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Home My WebLink About2023-11-06 G03 Waukee Consolidated Amendment 8 URA_PHAGENDA ITEM: CITY OF WAUKEE, IOWA CITY COUNCIL MEETING COMMUNICATION MEETING DATE: November 6, 2023 AGENDA ITEM:Public Hearing on a proposed Urban Renewal Plan for an Amendment No. 8 of the Waukee Consolidated Urban Renewal Plan in the City of Waukee, State of Iowa FORMAT:Public Hearing SYNOPSIS INCLUDING PRO & CON: City Council adopted Amendment No. 1 to the Waukee Consolidated Urban Renewal Plan in 2019 followed by several other amendments. Most recent Amendment No. 7 was adopted in December 2022. The proposed Amendment No. 8 includes addition of certain property to the Urban Renewal Area and includes updates and revision of previously approved projects, as well as the addition to the list of eligible urban renewal projects. FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: COMMISSION/BOARD/COMMITTEE COMMENT: STAFF REVIEW AND COMMENT: Staff held a consultation meeting with the County and the affected school district(s) involved in the Plan area to review the proposal on October 9, 2023. No one attended the meeting.To date, staff has not received any correspondence related to the proposed plan. RECOMMENDATION: Staff recommend holding a Public Hearing. ATTACHMENTS: I. Proposed Amendment No. 8 to Waukee Consolidated Urban Renewal Plan PREPARED BY:Jennifer Brown, Director of Economic Development REVIEWED BY: PUBLIC NOTICE INFORMATION – NAME OF PUBLICATION: Dallas County News DATE OF PUBLICATION: October 26, 2023 G3 - 1 - AMENDMENT NO. 8 to the WAUKEE CONSOLIDATED URBAN RENEWAL PLAN for the WAUKEE CONSOLIDATED URBAN RENEWAL AREA Gateway Economic Development Urban Renewal Area, Waukee West Urban Renewal Area, and Waukee Central Urban Renewal Area CITY OF WAUKEE, IOWA Amendment No. 1 – November 2019 Amendment No. 2 – January 2020 Amendment No. 3 – July 2020 Amendment No. 4 – November 2020 Amendment No. 5 – November 2021 Amendment No. 6 – November 2022 Amendment No. 7 – December 2022 Amendment No. 8 –November 2023 - 2 - AMENDMENT NO. 8 to WAUKEE CONSOLIDATED URBAN RENEWAL PLAN CITY OF WAUKEE, IOWA INTRODUCTION The City of Waukee, Iowa (the “City”) adopted Amendment No. 1 to the Waukee Consolidated Urban Renewal Plan (“Plan” or “Urban Renewal Plan”) by Resolution No. 19-402 on November 4, 2019, in order to consolidate the City’s previously established Gateway Economic Development Urban Renewal Area, Waukee West Urban Renewal Area, and Waukee Central Urban Renewal Area into the Waukee Consolidated Urban Renewal Area (“Area” or “Urban Renewal Area”). The Urban Renewal Plan was last amended in December 2022 (Amendment No. 7). The Plan is being further amended by this Amendment No. 8 (“Amendment” or “Amendment No. 8”) to add real estate to the Area to the extent described hereinafter, and to add and/or confirm the list of previously approved projects and the list of eligible urban renewal projects. The material changes made by this Amendment No. 8 are the following: The addition of the Area described as “Amendment No. 8 Area Addition”; Updating and revising Previously Approved Urban Renewal Projects, page 3; Adding Eligible Projects, page 8; Updating and Revising Financial Data, page 9; Exhibit A contains a legal description of the property being added (“Amendment No. 8 Area Addition”); Exhibit B contains a Map of the Waukee Consolidated Urban Renewal Area including the Amendment No. 8 Area Addition. Except as modified by this Amendment, the provisions of the Urban Renewal Plan, as previously amended, are hereby ratified, confirmed, and approved and shall remain in full force and effect as provided herein. In case of any conflict or uncertainty, the terms of this Amendment shall control. Any subsections in the Plan, as previously amended, not mentioned in this Amendment shall continue to apply to the Plan, as amended. - 3 - DESCRIPTION OF THE URBAN RENEWAL AREA The legal description of the property being added to the Waukee Consolidated Urban Renewal Area is attached hereto as Exhibit “A”. A map of the Urban Renewal Area, including the Amendment No. 8 Area Addition, is attached as Exhibit “B”. AREA DESIGNATION The City of Waukee continues to designate the Urban Renewal Area, including the Amendment No. 8 Area Addition, as an area that is appropriate for the promotion