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Home My WebLink About2023-06-19 Resolution 2023-270_Set Public Hearing Date, Development Agreement, AP North LCRESOLUTION NO. 2023-270 RESOLUTION FIXING DATE FOR A PUBLIC HEARING ON THE PROPOSAL TO ENTER INTO A DEVELOPMENT AGREEMENT WITH AP NORTH, L.C., AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF WHEREAS, by Resolution No. 19-402, adopted November 4, 2019, the City approved and adopted Amendment No. 1 to the Waukee Consolidated Urban Renewal Plan (the "Plan" or "Urban Renewal Plan"), which unified the existing Gateway Economic Development Urban Renewal Area, Waukee West Urban Renewal Area, and Waukee Central Urban Renewal Area into the Waukee Consolidated Urban Renewal Area (the "Area" or "Urban Renewal Area") described therein, which Plan has been subsequently amended several times, most recently by Amendment No. 7 to the Plan approved by Resolution No. 2022-537 adopted on December 19, 2022, and which Plan, as amended, is on file in the office of the Recorder of Dallas County; and WHEREAS, it is desirable that properties within the Area be redeveloped as part of the overall redevelopment area covered by said Plan; and WHEREAS, the City has received a proposal from AP North, L.C. (the "Developer"), in the form of a proposed Development Agreement (the "Agreement") by and between the City and the Developer, pursuant to which, among other things, the Developer would agree to develop certain real property located within the Urban Renewal Area, including the "Development Property" and "Pond Property", each defined and legally described in the Agreement, by constructing: (i) "Commercial Improvements", consisting of commercial buildings to be used for office and retail development, on the Development Property, and (ii) "Public Improvements", including a storm water detention pond, on the Pond Property, which Public Improvements are expected to be dedicated to the City upon completion, all as further described in the proposed Agreement, and; WHEREAS, the Agreement further proposes that, under the terms and following Developer's satisfaction of the conditions set forth in the Agreement, the City will make up to twelve (12) annual payments of Economic Development Grants to Developer commencing on June 1, 2026 and ending upon the earliest of: (i) June 1, 2037, (ii) the maximum cumulative total of' Economic Development Grants having been paid to Developer, or (iii) the Agreement has terminated pursuant to its terms; the maximum cumulative total of the Economic Development Grants not to exceed the lesser of (i) the arnount of the Developer's certified costs and expenses in constructing the Public Improvements, or (ii) $2,000,000; and WHEREAS, the Agreement provides that the Economic Development Grants will be funded only through the "Tax Increment" generated by construction of the Commercial Improvements and collected pursuant to Iowa Code Section 403.19; which Economic Development Grants would be in the amount of 70% of the Tax Increment for the first six years and in the amount of 80% of the Tax Increment for the subsequent six years, subject to the terms and conditions of the Agreement; and WHEREAS, the Agreement further requires the Developer to use commercially reasonable efforts to obtain and retain tenants or purchasers for the Commercial Improvements who will employ employees therein: and WHEREAS, Chapters 15A and 403, Code of Iowa, (the "Urban Renewal Law") authorize cities to make grants for economic development in furtherance of the objectives of an urban renewal project and to appropriate such funds and make such expenditures as may be necessary to carry out the purposes of said Chapter, and to levy taxes and assessments for such purposes; and WHEREAS, the Council has determined that the Agreement is in the best interests of the City and the residents thereof and that the performance by the City of its obligations thereunder is a public undertaking and purpose and in furtherance of the Plan and the Urban Renewal Law and, further, that the Agreement and the City's performance thereunder is in furtherance of appropriate economic development activities and objectives of the City within the meaning of Chapters 15A and 403, Code of Iowa, taking into account the factors set forth therein: and WHEREAS, neither the Urban Renewal Law nor any other Code provision sets forth any procedural action required to be taken before said economic development activities can occur under the Agreement, 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 Development Agreement with AP North, 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 DEVELOPMENT AGREEMENT WITH AP NORTH, 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 Development Agreement (the "Agreement") with AP North, L.C. (the "Developer"). The Agreement would obligate the Developer to develop certain real property located within the Waukee Consolidated Urban Renewal Area, including the "Development Property" and "Pond Property", each defined and legally described in the Agreement, by constructing: (i) "Commercial Improvements", consisting of commercial buildings to be used for office and retail development, on the Development Property, and (ii) "Public Improvements", including a storm water detention pond, on the Pond Property, which Public Improvements are expected to be dedicated to the City upon completion, all as further described in the proposed Agreement. The Agreement proposes that, under the terms and following Developer's satisfaction of the conditions set forth in the Agreement, the City will make up to twelve (12) annual payments of Economic Development Grants to Developer commencing on June 1, 2026 and ending upon the earliest of. (i) June 1, 2037, (ii) the maximum cumulative total of Economic Development Grants having been paid to Developer, or (iii) the Agreement has terminated pursuant to its terms. The maximum cumulative total of the Economic Development Grants shall not exceed the lesser of (i) the amount of the Developer's certified costs and expenses in constructing the Public Improvements, or (ii) $2,000,000. The Agreement provides that, for the first 6 years of possible Economic Development Grants, the Economic Development Grants will be in the amount of 70% of the "Tax Increment" generated by construction of the Commercial hmprovements and collected pursuant to Iowa Code Section 403.19, and, for the subsequent 6 years of possible Economic Development Grants, in the amount of 80% of the Tax Increment, subject to the terms and conditions of the Agreement. The Agreement requires the Developer to use commercially reasonable efforts to obtain and retain tenants or purchasers for the Commercial Improvements who will employ employees therein. 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 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 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 19`" day of June, 2023. Rebecca D. Schuett City Clerk, City of Waukee in the State of Iowa (End of Notice) PASSED AND APPROVED this 191h day of June, 2023. Mayor ATTEST: tttd'�� V City Clerk RESULTS OF VOTE: AYE NAY ABSENT ABSTAIN Anna Bergman Pierce X R. Charles Bottenberg X Chris Crone X Larry R. Lyon X Ben Sinclair X