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Home My WebLink About2025-11-03 G07 Kettlestone Phase 1 Commercial Amendment No 1 URA_PHAGENDA ITEM: CITY OF WAUKEE, IOWA CITY COUNCIL MEETING COMMUNICATION MEETING DATE: November 3, 2025 AGENDA ITEM:On the proposed Amendment No. 1 to Kettlestone Phase 1 Commercial Urban Renewal Plan FORMAT:Public Hearing SYNOPSIS INCLUDING PRO & CON: The proposed Amendment No. 1 to the Kettlestone Phase 1 Commercial Urban Renewal Plan, originally approved in June 2023. The amendment removes certain property from the Urban Renewal Area and updates the description of a previously approved project involving the Iowa Youth Athletic Foundation (IYAF). Under the revised project, the development will now occur in five phases (instead of four) and includes approximately $20 million in commercial improvements. The City may provide up to $55 million in economic development grants, funded through tax increment financing (TIF), subject to annual appropriation and the terms of the development agreement. All other provisions of the original Phase 1 Plan remain in effect. update projects and financial information. FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: COMMISSION/BOARD/COMMITTEE COMMENT: STAFF REVIEW AND COMMENT: Staff held a consultation meeting on Monday, October 13, 2025, and invited all affected taxing entities within the Plan area to review the proposal. No representatives attended the meeting. RECOMMENDATION: Staff recommends holding a public hearing on the proposed Amendment No. 1 to Kettlestone Phase 1 Commercial Urban Renewal Plan ATTACHMENTS: I. Public Hearing Notice II. Proposed Amendment No. 1 to Kettlestone Phase 1 Commercial Urban Renewal Plan PREPARED BY:Jennifer Brown, Economic Development Director REVIEWED BY: PUBLIC NOTICE INFORMATION – NAME OF PUBLICATION: Dallas County News DATE OF PUBLICATION: October 30, 2025 G7 (One publication required) NOTICE OF PUBLIC HEARING TO CONSIDER APPROVAL OF A PROPOSED AMENDMENT NO. 1 TO THE KETTLESTONE PHASE 1 COMMERCIAL URBAN RENEWAL PLAN FOR AN URBAN RENEWAL AREA IN THE CITY OF WAUKEE, STATE OF IOWA The City Council of the City of Waukee, State of Iowa, will hold a public hearing before itself at its meeting which commences at 5:30 P.M. on November 3, 2025 in the Council Chambers, City Hall, 230 West Hickman Road, Waukee, Iowa, to consider adoption of a proposed Amendment No. 1 to the Kettlestone Phase 1 Commercial Urban Renewal Plan (the "Phase 1 Amendment") concerning a Kettlestone Phase 1 Commercial Urban Renewal Area ("Phase 1 Urban Renewal Area") in the City of Waukee, State of Iowa. The Phase 1 Amendment is proposed to remove the following land from the Phase 1 Urban Renewal Area: Lot 14, Kettlestone Central Plat 1, an Official Plat, now included in and forming a part of the City of Waukee, Dallas County, Iowa. A copy of the Phase 1 Amendment is on file for public inspection in the office of the City Clerk, City Hall, City of Waukee, Iowa. The City of Waukee, State of Iowa is the local public agency which, if such Phase 1 Amendment is approved, shall undertake the urban renewal activities described in the Kettlestone Phase 1 Commercial Urban Renewal Plan ("Phase 1 Plan"), as amended. The general scope of the urban renewal activities under consideration in the Phase 1 Plan, as amended, is to promote the growth and retention of qualified industries and businesses in the Phase 1 Urban Renewal Area through various public purpose and special financing activities outlined in the Phase 1 Plan, as amended. To accomplish the objectives of the Phase 1 Plan, and to encourage the further economic development of the Phase 1 Urban Renewal Area, the Phase 1 Amendment provides that such special financing activities may include, but not be limited to, the making of loans or grants of public funds to private entities under Chapter 15A, Code of Iowa. The City also may reimburse or directly undertake the installation, construction and reconstruction of substantial public improvements, including, but not limited to, street, water, sanitary sewer, storm sewer or other public improvements. The City also may acquire and make land available for development or redevelopment by private enterprise as authorized by law. The Phase 1 Plan provides that the City may issue bonds or use available funds for purposes allowed by the Phase 1 Plan and that tax increment reimbursement of the costs of urban renewal projects may be sought if and to the extent incurred by the City. The Phase 1 Amendment initially proposes no specific public infrastructure or site improvements to be undertaken by the City. The proposed Phase 1 Amendment would remove land from the Phase 1 Urban Renewal Area and update the description of a previously approved urban renewal project to be undertaken within the Phase 1 Urban Renewal Area. Other provisions of the Phase 1 Plan not affected by the Phase 1 Amendment would remain in full force and effect. Any person or organization desiring to be heard shall be afforded an opportunity to be heard at such hearing. This notice is given by order of the City Council of the City of Waukee, State of Iowa, as provided by Section 403.5, Code of Iowa. Dated this 6th day of October, 2025. Rebecca D. Schuett City Clerk, City of Waukee, State of Iowa (End of Notice) 4914-8463-6761-1\21938-381 1 Final-II AMENDMENT NO. 1 to the KETTLESTONE PHASE 1 COMMERCIAL URBAN RENEWAL PLAN for the KETTLESTONE PHASE 1 COMMERCIAL URBAN RENEWAL AREA WAUKEE, IOWA Original Area - 2023 Amendment No. 1 - 2025 2 Final-II Amendment No. 1 to the Kettlestone Phase 1 Commercial Urban Renewal Plan for the Kettlestone Phase 1 Commercial Urban Renewal Area City of Waukee, Iowa INTRODUCTION The Kettlestone Phase 1 Commercial Urban Renewal Plan (“Phase 1 Plan” or “Phase 1 Urban Renewal Plan”) for the Kettlestone Phase 1 Commercial Urban Renewal Area (“Phase 1 Area” or “Phase 1 Urban Renewal Area”) adopted