of economic development, both commercial and industrial. DEVELOPMENT PLAN Waukee has a general plan for the physical development of the City as a whole outlined in the Waukee Comprehensive Land Use Plan, adopted in 2019. This Urban Renewal Plan, as amended by Amendment #8, is in conformity with the 2019 Comprehensive Plan, and the land use policy and priorities that were adopted as part of the planning process. This Urban Renewal Amendment does not change or in any way replace the City's current land use planning or zoning regulation process. The need for improved traffic, public transportation, public utilities, recreational and community facilities, or other public improvements within the Urban Renewal Area is set forth in this Plan, as amended. As the Area develops, the need for public infrastructure extensions and upgrades will be evaluated and planned for by the City. UPDATE TO PREVIOUSLY APPROVED URBAN RENEWAL PROJECTS Numerous urban renewal projects were authorized prior to the date of this Amendment No. 8. These previously authorized projects included but are not limited to the following projects which have been initiated and are continuing (some of which are updated as applicable): 1)Public Improvements Project Bond Reference Balance as of July 1, 2023 Kettlestone Greenbelt Phase II, Kettlestone Boulevard Extension and Traffic Signal, ADA Sidewalk Transition Project, Traffic Signal Enhancement Project 2019A GO Urban Renewal $1,496,300.00 NW 10th Street Widening – Hickman Road to Douglas Pkwy and NW Sunrise Expansion – NW 10th Street to NW 6th Street 2020A GO Urban Renewal $13,565,300.00 NW Sunrise Drive Expansion from NW 6th Street to NW 2nd Street, NW Douglas Pkwy Expansion from 2021A GO Urban Renewal $3,369,600.00 - 4 - NW 10th Street to NW 2nd Street, NW 2nd Street Expansion from W Hickman Road to NW Douglas Pkwy, Ashworth Road/Ute Avenue Intersection Improvements, Grand Prairie Pkwy/Ashworth Road Intersection Improvements, SE Laurel Street Extension west of SE Alice’s Road NW Douglas Pkwy Phase 2 A/B, NW 2nd St., NW Sunrise Dr, Warrior Phase 1, Ashworth Road/Ute Avenue Intersection Improvements, Grand Prairie Pkwy/Ashworth Road Intersection Improvements, Grand Prairie Pkwy/SE Tallgrass Lane Traffic Signal, NW 6th Culvert, NW Douglas Bridge, NW 10th/ NW Douglas Pkwy-Traffic Signals, Hickman Rd./Waco 2021B GO Urban Renewal $21,029,550.00 TOTAL $39,460,750.00 2) Development Agreements: A. Development Agreement with JACE Properties, L.L.C. and Access Technologies, Inc.: Under authority granted by Amendment No. 5 to the Plan, the City entered into a Development Agreement (the “Agreement”) with JACE Properties, LLC (the “Developer”) and access Technologies, Inc. (the “Employer”), pursuant to which Developer will construct a new 31,000 class A office building expansion on certain real property within the Urban Renewal Area (“Minimum Improvements”). The office building is anticipated to house corporate offices for Employer. The City agreed to provide Developer with Economic Development Grants to incentivize the retention and expansion of existing business facilities as well as the retention and creation of jobs by Employer. The City expects to make Economic Development Grants to Developer in the form of rebates of incremental taxes generated by the project, over a period of three (3) years at 50 percent annually. The cost of such Grants shall not exceed the maximum of $535,000 and are subject to the terms and conditions of a detailed Development Agreement, which includes detailed job retention/creation requirements. B.Development Agreement with TIC Properties, LLC: Under authority granted by Amendment No. 5 to the Plan, the City entered into a Development Agreement (the “Agreement”) with TIC Properties, LLC (the “Developer”), pursuant to which Developer will construct a 60,000 square foot commercial building to be used as a medical center and related parking and site improvements on certain real property within the Urban Renewal Area (“Office Building”) in addition to certain Public Improvements to be dedicated to the City. The City expects to make Economic Development Grants to Developer in the form of rebates of incremental taxes generated by the project over a period of eight (8) years but not to exceed the lesser of the cost of the Public Improvements or $1,668,467. The Grants