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Home My WebLink About2024-07-01 I01G_07 Development Agreement Termination_Enterprise Business Park Plat 3AGENDA ITEM: CITY OF WAUKEE, IOWA CITY COUNCIL MEETING COMMUNICATION MEETING DATE: July 1, 2024 AGENDA ITEM: Consideration of approval of a resolution terminating the Development Agreement between the City of Waukee and Downing Development, LTD FORMAT: Consent Agenda SYNOPSIS INCLUDING PRO & CON: The City of Waukee entered into a Development Agreement with Downing Development on August 6th, 2001. The Development Agreement includes improvements such as utilities, site and street work, which has already been completed. TIF Rebates were completed in 2011. The development property, Enterprise Business Park Plat 3, is currently in the process of being sold. The Buyer requires a termination of the Development Agreement to complete the sale. FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: COMMISSION/BOARD/COMMITTEE COMMENT: STAFF REVIEW AND COMMENT: RECOMMENDATION: Approve Resolution ATTACHMENTS: I. Resolution II. Termination of Development Agreement PREPARED BY: Jennifer Brown, Director of Economic Development REVIEWED BY: PUBLIC NOTICE INFORMATION – NAME OF PUBLICATION: DATE OF PUBLICATION: I1G7 THE CITY OF WAUKEE, IOWA RESOLUTION 2024 APPROVING TERMINATION OF DOWNING DEVELOPMENT AGREEMENT [ENTERPRISE BUSINESS PARK PLAT 3] IN THE NAME AND BY THE AUTHORITY OF THE CITY OF WAUKEE, IOWA WHEREAS, the City of Waukee, Dallas County, State of Iowa, is a duly organized Municipal Organization; AND, WHEREAS, on August 6, 2001, the Waukee City Council approved a Development Agreement by and among the City of Waukee and Downing Development, LTD. (Resolution #01-137); AND, WHEREAS, on December 3, 2007, the Waukee City Council approved an Amendment to the Development Agreement by and among the City of Waukee and Downing Development, LTD. (Resolution #07-261); AND, WHEREAS, pursuant to the terms of the Development Agreement, the Developer is obligated to construct certain Public Improvements as defined within the Development Agreement; AND, WHEREAS, the Developer has demonstrated to the City that they have met and are in compliance with the Public Improvements requirement: AND, WHEREAS, pursuant to the terms of the Development Agreement, the Developer has received the full amount of qualified expenses in accordance of the original Development Agreement, NOW THEREFORE BE IT RESOLVED by the City of Waukee City Council that Development Agreement by and among the City of Waukee and Downing Development, LTD shall be terminated is hereby accepted and that the Mayor is authorized to execute the same on behalf of the City. BE IT FURTHER RESOLVED that the City Clerk is directed to record the executed Certificate of Completion, Public Improvements, with the County Recorder of Dallas County. Passed by the City Council of the City of Waukee, Iowa, and approved this the 1st day of July, 2024. ____________________________ Courtney Clarke, Mayor Attest: ___________________________________ Rebecca D. Schuett, City Clerk RESULTS OF VOTE: AYE NAY ABSENT ABSTAIN R. Charles Bottenberg Chris Crone Rob Grove Anna Bergman Pierce Ben Sinclair 1 13324\002A\10402142 Type of Document: TERMINATION OF DOWNING DEVELOPMENT AGREEMENT - ENTERPRISE BUSINESS PARK PLAT THREE Preparer Information: Peter Aitelli, Shartsis Friese LLP, 425 Market Street, 11th Floor, San Francisco, California 94105; 415-421-6500 Taxpayer Information: Downing Development Ltd., 125 NE Venture Drive, Suite 125, Waukee, Iowa 50263 Return Document to: Peter Aitelli, Shartsis Friese LLP, 425 Market Street, 11th Floor, San Francisco, California 94105 Grantors: City of Waukee, Iowa Grantees: Downing Development LTD., an Iowa corporation Legal Description: Parcel 1 (Westwood Plaza): Lots 1, 2 and 3 in Enterprise Business Park Plat 2, an Official Plat, now included in and forming a part of the City of Waukee, Dallas County, Iowa. Parcel 2 (Dartmoor Retail Center): Lot 1 in Enterprise Business Park Plat 3, an Official Plat in the City of Waukee, Dallas County, Iowa. Book & Page Reference: December 13, 2007, Book 2007, Page 19002 2 13324\002A\10402142 TERMINATION OF DOWNING DEVELOPMENT AGREEMENT ENTERPRISE BUSINESS PARK PLAT THREE THIS TERMINATION OF DOWNING DEVELOPMENT AGREEMENT -ENTERPRISE BUSINESS PARK PLAT THREE (this “Termination”) is made as of ____________, 2024, by the City of Waukee, Iowa (“City”), and Downing Development LTD., an Iowa corporation (“Developer”). RECITALS City and Developer previously entered into that certain unrecorded Downing Development Agreement - Enterprise Business Park Plat Three, dated August 6, 2001, amended by that certain Amendment #1 to Downing Development Agreement - Enterprise Business Park Plat Three by and between City and Developer, dated as of December 3, 2007, and recorded in the official records of Dallas County, Iowa, on December 13, 2007, in Book 2007, Page 19002 (the “Development Agreement”). The Development Agreement called for the City to make economic development tax rebate payments to the Developer for a maximum of fifteen (15) fiscal years during the term of the Development Agreement. The City and the Developer desire to memorialize and confirm that the terms of the Development Agreement have been fulfilled and that the Development Agreement is no longer in effect and expired by its own terms. NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: The Development Agreement is terminated. This Termination may be executed in counterparts, each of which shall be deemed to be an original but all of which shall constitute one and the same document. 3 13324\002A\10402142 IN WITNESS WHEREOF, the parties are executing this Termination to be effective as of the day and year first written above CITY OF WAUKEE,IOWA By: ___________________________________ Name: _________________________________ Its: ____________________________________ DOWNING DEVELOPMENT,LTD., AN IOWA CORPORATION By: ___________________________________ Name: _________________________________ Its: ____________________________________ 13324\002A\10402142 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF _______________ ) ) ss. COUNTY OF ______________ ) On July _____, 2024, before me, ________________________________, a Notary Public, personally appeared ________________________________________, who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under penalty of perjury under the laws of the State of Iowa that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature _________________________________(Seal) 13324\002A\10402142 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF _______________ ) ) ss. COUNTY OF ______________ ) On July _____, 2024, before me, ________________________________, a Notary Public, personally appeared ________________________________________, who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under penalty of perjury under the laws of the State of Iowa that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature _________________________________(Seal)