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HomeMy WebLinkAbout2024-10-07 I01E_04 Assignment of Agreement for Private Development_117 Land Co, SobotkaAGENDA ITEM: CITY OF WAUKEE, IOWA CITY COUNCIL MEETING COMMUNICATION MEETING DATE: October 7, 2024 AGENDA ITEM:Consideration of approval of a resolution approving and authorizing execution of a Notice and Acknowledgment of Assignment between 117 Land Company, L.L.C. and Robin Sobotka of Economic Development Grants under Development Agreement. FORMAT:Resolution SYNOPSIS INCLUDING PRO & CON: In 2017, the City of Waukee approved a development agreement between 117 Land Company, L.L.C, RJ Lawn Service and the City of Waukee that included economic grants primarily for public improvements in the I-80 West Industrial Park. The City has received two requests from the Developer to assign future Economic Development Grants due under the Development Agreement to two different entities: Pinnacle Bank and Robin Sobotka. The City approved the first assignment to Pinnacle Bank by resolution 2023-273. The second assignment to Sobotka is contingent on Pinnacle Bank terminating the prior assignment. FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: COMMISSION/BOARD/COMMITTEE COMMENT: STAFF REVIEW AND COMMENT: Public improvements were accepted, and developer costs certified. As per the agreement, the total amount of Economic Development grants will not exceed $1.15 million RECOMMENDATION:Approve the resolution ATTACHMENTS: I. Resolution II. Development Agreement Assignment PREPARED BY:Jennifer Brown, Director of Economic Development REVIEWED BY: PUBLIC NOTICE INFORMATION – NAME OF PUBLICATION: DATE OF PUBLICATION: I1E4 RESOLUTION NO. 2024- RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF A NOTICE AND ACKNOWLEDGMENT OF ASSIGNMENT BETWEEN 117 LAND COMPANY, L.L.C. AND ROBIN SOBOTKA OF ECONOMIC DEVELOPMENT GRANTS UNDER DEVELOPMENT AGREEMENT WHEREAS, on the 6th day of November, 2017, the City of Waukee, Iowa (the "City"), 117 Land Company, L.L.C. ("Developer"), and RJ Lawn Service, Inc. ("Employer") entered into an Agreement for Private Development ("Development Agreement"), pursuant to which the Developer agreed to construct certain Public Improvements (as that term is defined in the Development Agreement) and prepare certain property located in the City’s Southwest Business Park Urban Renewal Area (the "Development Property") for development, and the City agreed to provide 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, in the form of a proposed Notice and Acknowledgment of Assignment of Economic Development Grants under Development Agreement (the "Notice") by and between the Developer and Pinnacle Bank ("Bank"), pursuant to which the City would be directed to pay any future Economic Development Grants due under the Development Agreement to the Bank which was approved by the City by resolution 2023-273, subject to the terms of the Development Agreement; and WHEREAS, the City has received a second request from the Developer, in the form of a proposed Notice and Acknowledgment of Assignment of Economic Development Grants under Development Agreement (the "Notice") by and between the Developer and Robin Sobotka("Sobotka"), pursuant to which the City would be directed to pay any future Economic Development Grants due under the Development Agreement to Sobotka after Pinnacle Bank has delivered to the City a written termination of the prior assignment, subject to the terms of the Development Agreement; and WHEREAS, Developer agrees to continue to be responsible for its obligations under the Development Agreement. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WAUKEE, IOWA: Section 1. That the form and content of the Notice between Developer and Sobotka, 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 Notice 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 Notice, 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 Notice as executed. PASSED AND APPROVED this 7th day of October, 2024. ______________________________________ Mayor ATTEST: __________________________________ City Clerk