are subject to the terms and conditions of a detailed Development Agreement, which includes detailed job retention/creation and operation requirements. - 5 - Numerous urban renewal projects were included in Amendment No. 7 and preceding amendments. These previously authorized projects include but are not limited to the following projects, which have been initiated, however, no tax increment financing is anticipated to be utilized in the financing of the projects: Project Completion Date/Estimated Completion Date Estimated Cost Rationale Northwest Area Water Main Extension from University Avenue/6th Street to T Avenue/Hickman Road (multiple phases) 2019 $2,000,000 - $4,000,000 Necessary water utility expansion to support commercial/industrial development expansion Northwest Area Sanitary Trunk Sewer Extension from University Avenue/6th Street to T Avenue/Hickman Road 2019 $2,000,000 - $4,000,000 Necessary sanitary sewer utility expansion to support commercial/industrial development expansion Alice’s Road Expansion Phase 1 (University to Olson) 2018 $6,500,000 - $8,000,000 Commercial Corridor Roadway Expansion Alice’s Road Expansion Phase 2 (Olson to Horizon) 2019 $7,500,000 - $9,000,000 Commercial Corridor Roadway Expansion Civic Land Purchase. Purchase of approximately 225 acres to allow for the future relocation and consolidation of several municipal services including City Hall and the Public Library as well as the development of new services and amenities which could include a recreation center, ice arena, amphitheater and other park amenities 2022 $9,000,000 - $11,000,000 Consolidation of City services and the development of civic amenities, which will provide a centralized gathering location within the community which will promote and generate the need for surrounding private economic development to service the activities within the civic campus development. A Public Building Analysis for this project was included in Amendment #1 to the Waukee West Urban Renewal Plan. TOTAL $27,000,000 - $36,000,000 Note: This total does not include financing costs related to debt issuance Numerous urban renewal projects were included in Amendment No.7 and preceding amendments, but have not yet been initiated. These previously authorized projects include but are not limited to the following (with updates as applicable): - 6 - 1) Public Improvements Urban Renewal Project Description Estimated Date Estimated Cost Rationale Grand Prairie Parkway (Interstate 80 to University) Streetscape Enhancements – landscaping, trails, underpass enhancements, signage 2023-2026 $2,000,000 - $4,000,000 Commercial Corridor Roadway Expansion Public Safety Facility. Construct and equip a municipal public safety facility with fire and police services and install all needed utilities and sewers, bike/pedestrian trails, street lights, traffic signals and signage, streets, turn lanes, and other projects associated with said public safety facility, as well as purchase/acquire any real or personal property necessary for the construction and operation of said public safety facility. 2022-2025 $45,000,000 - $65,000,000 The City anticipates utilizing various funding mechanisms to fund this project while utilizing urban renewal authority and tax increment financing commensurate with the impact of this project on economic development in the Area. A public safety facility with fire and police services will help protect the anticipated investments of future commercial and industrial developments, as well as protect the motoring public in the area. See Amendment No. 1 to the Waukee Consolidated Urban Renewal Plan for the Public Building Analysis previously provided for this project. Douglas Parkway (280th Street) Extension – T Avenue to S Avenue 2024 - 2030 $13,000,000 - $20,000,000 Commercial/Industrial Corridor Roadway Expansion University Avenue (300th Street) Extension – 10th Street to R-16 2025 - 2030 $28,000,000 - $35,000,000 Commercial/Industrial Corridor Roadway Expansion T Avenue Widening – Douglas Parkway to University Avenue 2025 - 2030 $25,000,000 - $30,000,000 Commercial/Industrial Corridor Roadway Expansion University Avenue Widening and Extension – LA Grant Parkway to 10th Street 2025 - 2028 $55,000,000 - $65,000,000 Commercial/Industrial Corridor Roadway Expansion Ashworth Road Widening – LA Grant Parkway to Waco Place 