HomeMy WebLinkAbout2024-09-03 G03 URA The Quarter Commercial Amendment 1_PHAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: September 3, 2024
AGENDA ITEM:Public Hearing on proposed Amendment No. 1 to the Quarter
Commercial Urban Renewal Plan
FORMAT:Public Hearing
SYNOPSIS INCLUDING PRO & CON: City Council adopted The Quarter Urban Renewal
Plan on December 19, 2022. The proposed Amendment No. 1 includes addition of certain
property to the Urban Renewal Area and updates previously approved projects and financial
information.
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 on August 12, 2024, at 2 pm. No one
attended the meeting. Staff has not received any correspondence related
to the proposed amendment.
RECOMMENDATION: Hold the Public Hearing
ATTACHMENTS: I. Amendment No. 1 Quarter Commercial Urban Renewal Plan
II. Public Hearing Notice
PREPARED BY:Jennifer Brown
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION:
DATE OF PUBLICATION:
G3
Final
AMENDMENT NO. 1
to
THE QUARTER COMMERCIAL
URBAN RENEWAL PLAN
for
THE QUARTER COMMERCIAL
URBAN RENEWAL AREA
CITY OF WAUKEE, IOWA
Original Plan – December 2022
Amendment No. 1 – September 2024
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Final
AMENDMENT NO. 1
TO THE
QUARTER COMMERCIAL
URBAN RENEWAL PLAN
CITY OF WAUKEE, IOWA
The Quarter Commercial Urban Renewal Plan ("Plan" or "Urban Renewal Plan") for The Quarter
Commercial Urban Renewal Area ("Area" or "Urban Renewal Area") was adopted by Resolution
No. 2022-535 on December 19, 2022. The Urban Renewal Plan is now being amended by this
Amendment No. 1 to the Plan ("Amendment" or "Amendment No. 1") to update the description of
a previously approved urban renewal project to be undertaken within the Urban Renewal Area and
to add land to the Urban Renewal Area.
Except as modified by this Amendment No. 1, the provisions of the original Plan 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 No. 1 shall control. Any
subsections not mentioned in this Amendment No. 1 shall continue to apply to the Plan.
DESCRIPTION OF URBAN RENEWAL AREA
The legal description of the property being added to the Urban Renewal Area is attached hereto as
Exhibit “A” and may be referred to as the “Amendment No. 1 Subarea”. A map of The Quarter
Commercial Urban Renewal Area, as amended by this Amendment No. 1, is attached hereto as
Exhibit “B.”
DEVELOPMENT PLAN
The City 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. The goals and objectives of the Plan,
and the projects outlined in this Amendment, are in conformity with the Waukee Comprehensive
Land Use Plan, adopted in 2019.
The Plan does not in any way replace or modify 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, if any, is set forth in the
Plan. As the Area develops, the need for public infrastructure extensions and upgrades will be
evaluated and planned for by the City.
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Final
UPDATE TO PREVIOUSLY APPROVED URBAN RENEWAL PROJECT
Numerous urban renewal projects were authorized prior to the date of this Amendment and may
be continuing. With the adoption of this Amendment, the City is updating the description of the
following previously authorized project:
1. Development Agreement with The Quarter at Waukee, L.L.C.: In the original Plan,
the City approved a Development Agreement with the Quarter at Waukee, L.L.C.
(“Developer”) as a project in the Urban Renewal Area. Additional changes to the project
have now been identified by Developer including improvements to be added to the
Amendment No. 1 Subarea. Subject to the terms and conditions set forth in the Agreement,
as amended from time to time, the City would provide Developer with Economic
Development Grants to incentivize a total of an anticipated seventeen (17) commercial
buildings and related site improvements, with a total investment of approximately
$112,000,000. The City expects to make Economic Development Grants to Developer in
the form of rebates of varying percentages of incremental taxes generated by the separate
buildings over a period of twelve (12), sixteen (16) or twenty (20) years, depending on the
nature of the specific commercial building as described in the Agreement. The cumulative
total of all such grants is not expected to exceed $41,000,000 and will be subject to the
terms and conditions of a detailed development agreement.
FINANCIAL DATA
1.Current constitutional debt limit:$215,542,750
2.Current outstanding general obligation debt:$164,173,921
3. Proposed amount of indebtedness to be incurred: A specific amount of
debt to be incurred for the urban renewal projects described herein has
not yet been determined. 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 Update to Previously Approved Urban Renewal Project
(Amendment No. 1) as described above will be approximately as
follows:
Increase to
Previously
Approved
Urban
Renewal
Project:
$6,000,000
Total for
Updated
Project:
$41,000,000
This total does
not include
financing costs
related to debt
issuance, which
may be incurred
over the life of
the Area.
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Final
EFFECTIVE PERIOD
This Amendment No. 1 will become effective upon its adoption by the City Council.
