed agreement provides economic development grants in
aggregate of $9.72M for construction of the infrastructure improvements.
The developers will be required to submit qualified costs and expenses to
be eligible for economic development grants.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:
The economic development grant will be 73.78% of the incremental
taxes for a ten year period; starting the first full year the City receives tax
increment. The grant will not exceed the “aggregate qualified expenses”
for the infrastructure improvement.
More diverse housings options and a stronger transportation network will
help retain and attract employers/employees to the City of Waukee.
G7
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT: Staff recommends City Council holding a public
hearing to discuss a proposed development agreement with Kettlestone,
LC, and Caliber Land Company, LLC
RECOMMENDATION: Hold the Public Hearing.
ATTACHMENTS: I. Notice of Public Hearing
II. Proposed Development Agreement
PREPARED BY:Jennifer Brown, Director of Economic Development
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION: Dallas County News
DATE OF PUBLICATION: 05/25/2023
(One publication required)
NOTICE OF PUBLIC HEARING OF THE CITY COUNCIL OF
THE CITY OF WAUKEE IN THE STATE OF IOWA, ON THE
MATTER OF THE PROPOSAL TO ENTER INTO A
DEVELOPMENT AGREEMENT WITH KETTLESTONE
CENTRAL, L.C. AND CALIBER LAND COMPANY, LLC, AND
THE HEARING THEREON
PUBLIC NOTICE is hereby given that the Council of the City of Waukee in the State of
Iowa, will hold a public hearing on June 5, 2023, at 5:30 P.M. in the Council Chambers, City Hall,
230 West Hickman Road, Waukee, Iowa, at which meeting the Council proposes to take action on
the proposal to enter into a Development Agreement (the "Agreement") with Kettlestone Central,
L.C. and Caliber Land Company, LLC (collectively the "Developers").
The Agreement would obligate the Developers to prepare lots for multi-family residential
development and to construct certain Minimum Improvements (as defined in the Agreement)
including Housing Units and certain Infrastructure Improvements to serve the Housing Units
including streets, sanitary sewer, and storm sewer, and all related site improvements, on certain
real property located within the proposed Kettlestone Residential Urban Renewal Area collectively
referred to as the "Development Property", but including distinct project areas referred to as the
"Project 1 Property", "Project 2 Property", "Project 3 Property", and "Project 4 Property" as
defined and legally described in the Agreement, all as outlined in the proposed Agreement.
In consideration of the commitments of the Developers under the Agreement, the City
would agree to provide Economic Development Grants to Kettlestone Developer, under the terms
and conditions set forth in the Agreement, which Economic Development Grants are proposed to
include:
(a)Up to 10 consecutive annual payments consisting of 73.78% of the Project 1 Tax
Increment generated by construction of the Project 1 Housing Units and collected
pursuant to Iowa Code Section 403.19;
(b)Up to 10 consecutive annual payments consisting of 73.78% of the Project 2 Tax
Increment generated by construction of the Project 2 Housing Units and collected
pursuant to Iowa Code Section 403.19;
(c)Up to 10 consecutive annual payments consisting of 73.78% of the Project 3 Tax
Increment generated by construction of the Project 3 Housing Units and collected
pursuant to Iowa Code Section 403.19; and
(d)Up to 10 consecutive annual payments consisting of 73.78% of the Project 4 Tax
Increment generated by construction of the Project 4 Housing Units and collected
pursuant to Iowa Code Section 403.19.
The Agreement provides that the cumulative total for all Economic Development Grants
payments shall not exceed the lesser of (i) the amount of the Kettlestone Developer’s "Aggregate
Qualified Costs" related to construction of the Infrastructure Improvements, (ii) $10,000,000, or
(iii) the amount accrued under the formula outlined in the proposed Agreement, under the terms
and following satisfaction of the conditions set forth in the Agreement.
A copy of the Agreement is on file for public inspection during regular business hours in
the office of the City Clerk, City Hall, City of Waukee, Iowa.
At the above meeting the Council shall receive oral or written objections from any resident
or property owner of said City, to the proposal to enter into the Agreement with the Developers.
After all objections have been received and considered, the Council will at this meeting or at any
adjournment thereof, take additional action on the proposal or will abandon the proposal to
authorize said Agreement.
This notice is given by order of the City Council of the City of Waukee in the State of
Iowa, as provided by Section 364.6, Code of Iowa.
Dated this 15th day of May, 2023.
Rebecca D. Schuett
City Clerk, City of Waukee in the State of Iowa
(End of Notice)
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