2024-2028 $15,000,000 - $20,000,000 Expansion of existing arterial roadway Corridor that serves a number of school facilities as well as the larger regional transportation network. - 7 - The Corridor is currently insufficient in size and creates a number of delays and safety concerns including concerns related to police/fire response times. The roadway serves as a major arterial roadway which when expanded and extended will allow for additional commercial economic development activity. Total Range of $183,000,000 to $239,000,000 2) Development Agreements: A.Development Agreement with Waukee Towne Center, LLC and Waukee Towne Center II, LLC: Under the Authority granted by Amendment No. 6 to the Plan, the City entered into a Development Agreement with Waukee Towne Center, LLC, which has subsequently been amended and restated (the “Agreement”) to add Waukee Towne Center II, LLC (collectively with Waukee Towne Center, LLC the “Developer”), pursuant to which the Developer will construct Quality of Life Improvements in two phases (including but not limited to a lake, trails, and amphitheater) on certain real property which a portion lies within this Urban Renewal Area and which development will further the purposes of the Plan, in addition to Developer’s completion of a 270,000 square foot, multi-building, retail development and related parking in two phases located in the Towne Center Commercial Urban Renewal Area (“Minimum Improvements”). The City expects to make Benchmark Grants to the Developer in connection with Developer’s completion of the Quality of Life Improvements in an amount not to exceed $2,500,000 derived from incremental taxes in this Area, in addition to Economic Development Grants in the form of rebates of incremental taxes generated by that portion of the project located in the Towne Center Commercial Urban Renewal Area in an aggregate amount not to exceed $21,900,000. The Benchmark and Economic Development Grants will be subject to annual appropriation and the detailed terms and conditions in the Agreement. B.Development Agreement with Stivers Iowa Real Estate, LLC and Ed Stivers Ford, Inc: Under the Authority granted by Amendment No. 6 to the Plan, the City entered into a Development Agreement (the “Agreement”) with Stivers Iowa Real Estate, LLC (the “Developer”) and Ed Stivers Ford, Inc. (the “Employer”) pursuant to which the Developer will construct a 36,600 square foot commercial building to be used for upfitting and servicing commercial electric vehicles and related parking and site improvements on certain real property within the Urban Renewal Area. The - 8 - agreement requires the Employer to add 15 new full-time jobs as well provide electric vehicle charging stations available to the public for a minimum of 72 hours per week. The City expects to make Economic Development Grants to Developer in the form of rebates of incremental taxes generated by the project over a period of three (3) years but not to exceed $330,000. The Grants will be subject to annual appropriation and the detailed terms and conditions in the Agreement. C.Development Agreement with AP North, L.C. (“Developer”): Under the Authority granted by Amendment No. 6 to the Plan, the City entered into a Development Agreement with A.P. North, L.C. (the “Agreement”), pursuant to which the Developer will construct Public Improvements comprised of a regional stormwater detention pond to be dedicated to the City upon completion, in addition to Commercial Improvements to be constructed on certain property in the Urban Renewal Area (“Development Property”). The City expects to make up to twelve annual Economic Development Grants in the form of rebates of a percentage of incremental taxes generated by completed Commercial Improvements in an aggregate amount not to exceed the lesser of $2,000,000 or the Public Improvement Costs. The Economic Development Grants will be subject to annual appropriation and the detailed terms and conditions in the Agreement. ELIGIBLE URBAN RENEWAL PROJECTS (Amendment No. 8) Although certain project activities may occur over a period of years, the Eligible Urban Renewal Projects under this Amendment No. 8 include: 1)Development Agreements: A.Proposed Development Agreement with Central Iowa Hospital Corporation (or a related or different entity) (“Developer”): The City anticipates