Notwithstanding anything to the contrary in the Plan, any prior amendment, resolution, or
document, the Plan, as amended, shall remain in effect until terminated by the City Council.
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, will be consistent with Chapter 403 of the Iowa Code. Nothing
in this Amendment shall alter the duration of the division of revenue as previously explained in
the Plan, as previously amended.
REPEALER AND SEVERABILITY CLAUSE
Any parts of the Plan in conflict with this Amendment are hereby repealed.
If any part of this Amendment or the Plan is determined to be invalid or unconstitutional, such
invalidity or unconstitutionality shall not affect the validity of the Amendment or the Plan as a
whole, or any part of the Amendment or the Plan not determined to be invalid or unconstitutional.
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Final
EXHIBIT A
LAND TO BE ADDED TO THE
QUARTER COMMERCIAL URBAN RENEWAL AREA
BY AMENDMENT NO. 1
Parcel 1604376004 shown as Outlot V in THE SHOPS AT KETTLESTONE
NORTH PLAT 4, an Official Plat, now included in and forming a part of the City
of Waukee, Dallas County, Iowa, Except Parcel ‘19-92’ of a part of said Outlot V
as shown in Survey filed in Book 2019, Page 16817 and Except Parcel ‘21-94’ of
a part of said Outlot V as shown in Survey recorded in Book 2021, Page 28853
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Final
EXHIBIT B
MAP OF THE QUARTER COMMERCIAL
URBAN RENEWAL AREA, AS AMENDED BY AMENDMENT NO. 1
02379804\21938-349
(One publication required)
NOTICE OF PUBLIC HEARING TO CONSIDER APPROVAL
OF A PROPOSED AMENDMENT NO. 1 TO THE QUARTER
COMMERCIAL URBAN RENEWAL PLAN FOR AN URBAN
RENEWAL AREA IN THE CITY OF WAUKEE, STATE OF
IOWA
The City Council of the City of Waukee, State of Iowa, will hold a public hearing before
itself at its meeting which commences at 5:30 P.M. on September 3, 2024 in the Council
Chambers, City Hall, 230 West Hickman Road, Waukee, Iowa, to consider adoption of a proposed
Amendment No. 1 to The Quarter Commercial Urban Renewal Plan (the "Amendment")
concerning an Urban Renewal Area in the City of Waukee, State of Iowa.
The Amendment proposes to add certain land to the Urban Renewal Area, legally described
as follows:
Parcel 1604376004 shown as Outlot V in THE SHOPS AT KETTLESTONE
NORTH PLAT 4, an Official Plat, now included in and forming a part of the City
of Waukee, Dallas County, Iowa, Except Parcel ‘19-92’ of a part of said Outlot V
as shown in Survey filed in Book 2019, Page 16817 and Except Parcel ‘21-94’ of
a part of said Outlot V as shown in Survey recorded in Book 2021, Page 28853
A copy of the Amendment is on file for public inspection in the office of the City Clerk,
City Hall, City of Waukee, Iowa.
The City of Waukee, State of Iowa is the local public agency which, if such Amendment
is approved, shall undertake the urban renewal activities described in such Amendment.
The general scope of the urban renewal activities under consideration in the Amendment
is to promote the growth and retention of qualified industries and businesses in the Urban Renewal
Area through various public purpose and special financing activities outlined in the Amendment.
To accomplish the objectives of the Amendment, and to encourage the further economic
development of the Urban Renewal Area, the Amendment provides that such special financing
activities may include, but not be limited to, the making of loans or grants of public funds to private
entities under Chapter 15A, Code of Iowa. The City also may reimburse or directly undertake the
installation, construction and reconstruction of substantial public improvements, including, but not
limited to, street, water, sanitary sewer, storm sewer or other public improvements. The City also
may acquire and make land available for development or redevelopment by private enterprise as
authorized by law. The Amendment provides that the City may issue bonds or use available funds
for purposes allowed by the Plan and that tax increment reimbursement of the costs of urban
renewal projects may be sought if and to the extent incurred by the City. The Amendment initially
proposes no specific public infrastructure or site improvements to be undertaken by the City, and
provides that the Amendment may be amended from time to time.
The proposed Amendment No. 1 would update the description of a previously approved
urban renewal project to be undertaken within the Urban Renewal Area and add land to the Urban
Renewal Area.
Other provisions of the Plan not affected by the Amendment would remain in full force
and effect.
Any person or organization desiring to be heard shall be afforded an opportunity to be
heard at such hearing.
This notice is given by order of the City Council of the City of Waukee, State of Iowa, as
provided by Section 403.5, Code of Iowa.
Dated this 5th day of August, 2024.
Rebecca D. Schuett
City Clerk, City of Waukee, State of Iowa
(End of Notice)
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