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HomeMy WebLinkAbout2025-03-03 Resolution 2025-129_Set Public Hearing Date, Development Agreement, SJC Properties LLCRESOLUTION NO. 2025-129 RESOLUTION FIXING DATE FOR A PUBLIC HEARING ON THE PROPOSAL TO ENTER INTO A DEVELOPMENT AGREEMENT WITH SJC PROPERTIES, LLC, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF WHEREAS, by Resolution No. 19-402, adopted November 4, 2019, 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 Waukee Consolidated Urban Renewal Plan for the Waukee Consolidated Urban Renewal Area (the "Consolidated Urban Renewal Area") described therein, which Waukee Consolidated Urban Renewal Plan, as subsequently amended, is on file in the office of the Recorder of Dallas County; and WHEREAS, it is desirable that properties within the Area be redeveloped as part of the overall redevelopment area covered by said Plan; and WHEREAS, the City has received a proposal from SJC Properties, LLC (the "Developer"), in the form of a proposed Development Agreement (the "Agreement") by and between the City and the Developer, pursuant to which, among other things, the Developer would agree to construct certain Minimum Improvements (as defined in the Agreement) on certain real property located within the Urban Renewal Area as defined and legally described in the Agreement (the "Development Property") and consisting of the construction of a 9,000 square foot mixed use building to include retail, restaurant, service, and office space, together with all related site improvements, as outlined in the proposed Agreement; and WHEREAS, the Agreement provides that the City will provide a one-time Benchmark Grant to the Developer in the amount of $30,000, under the terms and following satisfaction of the conditions set forth in the Agreement, which Benchmark Grant would be reimbursed to the City by the City deducting $15,000 from each of the first two Economic Development Grants to be paid to Developer under the proposed Agreement; and WHEREAS, the Agreement further proposes that the City will make up to ten (10) consecutive annual payments of Economic Development Grants to Developer consisting of 70% of the Tax Increments pursuant to Section 403.19, Code of Iowa, and generated by the construction of the Minimum Improvements, the cumulative total for all such payments not to exceed the lesser of $475,000, or the amount accrued under the formula outlined in the proposed Agreement, under the terms and following satisfaction of the conditions set forth in the Agreement; and WHEREAS, the Agreement further requires the Developer to use commercially reasonable efforts to retain tenants at the Minimum Improvements who will employ employees therein, as outlined in the proposed Agreement; and WHEREAS, Chapters 15A and 403, Code of Iowa, (the "Urban Renewal Law") 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 Chapter, and to levy taxes and assessments for such purposes; and WHEREAS, the Council has determined that the Agreement 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 Agreement 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; and WHEREAS, neither the Urban Renewal Law nor any other Code provision sets forth any procedural action required to be taken before said economic development activities can occur under the Agreement, 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 March 17, 2025, for the purpose of taking action on the matter of the proposal to enter into a Development Agreement with SJC Properties, LLC. 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 DEVELOPMENT AGREEMENT WITH SJC PROPERTIES, LLC, 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 March 17, 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 Development Agreement (the "Agreement") with SJC Properties, LLC (the "Developer"). The Agreement would obligate the Developer to construct certain Minimum Improvements (as defined in the Agreement) on certain real property located within the Waukee Consolidated Urban Renewal Area as defined and legally described in the Agreement, consisting of the construction of a 9,000 square foot mixed use building to include retail, restaurant, service, and office space, together with all related site improvements, under the terms and following satisfaction of the conditions set forth in the Agreement. The Agreement requires the Developer to use commercially reasonable efforts to retain tenants at the Minimum Improvements who will employ employees therein, as outlined in the Agreement. The Agreement proposes that the City will make a one-time Benchmark Grant to the Developer in the amount of $30,000, under the terms and following satisfaction of the conditions set forth in the Agreement, which Benchmark Grant would be reimbursed to the City by the City deducting $15,000 from each of the first two Economic Development Grants to be paid to Developer under the proposed Agreement. The Agreement would further obligate the City to make up to ten (10) consecutive annual payments of Economic Development Grants to Developer consisting of 70% of the Tax Increments pursuant to Section 403.19, Code of Iowa, and generated by the construction of the Minimum Improvements, the cumulative total for all such payments not to exceed the lesser of $475,000, or the amount accrued under the formula outlined in the proposed Agreement, under the terms and following satisfaction of the conditions set forth in the Agreement. A copy of the Agreement is on file for public inspection during regular business hours in the office of the City Clerk, City Hall, City of Waukee, Iowa. 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 Agreement 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 Agreement. 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, Code of Iowa. Dated this 3`d day of March, 2025. Rebecca D.Schuett City Clerk, City of Waukee in the State of Iowa (End of Notice) PASSED AND APPROVED this 3Td day of March, 2025. ATTEST: Ybb4� iz 0. 4 City Clerk RESULTS OF VOTE: AYE R. Charles Bottenberg X Chris Crone X Rob Grove X Anna Bergman Pierce X Ben Sinclair X Mayor Pro em NAY ABSENT ABSTAIN