The URL can be used to link to this page

Home My WebLink About2023-06-19 I01I_03 The Quarter at Waukee Development Agr, Third Amendment_Set PHAGENDA ITEM: CITY OF WAUKEE, IOWA CITY COUNCIL MEETING COMMUNICATION MEETING DATE: June 19, 2023 AGENDA ITEM:Consideration of approval of a resolution fixing date for a public hearing on the proposal to enter into a Third Amendment to the Agreement for Private Development and Minimum Assessment Agreement with The Quarter at Waukee, LLC FORMAT:Consent Agenda SYNOPSIS INCLUDING PRO & CON: Staff is working with the Quarter at Waukee, LLC on a Third Amendment to the Development Agreement which proposes modifications to descriptions, minimum actual values and the economic development grant schedules for Building F1 and Building F2. 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: RECOMMENDATION: Staff recommends setting a public hearing date ATTACHMENTS: I. Resolution II. Proposed Amendment PREPARED BY:Jennifer Brown, Director of Economic Development REVIEWED BY: I1I3 PUBLIC NOTICE INFORMATION – NAME OF PUBLICATION: DATE OF PUBLICATION: RESOLUTION NO. _____________ RESOLUTION FIXING DATE FOR A PUBLIC HEARING ON THE PROPOSAL TO ENTER INTO A THIRD AMENDMENT TO THE AGREEMENT FOR PRIVATE DEVELOPMENT AND MINIMUM ASSESSMENT AGREEMENT WITH THE QUARTER AT WAUKEE, L.L.C., AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF WHEREAS, by Resolution No. 2022-535, adopted December 19, 2022, this Council found and determined that certain areas located within the City are eligible and should be designated as an urban renewal area under Iowa law, and approved and adopted The Quarter Commercial Urban Renewal Plan (the "Plan" or "Urban Renewal Plan") for The Quarter Commercial Urban Renewal Area (the "Area" or "Urban Renewal Area") described therein, which Plan is on file in the office of the Recorder of Dallas County; and WHEREAS, the City of Waukee, Iowa ("City") and The Quarter at Waukee, L.L.C. ("Developer") previously entered into an Agreement for Private Development dated December 19, 2022 and a Minimum Assessment Agreement also dated December 19, 2022 (together, the "Agreement"), pursuant to which, among other things, the Developer agreed to construct certain Minimum Improvements (as defined in the Agreement) on certain real property located within the Urban Renewal Area (the "Development Property"), the City agreed to provide certain incentives described as "Economic Development Grants" to the Developer in exchange for Developer’s obligations under the terms and conditions of the Agreement, and the parties agreed to set certain Minimum Actual Values for the assessment of the Minimum Improvements; and WHEREAS, the City and Developer previously entered into a First Amendment to the Agreement on January 16, 2023 to (a) amend the description of some of the Buildings being constructed as part of the Minimum Improvements; (b) amend the minimum actual values for some of the Buildings to be constructed on the Development Property; and (c) revise the Economic Development Grant schedules for some of the Buildings to be constructed on the Development Property, and a Second Amendment to the Agreement on March 6, 2023 to amend the deadline for Developer’s acquisition of certain Development Property, as legally defined in the Second Amendment; and WHEREAS, the City and Developer desire to make additional changes to the terms of the Agreement, pursuant to a proposed Third Amendment to the Agreement (the "Third Amendment"), to adjust the descriptions, Minimum Actual Value schedules, and Economic Development Grant schedules for Building F1 and Building F2 being constructed as part of the Minimum Improvements; and WHEREAS, neither the Agreement, as amended, nor any other Code provision sets forth any procedural action required to be taken before said economic development activities can occur under the Agreement, as amended, and pursuant to Section 364.6,Code of Iowa, it is deemed sufficient if the action hereinafter described be taken and the City Clerk publish notice of the proposal and of the time and place of the meeting at which the Council proposes to take action thereon and to receive oral and/or written objections from any resident or property owner of said City to such action. NOW THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF WAUKEE IN THE STATE OF IOWA: Section 1.That this Council meet in the Council Chambers, City Hall, 230 West Hickman Road, Waukee, Iowa, at 5:30 P.M. on July 10, 2023, for the purpose of taking action on the matter of the proposal to enter into a Third Amendment to the Agreement for Private Development and Minimum Assessment Agreement with The Quarter at Waukee, L.L.C. Section 2.That the City Clerk is hereby directed to cause at least one publication to be made of a notice of said meeting, in a legal newspaper, printed wholly in the English language, published at least once weekly, and having general circulation in said City, said publication to be not less than four (4) clear days nor more than twenty (20) days before the date of said public meeting. Section 3.The notice of the proposed action shall be in substantially the following form: (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 THIRD AMENDMENT TO THE AGREEMENT FOR PRIVATE DEVELOPMENT AND MINIMUM ASSESSMENT AGREEMENT WITH THE QUARTER AT WAUKEE, L.L.C., 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 July 10, 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 Third Amendment (the "Third Amendment") to the Agreement for Private Development and Minimum Assessment Agreement with The Quarter at Waukee, L.L.C. ("Developer"). The City and Developer previously entered into the Agreement for Private Development and the Minimum Assessment Agreement, both dated as of December 19, 2022 (together, the “Agreement”). Pursuant to the Agreement, the Developer agreed to construct certain "Minimum Improvements" in The Quarter Commercial Urban Renewal Area, the parties agreed to set certain Minimum Actual Values for the assessment of the Minimum Improvements, and the City agreed to provide certain "Economic Development Grant" incentives to the Developer. The Agreement has previously been amended twice. The City and Developer desire to make additional changes to the terms of the Agreement, pursuant to the proposed Third Amendment to the Agreement to adjust the descriptions, Minimum Actual Value schedules, and Economic Development Grant schedules for Building F1 and Building F2 being constructed as part of the Minimum Improvements. 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 Third Amendment with the Developer. 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 Third Amendment. All persons wishing to observe or participate in the meeting and/or public hearing may do so by accessing the meeting as directed above, and may also submit comments to the City prior to the meeting. At the above meeting, the Council shall receive oral or written objections, from any resident or property owner of said City, to the Third Amendment. 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 of the City Code of Iowa. Dated this 19th day of June, 2023. Rebecca D. Schuett City Clerk, City of Waukee in the State of Iowa (End of Notice) PASSED AND APPROVED this 19th day of June, 2023. Mayor ATTEST: City Clerk