HomeMy WebLinkAbout2025-01-06 G04 Fifth Amendment - Quarter at Waukee Development Agreement_PHAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: January 6, 2025
AGENDA ITEM:Public Hearing On a proposal to enter into a Fifth Amendment to the
Agreement for Private Development and Minimum Assessment Agreement
with The Quarter at Waukee, LLC
FORMAT:Public Hearing
SYNOPSIS INCLUDING PRO & CON: The proposed Fifth Amendment to the Private
Development Agreement and Minimum Assessment Agreement with
The Quarter, LLC includes adding real estate to the development
property, updating property descriptions, revising minimum actual
values, and adjusting the economic development grant schedules.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: This Amendment and
Minimum Assessment Agreement reflects an increased investment in
minimum improvements, raising the commitment from $89 million to
$116 million. While the TIF rebate percentage remains unchanged, the
total rebate amount will rise because of the updated minimum assessed
values. Additionally, the maximum economic development grants have
been adjusted to align with the new investment.
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT:
RECOMMENDATION: Hold a Public Hearing.
ATTACHMENTS: I. Proposed Fifth Amendment to the Agreement for Private
Development `and Minimum Assessment Agreement with The Quarter at
Waukee, LLC
II. Public Hearing Notice
PREPARED BY:Jennifer Brown, Economic Development Director
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION: Dallas County News
DATE OF PUBLICATION: December 26, 2024
G4
(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)