entering into a Development Agreement with Developer (the “Agreement”), pursuant to which the Developer will cause the construction of Public Improvements comprised of a street extension and related infrastructure to be dedicated to the City upon completion, in addition to commercial improvements comprised of an approximately 71,186 square foot building to be used as a multitenant medical office building to be constructed on certain property in the Urban Renewal Area (“Development Property”). The City expects to make annual Economic Development Grants in the form of rebates of a percentage of incremental taxes generated by the completed commercial improvements in an aggregate amount not to exceed the lesser of $650,000 or the Public Improvement Costs. The Economic Development Grants will be subject to annual appropriation and the detailed terms and conditions in the Agreement. B.Future Development Agreements: The City expects to consider requests for future development agreements for projects that are consistent with the Plan, in the City’s - 9 - sole discretion. Such agreements are unknown at this time, but based on past history, and dependent on development opportunities and climate, the City expects to consider incentives as authorized by the Plan, including but not limited to land, loans, grants, rebates, public infrastructure assistance and other incentives. The costs of such development agreements will not exceed $15,000,000 - $60,000,000. C.Planning, engineering fees for planning work, attorney fees, other related costs to support urban renewal projects and planning Project Date Estimated Cost Fees and costs Undetermined Not to exceed $1,000,000 FINANCIAL DATA 1.July 1, 2023, constitutional debt limit:$143,651,362 2.Current outstanding general obligation debt:$108,167,173 3. Proposed amount of indebtedness to be incurred (Amendment No. 8): A specific amount of debt to be incurred for the Eligible Urban Renewal Projects (Amendment No. 8) described in this Amendment has not yet been determined. This document is for planning purposes. The estimated project costs in this Amendment are estimates only and will be incurred and spent over a number of years. In no event will the City’s constitutional debt limit be exceeded. The City Council will consider each project proposal on a case- by-case basis to determine if it is in the City’s best interest to participate before approving an urban renewal project or expense. It is further expected that such indebtedness, including interest on the same, may be financed in whole or in part with tax increment revenues from the Urban Renewal Area. Subject to the foregoing, it is estimated that the cost of the Eligible Urban Renewal Projects (Amendment No. 8) as described above to be funded with tax increment from this Area, and exclusive of the Previously Approved Projects which are itemized above, will be approximately: $16,650,000 – $61,650,000 This estimate does not include financing costs which may be incurred over the life of the Plan REPEALER AND SEVERABILITY Any parts of the Urban Renewal Plan in conflict with this Amendment No. 8, are hereby repealed. In the event one or more provisions contained in the Urban Renewal Plan or this Amendment No. 8 shall be held for any reason to be invalid, illegal, unauthorized or unenforceable in any - 10 - respect, such invalidity, illegality, unauthorization or enforceability shall not affect any other provision of the Plan or this Amendment No. 8, and the Plan and this Amendment No. 8 shall be construed and implemented as if such provisions had never been contained herein. EFFECTIVE PERIOD This Amendment No. 8 will become effective upon its adoption by the City Council. The Urban Renewal Plan, as amended, shall remain in effect until repealed by the City Council. During the life of the Plan, the City Council may designate by ordinance all or any portion of the property covered by the Plan as a “tax increment area.” With respect to any property covered by this Plan which is included in an ordinance which designates that property as a tax increment area, the use of incremental property tax revenues, or the “division of revenue,” as those words are used in Chapter 403 of the Code of Iowa, is limited to twenty (20) years from the calendar year following the calendar year in which the City first certifies to the