HomeMy WebLinkAbout2025-02-18 Resolution 2025-086_Partial and Limited Assignment of Development Agreement, The Quarter at Waukee LLC, KTL R1 II LLC, KTL F5 II LLCRESOLUTION NO.2025-086
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 RI 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 191h 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
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 181h day of February, 2025.
Mayor
ATTEST:
GV
4i�v�
City Clerk
RESULTS OF VOTE:
AYE NAY
R. Charles Bottenberg
X
Chris Crone
X
Rob Grove
X
Anna Bergman Pierce
X
Ben Sinclair
X
ABSENT ABSTAIN