HomeMy WebLinkAbout2023-07-10 H02 Third Amendment to The Quarter at Waukee DA_PH AGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: July 10, 2023
AGENDA ITEM: 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: Public Hearing
SYNOPSIS INCLUDING PRO & CON: The Third Amendment to the Agreement for Private
Development and Minimum Assessment Agreement with The Quarter at
Waukee, LLC proposes 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 project.
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: Hold the Public Hearing.
ATTACHMENTS: I. Proposed Amendment
PREPARED BY: Jennifer Brown, Director of Economic Development
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
H2
NAME OF PUBLICATION: Dallas County News
DATE OF PUBLICATION:
(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)