County Auditor the amount of any loans, advances, indebtedness, or bonds which qualify for payment from the incremental property tax revenue attributable to the portion of the Area within the ordinance. It is anticipated that separate ordinances for separate tax increment areas may be adopted as development in the Area warrants, in which case each separate tax increment area may have a separate base and separate sunset. The division of revenues shall continue within any tax increment area, for the maximum period allowed by law. - 11 - EXHIBIT “A” “Amendment No. 8 Area Addition” – Property to be Added to Waukee Consolidated Urban Renewal Area Legal Description Lots 11 through 20 of Block Ten in the First Addition to the Town of Waukee, Iowa (Parcel No. 1233110003, 1233110004, 1233110005); and, Lots 25 and 26 of Block Ten in the First Addition to the Town of Waukee, Iowa AND Commencing at the Northwest Corner of Lot Twenty-six (26), Block Ten (10) in the First Addition to the Town of Waukee, Iowa, thence East Seventy (70) feet along the North side of said Lot Twenty-six (26) to the South line of Adel Avenue in said Town, thence Northwesterly along South side of said Adel Avenue to the East side of the alley which runs North and South through said Block Ten (10), thence South along the East side of said North and South alley to the point of beginning, the same being all of the ground lying between said Lot Twenty-six (26) of Block Ten (10) in the First Addition to the Town of Waukee, Iowa and Adel Avenue in said Town (Parcel No. 1233110006, 1233110007, 1233110010); and, Lots 23 and 24 in Block Ten in the First Addition to the Town of Waukee, Dallas County, Iowa, (Parcel No. 1233110008, 1233110011); and, Lots 21 and 22 of Block Ten in the First Addition to the Town of Waukee, Iowa (Parcel No. 1233110013); and, Lots 11 through 22 of Block Eleven in the First Addition to the Town of Waukee, Iowa (Parcel No. 1233154009, 1233154010, 1233154011, 1233154012, 1233154013, 1233154014. 1233154015); and, Lots 1 through 15 of Block Fifteen in the Original Town, Now City of Waukee, Iowa (Parcel No. 1233180001, 1233180002, 1233180005, 1233180006, 1233180007, 1233180008); and, Lots 16-18 of Block Ten in the Original Town, Now City of Waukee, Iowa (Parcel No. 1233176004); and, The East ¼ of Lot 1 and Lots 2 and 3 of Block Ten in the Original Town, Now City of Waukee, Iowa (Parcel No. 1233176010, 1233176011, 1233176003); and, Lots 4 through 15 of Block Ten in the Original Town, Now City of Waukee, Iowa (Parcel No. 1233176005, 1233176006, 1233176007, 1233176008, 1233176009); and, Lots 1 and 2 of Block Nine in the Original Town, Now City of Waukee, Iowa (Parcel No. 1233132001); and, - 12 - The East 75 feet of Lot 18 of Block Nine in the First Addition to the Town of Waukee, Iowa (Parcel No. 1233102018); and, Lots 1 through 14 of Block Eight in the Original Town, Now City of Waukee, Iowa (Parcel No. 1233131002, 1233131003); and, Lots 1 and 2 of Block Seven in the Original Town, Now City of Waukee and Beginning at the SW Corner of Lot 1, Block 7, in the Original Town of Waukee, Dallas County, Iowa, thence Northwesterly, in a straight line, along with Northerly Right of Way line of Ashworth Drive, as it is presently established, and extended Westerly, 45.0 feet, thence Northeasterly in a straight line, 82.84 feet, to a point that is on the West line of said Lot 1, said point being 20.0 feet South of the NW Corner of said Lot 1, then South along the West line of said Lot 1, 96.0 feet, and along the East Right of Way line of said 5th Street, to the Point of Beginning. Said tract of land being subject to and together with any and all easements of record. (Parcel No. 1233177001); and, Lots 3 through 18 of Block Seven in the Original Town, Now City of Waukee, Iowa (Parcel No. 1233177002, 1233177003, 1233177004, 1233177007); and, Lots 1 and 2 of Boast Plat 1, an Official Plat, City of Waukee, Iowa (Parcel No. 1233135001, 1233135002); and, Lots 6 through 8 of Block Two in the Original Town, Now City of Waukee, Iowa (Parcel No. 1233129005, 1233129006); and, Lots 1 through 8 of Block Four in the Original Town, Now City of Waukee, Iowa (Parcel No. 1233130001, 1233130002, 1233130003, 1233130004, 1233130005, 1233130006); and, A portion of Parcel Z located within Section 33, Township 79, Range 26 and described as follows: A PART