HomeMy WebLinkAbout2024-02-05 I01D_02 Development Agreement Partial Assignment_The Quarter at Waukee, Waukee Hotel LLCAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: February 5, 2024
AGENDA ITEM:Resolution approving and authorizing execution of a Partial and Limited
Assignment and Assumption of Agreement for Private Development and
Minimum Assessment Agreement from The Quarter at Waukee, L.L.C.
to Waukee Hotel, L.L.C.
FORMAT:Consent Agenda
SYNOPSIS INCLUDING PRO & CON: The proposed Partial and Limited Assignment and
Assumption of Agreement for Private Development and Minimum
Assessment Agreement assigns rights, interests, and obligations
concerning Lot 3, KeeTown Loop Plat 2 and Building H1 under the
Development Agreement and Minimum Assessment Agreement from
Quarter at Waukee, LLC to Waukee Hotel, L.L.C.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT:
RECOMMENDATION: Approve the Resolution
ATTACHMENTS: I. Resolution
II. Partial and Limited Assignment and Assumption of Agreement
for Private Development And Minimum Assessment Agreement
PREPARED BY:Jennifer Brown, Economic Development Director
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION:
DATE OF PUBLICATION:
I1D2
RESOLUTION NO. ______
RESOLUTION APPROVING AND AUTHORIZING
EXECUTION OF A PARTIAL AND LIMITED ASSIGNMENT
AND ASSUMPTION OF AGREEMENT FOR PRIVATE
DEVELOPMENT AND MINIMUM ASSESSMENT
AGREEMENT FROM THE QUARTER AT WAUKEE, L.L.C.
TO WAUKEE HOTEL, L.L.C.
WHEREAS, on the 19th day of December, 2022, the City of Waukee, Iowa (the "City")
and The Quarter at Waukee, L.L.C. ("Developer") entered into an Agreement for Private
Development, as amended by a First Amendment dated January 17, 2023, a Second Amendment
dated March 6, 2023, and a Third Amendment dated July 10, 2023 ("Development Agreement")
pursuant to which the Developer agreed to construct certain Minimum Improvements (as that
term is defined in the Development Agreement) and prepare certain property located in the
City’s The Quarter Commercial Urban Renewal Area (the "Development Property") for
construction of certain commercial structures that would be occupied by commercial businesses,
and the City agreed to provide certain incentives to the Developer in exchange for Developer’s
obligations under the Development Agreement; and
WHEREAS, the parties to the Development Agreement also executed a Minimum
Assessment Agreement with respect to the Development Property as a condition of the
Development Agreement, which Minimum Assessment Agreement was recorded with the
Recorder for Dallas County, Iowa at Book 2022, Page 25664 ("Minimum Assessment
Agreement"); and
WHEREAS, the City has received a request from the Developer, in the form of a
proposed Partial and Limited Assignment and Assumption of Agreement for Private
Development and Minimum Assessment Agreement (the "Assignment") by and between the
Developer and Waukee Hotel, L.L.C. ("Assignee"), pursuant to which, among other things, the
Developer would assign all of its rights and obligations under the Development Agreement and
Minimum Assessment Agreement with respect to the Assigned Development Parcel of the
Development Property to the Assignee, and the Assignee would agree to assume those
obligations of the Developer under the Development Agreement and Minimum Assessment
Agreement with respect to the Assigned Development Parcel of the Development Property; and
WHEREAS, the Development Agreement requires the City’s consent before the
Developer may assign any of its rights and obligations under the Development Agreement and
Minimum Assessment Agreement, and the City is willing to provide such consent to the
proposed Assignment, under the terms and conditions set forth in the Assignment.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WAUKEE, IOWA:
Section 1. That the form and content of the Assignment, 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 Assignment 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 Assignment, 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 Assignment
as executed.
PASSED AND APPROVED this 5th day of February, 2024.
______________________________________
Mayor
ATTEST:
__________________________________
City Clerk