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HomeMy WebLinkAbout2025-03-17 I01G_02 JACE Properties, Access Technologies_First Amendment to Development AgreementAGENDA ITEM: CITY OF WAUKEE, IOWA CITY COUNCIL MEETING COMMUNICATION MEETING DATE: March 17, 2025 AGENDA ITEM:Consideration of approval of a resolution approving and authorizing execution of a First Amendment to the Agreement for Private Development with JACE Properties, LLC and Access Technologies, Inc. d/b/a Access Systems, Inc. FORMAT:Resolution SYNOPSIS INCLUDING PRO & CON: Staff has been working with Jace Properties, LLC, dba Access Systems, Inc., on an amendment to modify job creation requirements within the existing agreement. The proposed amendment reflects the company’s shift in strategy, prioritizing organic growth over the previous focus on mergers and acquisitions. Amendment Details The original agreement included a commitment to create 100 new jobs over a six-year period. However, given the company’s revised growth strategy, the proposed amendment adjusts the job creation requirement to 45 positions over the same timeframe. This modification aligns with Access Systems’ sustainable expansion plans while still contributing to local economic growth. FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: No changes to the economic development grants. COMMISSION/BOARD/COMMITTEE COMMENT: STAFF REVIEW AND COMMENT: Staff supports this amendment as it provides a realistic and achievable framework for job creation while maintaining economic benefits for the community. RECOMMENDATION: Staff recommend approval of the resolution. ATTACHMENTS: I. Resolution II. Proposed First Amendment to the Agreement for Private Development with JACE Properties, LLC and Access Technologies, Inc. d/b/a Access Systems, Inc. Amendment Development Agreement PREPARED BY:Jennifer Brown, Director of Economic Development REVIEWED BY: PUBLIC NOTICE INFORMATION – NAME OF PUBLICATION: DATE OF PUBLICATION: I1G2 RESOLUTION NO. ______ RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF A FIRST AMENDMENT TO THE AGREEMENT FOR PRIVATE DEVELOPMENT BY AND AMONG THE CITY OF WAUKEE, JACE PROPERTIES, L.L.C. AND ACCESS TECHNOLOGIES, INC. D/B/A ACCESS SYSTEMS, INC. WHEREAS, the City of Waukee, Iowa ("City"), JACE Properties, L.L.C. ("Developer"), and Access Technologies, Inc. d/b/a Access Systems, Inc. ("Employer")) entered into an Agreement for Private Development on May 16, 2022 ("Agreement"), pursuant to which, Developer agreed to construct certain Minimum Improvements consisting of a Class A office expansion ("Minimum Improvements") on certain real property located within the Waukee Consolidated Urban Renewal Area, which property was referred to in the Agreement as the "Development Property"; and WHEREAS, the Employer agreed to occupy and operate its business in the Minimum Improvements, including employing a minimum number of employees in those operations; and WHEREAS, the City has received a proposal from the Developer and Employer, in the form of a proposed First Amendment to the Agreement for Private Development (the "Amendment") by and among the City, Developer, and Employer in order to modify the employment obligations in the Agreement to accurately reflect the Employer’s current and projected employment levels in its operations in the City; and WHEREAS, the Amendment does not alter the incentives previously described in the Amendment; and WHEREAS, Chapters 15A and 403, Code of Iowa, authorize cities to make grants for economic development in furtherance of the objectives of an urban renewal project and to appropriate such funds and make such expenditures as may be necessary to carry out the purposes of said Chapters, and to levy taxes and assessments for such purposes; and WHEREAS, the Council has determined that the Amendment is in the best interests of the City and the residents thereof and that the performance by the City of its obligations thereunder is a public undertaking and purpose and in furtherance of the Plan and the Urban Renewal Law and, further, that the Amendment and the City's performance thereunder is in furtherance of appropriate economic development activities and objectives of the City within the meaning of Chapters 15A and 403, Code of Iowa, taking into account any or all of the factors set forth in Chapter 15A, Code of Iowa. NOW THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF WAUKEE IN THE STATE OF IOWA: Section 1.That the performance by the City of its obligations under the Agreement, as amended, including but not limited to making of grants to the Developer in connection with the development of the Development Property under the terms set forth in the Agreement, as amended, be and is hereby declared to be a public undertaking and purpose and in furtherance of the Plans for the Urban Renewal Area, and further, that the Agreement, as amended, and the City's performance thereunder is in furtherance of appropriate economic development activities and objectives of the City within the meaning of Chapters 15A and 403, Code of Iowa, taking into account the factors set forth therein. Section 2.That the form and content of the Amendment, 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 Amendment 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 Amendment, 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 Amendment as executed and the Agreement as amended. PASSED AND APPROVED this 17th day of March, 2025. Mayor ATTEST: City Clerk