HomeMy WebLinkAbout2024-08-19 Resolution 2024-350_Assignment of Economic Development Grants, The Quarter at Waukee LLC, Community State BankRESOLUTION NO. 2024-350
RESOLUTION APPROVING AND AUTHORIZING
EXECUTION OF A CITY CONSENT TO ASSIGNMENT OF
ECONOMIC DEVELOPMENT GRANTS BY AND AMONT
THE CITY OF WAUKEE, IOWA, THE QUARTER AT
WAUKEE, L.L.C., AND COMMUNITY STATE BANK
WHEREAS, on the 191h 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, a Third Amendment dated July 10, 2023, and a Fourth Amendment dated
January 15, 2024 ("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
Economic Development Grants to the Developer in exchange for Developer's obligations under
the Development Agreement; and
WHEREAS, the City has received a request from the Developer and Community State
Bank ("Bank"), in the form of a proposed City Consent to Assignment of Economic
Development Grants (the "Consent") by and between the Developer and Bank; and
WHEREAS, James L. Mann, individually ("Borrower") has applied to Bank for a certain
loan (the "Loan") pursuant to the terms of' that certain Loan Agreement by and between
Borrower and Bank (the "Loan Agreement"); and
WHEREAS, a portion of the proceeds of the Loan will be contributed by Borrower into
and for the benefit of that certain entertainment development to be located on the Development
Property owned by Developer; and
WHEREAS, Bank is willing to extend the Loan to Borrower subject to, among other
things, Developer assigning to Bank, Developer's right, title and interest to certain Economic
Development Grants described in the Development Agreement, ("Limited Economic
Development Grants"); and
WHEREAS, the Bank has requested the City's consent before the Developer assigns any
of its rights and obligations under the Development Agreement, and the City is willing to provide
such consent under the terms set forth in the proposed Consent.
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, 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 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, 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 as
executed.
PASSED AND APPROVED this 191h day of August, 2024.
ATTEST:
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