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Home My WebLink About2024-12-16 I01H_02 Fifth Amendment - Quarter at Waukee Agreement_Set PHAGENDA ITEM: CITY OF WAUKEE, IOWA CITY COUNCIL MEETING COMMUNICATION MEETING DATE: December 16, 2024 AGENDA ITEM:Consideration of approval of a resolution fixing date for a public hearing on the proposal to enter into a Fifth Amendment to the Agreement for Private Development and Minimum Assessment Agreement with The Quarter at Waukee, LLC FORMAT:Consent Agenda SYNOPSIS INCLUDING PRO & CON: Staff has been working with the Quarter at Waukee, LLC on a Fifth Amendment to the Development Agreement and Minimum Assessment Agreement. The proposed Amendment includes the addition of real estate to the development property, updates to property descriptions, revisions to minimum actual values, and adjustments to the economic development grant schedules. FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: The Amendment includes a $27M increase in minimum improvements to $116M. There will be an increase in the TIF Rebate due to the increased investment. COMMISSION/BOARD/COMMITTEE COMMENT: STAFF REVIEW AND COMMENT: Staff recommends City Council set a public hearing date to discuss the proposed Fifth Amendment to the Agreement for Private Development and Minimum Assessment Agreement with The Quarter at Waukee, LLC RECOMMENDATION: Approve the resolution. ATTACHMENTS: I. Resolution PREPARED BY:Jennifer Brown, Economic Development Director REVIEWED BY: PUBLIC NOTICE INFORMATION – NAME OF PUBLICATION: DATE OF PUBLICATION: I1H2 RESOLUTION NO. _____________ RESOLUTION FIXING DATE FOR A PUBLIC HEARING ON THE PROPOSAL TO ENTER INTO A FIFTH AMENDMENT TO THE AGREEMENT FOR PRIVATE DEVELOPMENT AND MINIMUM ASSESSMENT AGREEMENT WITH THE QUARTER AT WAUKEE, L.L.C., AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF WHEREAS, by Resolution No. 2022-535, adopted December 19, 2022, this Council found and determined that certain areas located within the City are eligible and should be designated as an urban renewal area under Iowa law, and approved and adopted The Quarter Commercial Urban Renewal Plan (the "Plan" or "Urban Renewal Plan") for The Quarter Commercial Urban Renewal Area (the "Area" or "Urban Renewal Area") described therein, which Plan, as amended by Amendment No. 1 in 2024, is on file in the office of the Recorder of Dallas County; and WHEREAS, the City of Waukee, Iowa ("City") and The Quarter at Waukee, L.L.C. ("Developer") previously entered into an Agreement for Private Development dated December 19, 2022 and a Minimum Assessment Agreement also dated December 19, 2022 (together, the "Agreement"), pursuant to which, among other things, the Developer agreed to construct certain Minimum Improvements (as defined in the Agreement) on certain real property located within the Urban Renewal Area (the "Development Property"), the City agreed to provide certain incentives described as "Economic Development Grants" to the Developer in exchange for Developer’s obligations under the terms and conditions of the Agreement, and the parties agreed to set certain Minimum Actual Values for the assessment of the Minimum Improvements; and WHEREAS, the City and Developer previously entered into a First Amendment to the Agreement on January 16, 2023 to (a) amend the description of some of the Buildings being constructed as part of the Minimum Improvements; (b) amend the minimum actual values for some of the Buildings to be constructed on the Development Property; and (c) revise the Economic Development Grant schedules for some of the Buildings to be constructed on the Development Property; a Second Amendment to the Agreement on March 6, 2023 to amend the deadline for Developer’s acquisition of certain Development Property, as legally defined in the Second Amendment; a Third Amendment to the Agreement on July 10, 2023 to adjust the descriptions, Minimum Actual Value schedules, and Economic Development Grant schedules for Building F1 and Building F2 being constructed as part of the Minimum Improvements; and a Fourth Amendment to the Agreement on January 15, 2024 to adjust the Economic Development Grant schedule and Minimum Actual Value schedule for Building V1 being constructed as part of the Minimum Improvements; and WHEREAS, the City and Developer desire to make additional changes to the terms of the Agreement, pursuant to a proposed Fifth Amendment to the Agreement (the "Fifth Amendment"), to (a) add real estate to the Development Property; (b) adjust the legal descriptions due to re-platting; (c) adjust the description of the Minimum Improvements being constructed; (d) and update Minimum Actual Value schedules and Economic Development Grant schedules for certain Buildings being constructed as part of the Project; and