HomeMy WebLinkAbout2025-02-18 I01F_01 Partial Assignments _The Quarter at Waukee, KTL R1 II LLC, KTL F5 II LLCAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: February 18, 2025
AGENDA ITEM:Consideration of approval of a resolution approving and authorizing
execution of a Partial and Limited Assignment and Assumption of
Agreement for Private Development and Minimum Assessment
Agreement between The Quarter at Waukee, LLC and KTL R1 II, LLC,
and a Partial and Limited Assignment and Assumption of Agreement for
Private Development and Minimum Assessment Agreement between
The Quarter at Waukee, LLC and KTL F5 II, LLC
FORMAT:Resolution
SYNOPSIS INCLUDING PRO & CON: The proposed Partial and Limited Assignment and
Assumption of Agreement for Private Development and Minimum
Assessment Agreement assigns rights, interests, and obligations
concerning Lot 1, KeeTown Loop Plat 3 (building R1) and Lot 2,
KeeTown Loop Plat 3 (building F5) under the Development Agreement
and Minimum Assessment Agreement from Quarter at Waukee, LLC to
KTL R1 II, LLC and KTL F5 II, LLC, respectively.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT:
RECOMMENDATION: Approve the Resolution
ATTACHMENTS: I. Resolution
II. Partial and Limited Assignment and Assumption of Agreement
for Private Development and Minimum Assessment Agreement
PREPARED BY:Jennifer Brown, Economic Development Director
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION:
DATE OF PUBLICATION:
I1F1
1
RESOLUTION NO. ______
RESOLUTION APPROVING AND AUTHORIZING
EXECUTION OF A PARTIAL AND LIMITED ASSIGNMENT
AND ASSUMPTION OF AGREEMENT FOR PRIVATE
DEVELOPMENT AND MINIMUM ASSESSMENT
AGREEMENT BETWEEN THE QUARTER AT WAUKEE, LLC
AND KTL R1 II, L.L.C. AND A PARTIAL AND LIMITED
ASSIGNMENT AND ASSUMPTION OF AGREEMENT FOR
PRIVATE DEVELOPMENT AND MINIMUM ASSESSMENT
AGREEMENT BETWEEN THE QUARTER AT WAUKEE, LLC
AND KTL F5 II, L.L.C.
WHEREAS, on the 19th day of December, 2022, the City of Waukee, Iowa (the "City")
and The Quarter at Waukee, LLC ("Assignor") entered into an Agreement for Private
Development and a Minimum Assessment Agreement ("Development Agreement") pursuant to
which the Developer agreed to construct certain Minimum Improvements (as that term is defined
in the Development Agreement) on certain property located in The Quarter Commercial Urban
Renewal Area (the "Development Property"), and the City agreed to provide certain incentives to
the Assignor in exchange for Assignor’s obligations under the Development Agreement; and
WHEREAS, the Assignor has requested to transfer its rights, interests, and obligations
under the Development Agreement and Minimum Assessment Agreement to KTL R1 II, L.L.C.
with respect to Building R1 and to KTL F5 II, L.L.C. with respect to Building F5 (collectively,
the "Assignees"); and
WHERAS, the Assignees have each purchased a portion of the Development Property for
development under the terms and conditions of the Development Agreement and Minimum
Assessment Agreement; and
WHEREAS, the Development Agreement and the Minimum Assessment Agreement
require the City’s consent before the Assignor may assign any of its rights, interests, and
obligations under the Development Agreement, and the City is willing to provide such consent to
the proposed assignments, under the terms and conditions set forth in two proposed Partial and
Limited Assignment and Assumption of Agreement for Private Development and Minimum
Assessment Agreement (the "Assignments") now before the Council.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WAUKEE, IOWA:
Section 1. That the form and content of the Assignments, 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 to the Assignments 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
2
and after the execution and delivery of the Consent Agreement, 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 Assignments
as executed.
PASSED AND APPROVED this 18th day of February, 2025.
______________________________________
Mayor
ATTEST:
__________________________________
City Clerk