HomeMy WebLinkAbout2024-03-04 Resolution 2024-100_Partial Assignment of Development Agreement, Iowa Youth Athletic Foundation, West BankRESOLUTION NO. 2024-100
RESOLUTION APPROVING AND AUTHORIZING
EXECUTION OF A CONSENT AND ACKNOWLEDGEMENT
OF A PARTIAL ASSIGNMENT OF DEVELOPMENT
AGREEMENT FROM IOWA YOUTH ATHLETIC
FOUNDATION TO WEST BANK
WHEREAS, on the 30'h day of May, 2023, the City of Waukee, Iowa (the "City"), Iowa
Youth Athletic Foundation ("IYAF"), Caliber Land Company, LLC, and Kettlestone Central,
L.C. entered into an Agreement for Private Development ("Agreement") pursuant to which IYAF
would agree to construct certain "Arena Improvements" (as that term is defined in the
Agreement), on a portion of the Development Property, and the City agreed to provide certain
incentives to IYAF in exchange for IYAF's obligations under the Agreement; and
WHEREAS, IYAF has requested a loan from West Bank ("Bank"), concerning the
extension by Bank to IYAF of a loan in the amount of up to $30,000,000 (the "Loan"), to finance
the construction of the Arena Improvements, as defined in the Agreement; and
WHEREAS, the City has received a request from IYAF, in the form of a request to
consent to a proposed Partial Assignment of Development Agreement (the "Assignment") by and
between IYAF and Bank, pursuant to which, among other things, Bank has required, as an
express condition to the making of the Loan, that IYAF assign all of its rights to the Economic
Development Grants (as defined in the Agreement) under the terms of the Agreement to Bank to
secure the obligations of IYAF to Bank under the Loan; and
WHEREAS, the City is willing to provide such consent to the proposed Assignment
under the terms and conditions set forth in the Consent and Acknowledgment attached thereto.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WAUKEE, IOWA:
Section 1. That the form and content of the Consent and Acknowledgement of Partial
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 Consent and Acknowledgement 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 Consent and Acknowledgement, 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 Consent and Acknowledgment
as executed.
PASSED AND APPROVED this 4 h day of March, 2024.
ATTEST:
A� �
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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