WHEREAS, as a result of the adjustments being made in the Fifth Amendment, the maximum, aggregate, amount of Economic Development Grants for all Buildings shall not exceed $40,970,284; and WHEREAS, neither the Agreement, as amended, nor any other Code provision sets forth any procedural action required to be taken before said economic development activities can occur under the Agreement, as amended, and pursuant to Section 364.6,Code of Iowa, it is deemed sufficient if the action hereinafter described be taken and the City Clerk publish notice of the proposal and of the time and place of the meeting at which the Council proposes to take action thereon and to receive oral and/or written objections from any resident or property owner of said City to such action. NOW THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF WAUKEE IN THE STATE OF IOWA: Section 1.That this Council meet in the Council Chambers, City Hall, 230 West Hickman Road, Waukee, Iowa, at 5:30 P.M. on January 6, 2025, for the purpose of taking action on the matter of the proposal to enter into a Fifth Amendment to the Agreement for Private Development and Minimum Assessment Agreement with The Quarter at Waukee, L.L.C. Section 2.That the City Clerk is hereby directed to cause at least one publication to be made of a notice of said meeting, in a legal newspaper, printed wholly in the English language, published at least once weekly, and having general circulation in said City, said publication to be not less than four (4) clear days nor more than twenty (20) days before the date of said public meeting. Section 3.The notice of the proposed action shall be in substantially the following form: (One publication required) NOTICE OF PUBLIC HEARING OF THE CITY COUNCIL OF THE CITY OF WAUKEE IN THE STATE OF IOWA, ON THE MATTER OF THE PROPOSAL TO ENTER INTO A FIFTH AMENDMENT TO THE AGREEMENT FOR PRIVATE DEVELOPMENT AND MINIMUM ASSESSMENT AGREEMENT WITH THE QUARTER AT WAUKEE, L.L.C., AND THE HEARING THEREON PUBLIC NOTICE is hereby given that the Council of the City of Waukee in the State of Iowa, will hold a public hearing on January 6, 2025, at 5:30 P.M. in the Council Chambers, City Hall, 230 West Hickman Road, Waukee, Iowa, at which meeting the Council proposes to take action on the proposal to enter into a Fifth Amendment (the "Fifth Amendment") to the Agreement for Private Development and Minimum Assessment Agreement with The Quarter at Waukee, L.L.C. ("Developer"). The City and Developer previously entered into the Agreement for Private Development and the Minimum Assessment Agreement, both dated as of December 19, 2022 (together, the “Agreement”). Pursuant to the Agreement, the Developer agreed to construct certain "Minimum Improvements" in The Quarter Commercial Urban Renewal Area, the parties agreed to set certain Minimum Actual Values for the assessment of the Minimum Improvements, and the City agreed to provide certain "Economic Development Grant" incentives to the Developer. The Agreement has previously been amended four times. The City and Developer desire to make additional changes to the terms of the Agreement, pursuant to the proposed Fifth Amendment to the Agreement to (a) add real estate to the Development Property; (b) adjust the legal descriptions due to re-platting; (c) adjust the description of the Minimum Improvements being constructed; (d) and update Minimum Actual Value schedules and Economic Development Grant schedules for certain Buildings being constructed as part of the Project. As a result of the adjustments being made in this Fifth Amendment, the maximum, aggregate, amount of Economic Development Grants for all Buildings shall not exceed $40,970,284. At the above meeting the Council shall receive oral or written objections from any resident or property owner of said City, to the proposal to enter into the Fifth Amendment with the Developer. After all objections have been received and considered, the Council will at this meeting or at any adjournment thereof, take additional action on the proposal or will abandon the proposal to authorize said Fifth Amendment. All persons wishing to observe or participate in the meeting and/or public hearing may do so by accessing the meeting as directed above, and may also submit comments to the City prior to the meeting. At the above meeting, the Council shall receive oral or written objections, from any resident or property owner of said City, to the Fifth Amendment. This notice is given by order of the City Council of the City of Waukee in the State of Iowa, as provided by Section 364.6 of the City Code of Iowa. Dated this 16th day of December, 2024. Rebecca D. Schuett City Clerk, City of Waukee in the State of Iowa (End of Notice) PASSED AND APPROVED this 16th day of December, 2024. Mayor ATTEST: City Clerk