OF THE FORMER RAILROAD RIGHT-OF-WAY IN THE SOUTHEAST 1/4 AND THE NORTHEAST 1/4 AND THE NORTHWEST 1/4 ALL IN SECTION 33, TOWNSHIP 79 NORTH, RANGE 26 WEST OF THE 5TH P.M., CITY OF WAUKEE, DALLAS COUNTY, IOWA AND DESCRIBED AS FOLLOWS: BEGINNING AT THE EAST 1/4 OF SAID SECTION 33; THENCE SOUTH 0°05'43" WEST ALONG THE EAST LINE OF SAID SOUTHEAST 1/4, A DISTANCE OF 111.94 FEET TO A POINT ON THE SOUTHWESTERLY RIGHT-OF-WAY LINE OF SAID FORMER RAILROAD; THENCE NORTH 63°12'14" WEST ALONG SAID SOUTHWESTERLY RIGHT-OF-WAY LINE, 1853.16 FEET; THENCE NORTHWESTERLY CONTINUING ALONG SAID SOUTHWESTERLY RIGHT-OF- WAY LINE AND ALONG A CURVE CONCAVE NORTHEASTERLY WHOSE RADIUS IS 22968.31 FEET, WHOSE ARC LENGTH IS 1350.96 FEET AND WHOSE CHORD BEARS NORTH 61°31'O8" WEST, 1350.77 FEET TO A POINT ON THE WEST RIGHT-OF-WAY LINE OF 4TH STREET; THENCE NORTH 0°20'25" WEST ALONG SAID WEST RIGHT-OF-WAY LINE, 28.02 FEET; THENCE NORTH 65°03' 10" WEST, 38.24 FEET; THENCE NORTHWESTERLY ALONG A CURVE CONCAVE NORTHEASTERLY WHOSE RADIUS IS 11957.76 FEET, WHOSE ARC - 13 - LENGTH IS 293.95 FEET AND WHOSE CHORD BEARS NORTH 63°58'56" WEST, 293.94 FEET; THENCE NORTH 63°03'10" WEST, 63.88 FEET; THENCE NORTHWESTERLY ALONG A CURVE CONCAVE NORTHEASTERLY WHOSE RADIUS IS 1565.89 FEET, WHOSE ARC LENGTH IS 235.48 FEET AND WHOSE CHORD BEARS NORTH 57°57'36" WEST, 235.26 FEET; THENCE NORTH 53°42'30" WEST, 285.74 FEET TO A POINT ON THE EAST RIGHT-OF-WAY LINE OF 6TH STREET; THENCE SOUTH 0°41'20" EAST ALONG SAID EAST RIGHT- OF-WAY LINE, 18.16 FEET; THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY RIGHT-OF-WAY LINE AND ALONG A CURVE CONCAVE NORTHEASTERLY WHOSE RADIUS IS 22968.31 FEET, WHOSE ARC LENGTH IS 1428.02 FEET AND WHOSE CHORD BEARS NORTH 55°45'33" WEST, 1427.79 FEET TO A POINT ON THE NORTH LINE OF SAID NORTHWEST 1/4; THENCE SOUTH 89°51'25" EAST ALONG SAID NORTH LINE, 171.35 FEET TO A POINT ON THE NORTHEASTERLY RIGHT-OF-WAY LINE OF SAID FORMER RAILROAD; THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY RIGHT-OF-WAY LINE AND ALONG A CURVE CONCAVE NORTHEASTERLY WHOSE RADIUS IS 22868.31 FEET, WHOSE ARC LENGTH IS 1217.60 FEET AND WHOSE CHORD BEARS SOUTH 55°51'04" EAST, 1217.45 FEET TO A POINT ON SAID EAST RIGHT-OF-WAY LINE OF 6TH STREET; THENCE SOUTH 0°41'2O" EAST ALONG SAID EAST RIGHT-OF-WAY LINE, 47.24 FEET; THENCE SOUTHEASTERLY ALONG A CURVE CONCAVE NORTHEASTERLY WHOSE RADIUS IS 23422.41 FEET, WHOSE ARC LENGTH IS 921.14 FEET AND WHOSE CHORD BEARS SOUTH 58°34'00' EAST, 921.08 FEET TO A POINT ON SAID WEST RIGHT-OF-WAY LINE OF 4TH STREET; THENCE NORTH 0°20'25" WEST ALONG SAID WEST RIGHT-OF-WAY LINE, 46.39 FEET; THENCE SOUTHEASTERLY ALONG SAID NORTHEASTERLY RIGHT-OF-WAY LINE AND ALONG A CURVE CONCAVE NORTHEASTERLY WHOSE RADIUS IS 22868.31 FEET, WHOSE ARC LENGTH IS 1404.04 FEET AND WHOSE CHORD BEARS SOUTH 61°26'42" EAST, 1403.82 FEET; THENCE SOUTH 63°12'14" EAST CONTINUING ALONG SAID NORTHEASTERLY RIGHT-OF-WAY LINE, 1802.86 FEET TO THE POINT OF BEGINNING AND CONTAINING 11.62 ACRES (506,078 S.F.). PROPERTY SUBJECT TO ANY AND ALL EASEMENTS OF RECORD (Parcel No. 1233100002); and, Parcel B in the East ½ of the NW ¼ of Section 33, Township 79 North, Range 26 West of the 5th P.M. City of Waukee, Dallas County, Iowa (Parcel No. 1233131006); and, Parcel A in the East ½ of the NW ¼ of Section 33, Township 79 North, Range 26 West of the 5th P.M. City of Waukee, Dallas County, Iowa (Parcel No. 1233131007); and, 6th Street Right of Way from the south right of way of W. Hickman Road (Hwy. 6) to the north right of way of Ashworth Drive; and, Locust Street Right of Way from the east right of way of 7th Street to the west right of way of 5th Street; and, 6th Street Right of Way from the south right of way of Locust Street to the north right of way of Cherry Street; and, - 14 - Walnut Street Right of Way from the east right of way of 7th Street to the west right of way of 6th Street; and, Walnut Street Right of Way from the east right of way of 6th Street to the west right of way of Ashworth Drive; and, Ashworth Drive Right of Way from the east right of way of 6th Street to the west right of way of 4th Street; and, 5th Street/Maple Street Right of Way from the south right of way of Laurel Street to the west right of way of 4th Street; and, Outlot Z of Prairie Crossing Plat 8, an Official Plat, City of Waukee, Iowa (Parcel No. 1227454003) - 15 -