HomeMy WebLinkAbout2023-06-19 Resolution 2023-273_Development Agreement Grant Assignment, 117 Land Company LLC, Pinnacle BankRESOLUTION NO. 2023-273
RESOLUTION APPROVING AND AUTHORIZING
EXECUTION OF A NOTICE AND ACKNOWLEDGMENT OF
ASSIGNMENT BETWEEN 117 LAND COMPANY, L.L.C.
AND PINNACLE BANK OF ECONOMIC DEVELOPMENT
GRANTS UNDER DEVELOPMENT AGREEMENT
WHEREAS, on the 6"' day of November, 2017, the City of Waukee, Iowa (the "City"),
117 Land Company, L.L.C. ("Developer"), and RJ Lawn Service, Inc. ("Employer") entered into
an Agreement for Private Development ("Development Agreement"), pursuant to which the
Developer agreed to construct certain Public Improvements (as that term is defined in the
Development Agreement) and prepare certain property located in the City's Southwest Business
Park Urban Renewal Area (the "Development Property") for development, and the City agreed to
provide Economic Development Grants to the Developer in exchange for Developer's
obligations under the Development Agreement; and
WHEREAS, the City has received a request from the Developer, in the form of a
proposed Notice and Acknowledgment of Assignment of Economic Development Grants under
Development Agreement (the "Notice") by and between the Developer and Pinnacle Bank
("Bank"), pursuant to which the City would be directed to pay any future Economic
Development Grants due under the Development Agreement to the Bank, subject to the terms of
the Development Agreement; and
WHEREAS, Developer agrees to continue to be responsible for its obligations under the
Development Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WAUKEE, IOWA:
Section 1. That the form and content of the Notice, the provisions of which are
incorporated herein by reference, be and the same hereby are in all respects authorized, approved
and confirmed, and the Mayor and the City Clerk be and they hereby are authorized, empowered
and directed to execute, attest, seal and deliver the Notice for and on behalf of the City in
substantially the form and content now before this meeting, but with such changes,
modifications, additions or deletions therein as shall be approved by such officers, and that from
and after the execution and delivery of the Notice, the Mayor and the City Clerk are hereby
authorized, empowered and directed to do all such acts and things and to execute all such
documents as may be necessary to carry out and comply with the provisions of the Notice as
executed.
PASSED AND APPROVED this 19"' day of June, 2023.
ATTEST:
��d
City Clerk
RESULTS OF VOTE:
AYE
Anna Bergman Pierce
X
R. Charles Bottenberg
Chris Crone
X
Larry R. Lyon
X
Ben Sinclair
X
Mayor
NAY ABSENT ABSTAIN
X