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HomeMy WebLinkAbout2024-01-15 Resolution 2024-026_Fourth Amendment to Development Agreement, The Quarter at Waukee LLCRESOLUTION NO. 2024-026 RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF A FOURTH AMENDMENT TO THE AGREEMENT FOR PRIVATE DEVELOPMENT AND MINIMUM ASSESSMENT AGREEMENT BY AND BETWEEN THE CITY OF WAUKEE AND THE QUARTER AT WAUKEE, L.L.C. 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; 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 a Third Amendment to the Agreement on July 10, 2023 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, the City and Developer desire to make additional changes to the terms of the Agreement, pursuant to a proposed Fourth Amendment to the Agreement (the "Fourth Amendment"), to adjust the Economic Development Grant schedule and Minimum Actual Value schedule for Building V 1 being constructed as part of the Minimum Improvements; and WHEREAS, Chapters 15A and 403, Code of Iowa, 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 Chapters, and to levy taxes and assessments for such purposes; and WHEREAS, the Council has determined that the Fourth Amendment 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 Fourth Amendment 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 any or all of the factors set forth in Chapter 15A, Code of Iowa, to wit: a. Businesses that add diversity to or generate new opportunities for the Iowa economy should be favored over those that do not. b. Development policies in the dispensing of the funds should attract, retain, or expand businesses that produce exports or import substitutes, or which generate tourism - related activities. C. Development policies in the dispensing or use of the funds should be targeted toward businesses that generate public gains and benefits, which gains and benefits are warranted in comparison to the amount of the funds dispensed. d. Development policies in dispensing the funds should not be used to attract a business presently located within the state to relocate to another portion of the state unless the business is considering in good faith to relocate outside the state or unless the relocation is related to an expansion which will generate significant new job creation. Jobs created as a result of other jobs in similar Iowa businesses being displaced shall not be considered direct jobs for the purpose of dispensing funds; and WHEREAS, City staff has caused publication to be made of a notice of the proposal to enter into the Fourth Amendment and of the time and place of this meeting at which it is proposed to take action on the authorization of the Fourth Amendment and to receive oral and/or written objections from any resident or property owner of said City to such action; and WHEREAS, pursuant to said notice, which notice is hereby ratified by the Council, this Council has held a public meeting and hearing upon the proposal to approve and authorize execution of the Fourth Amendment and has considered the extent of objections received from residents or property owners as to said proposed Fourth Amendment, and, accordingly, the following action is now considered to be in the best interests of the City and residents thereof. NOW THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF WAUKEE IN THE STATE OF IOWA: Section 1. That the performance by the City of its obligations under the Fourth Amendment and the Agreement and Minimum Assessment Agreement, as amended, be and is hereby declared to be a public undertaking and purpose and in furtherance of the Plan and the Urban Renewal Law and, further, that the Fourth Amendment, the Agreement, the Minimum Assessment 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. Section 2. That the form and content of the Fourth Amendment, 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 Fourth Amendment 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 Fourth Amendment, 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 Agreement and Minimum Assessment Agreement, as amended, and the Fourth Amendment as executed. PASSED AND APPROVED this 15`" day of January, 2024. ATTEST: ta&u" 01 City Clerk RESULTS OF VOTE: AYE R. Charles Bottenberg X Chris Crone X Rob Grove X Anna Bergman Pierce X Ben Sinclair X Mayor NAY ABSENT ABSTAIN