in June 2023, is being amended by this Amendment No. 1 to the Phase 1 Plan (“Phase 1 Amendment No. 1” or “Phase 1 Amendment”) to remove land from the Phase 1 Urban Renewal Area and to update the description of a previously approved urban renewal project to be undertaken within the Phase 1 Urban Renewal Area. Except as modified by this Phase 1 Amendment No. 1, the provisions of the Phase 1 Plan are hereby ratified, confirmed, and approved and shall remain in full force and effect as provided herein. In case of any conflict or uncertainty, the terms of this Phase 1 Amendment No. 1 shall control. Any subsections not mentioned in this Phase 1 Amendment No. 1 shall continue to apply to the Phase 1 Plan. DESCRIPTION OF AREA The land being removed from the Phase 1 Urban Renewal Area by this Phase 1 Amendment may be referred to as the “Phase 1 Amendment No. 1 Subarea.” The legal description of the Phase 1 Amendment No. 1 Subarea is attached hereto as Exhibit A. The legal description of the Phase 1 Urban Renewal Area, as amended, is attached as Exhibit B. A map of the Phase 1 Urban Renewal Area, as amended, is attached as Exhibit C. DEVELOPMENT PLAN The City of Waukee, Iowa (the “City”) has a general plan for the physical development of the City as a whole, outlined in the Waukee Comprehensive Land Use Plan, adopted in 2019. The goals and objectives proposed in this Phase 1 Plan, and the urban renewal project described in this Phase 1 Amendment, are in conformity with the land use policies and plans for the development of the City as a whole established in the Waukee Comprehensive Land Use Plan. This Phase 1 Plan, as amended, does not in any way replace or modify the City’s current land use planning or zoning regulation process. Any need for improved traffic, public transportation, public utilities, recreational and community facilities, or other public improvements within the Phase 1 Urban Renewal Area is set forth in the Phase 1 Plan, as amended. 3 Final-II UPDATE TO PREVIOUSLY APPROVED URBAN RENEWAL PROJECT Numerous urban renewal projects were authorized prior to the date of this Amendment and are unaltered by this Amendment. With the adoption of this Amendment, the City is replacing the Iowa Youth Athletic Foundation project description outlined in the Phase 1 Urban Renewal Plan with the following project: 1. Development Agreement with IYAF and related entities: Pursuant to authority granted by the Phase 1 Plan, the City entered into a Development Agreement (the “Agreement”) with Caliber Land Company, LLC, Kettlestone Central, L.C., and Iowa Youth Athletic Foundation (collectively of purposes of this description the “Developers”), pursuant to which the Developers would cause the completion of a sports arena and commercial complex in four phases. The Developers have now proposed an amendment to the Agreement pursuant to which the project would be completed in five phases (instead of four) and the maximum, aggregate grant amount would be increased. For purposes of this Phase 1 Plan, as amended, the eligible urban renewal project is the completion of approximately $20,000,000 in commercial developments within the Phase 1 Area (“Phase 1 Commercial Improvements”), which development the City finds will further the purposes of the Phase 1 Plan. The City expects to provide Developers with Economic Development Grants in the form of rebates of incremental taxes generated by the Phase 1 Commercial Improvements, in an aggregate amount among all five phases of not to exceed $55,000,000. The Economic Development Grants will be subject to annual appropriation and the detailed terms and conditions in the Agreement. FINANCIAL DATA 1. Current constitutional debt limit: $215,542,750 2. Current outstanding general obligation debt: $167,060,089 3. Proposed amount of indebtedness to be incurred: A specific amount of debt to be incurred for the Updated Urban Renewal Project described above has not yet been determined. This document is for planning purposes only. The estimated project costs in this Phase 1 Amendment are estimates only and will be incurred and spent over a number of years. In no event will the City’s constitutional debt limit be exceeded. The City Council will consider each project proposal on a case-by-case basis to determine if it is in the City’s best interest to participate before approving an urban renewal project or expense. Subject to the foregoing, it is estimated that the City’s costs for the Updated Urban Renewal Project described above will be approximately as stated in the next column: $55,000,000 This amount does not include any financing costs or interest which are currently unknown and may be necessary to complete the project 4 Final-II EFFECTIVE PERIOD This Phase 1 Amendment No. 1 will become effective upon its adoption by the City Council and will remain in effect until it is repealed by the City Council. Notwithstanding anything to the contrary in the Phase 1 Plan, any prior amendment, resolution, or document, the Phase 1 Plan, as amended, shall remain in effect until terminated by the City Council. The use of incremental property tax revenues, or the “division of revenue,” as those words are used in Chapter 403 of the Code of Iowa, will be consistent with Chapter 403 of the Iowa Code. Nothing in this Phase 1 Amendment shall alter the duration of the division of revenue as previously explained in the Phase 1 Plan. REPEALER AND SEVERABILITY CLAUSE Any parts of the previous Phase 1 Plan in conflict with this Phase 1 Amendment are hereby repealed. If any part of this Phase 1 Amendment or the Phase 1 Plan is determined to be invalid or unconstitutional, such invalidity or unconstitutionality shall not affect the validity of the Phase 1 Amendment or the Phase 1 Plan as a whole, or any part of the Phase 1 Amendment or the Phase 1 Plan not determined to be invalid or unconstitutional. 5 Final-II EXHIBIT A LEGAL DESCRIPTION OF PHASE 1 AMENDMENT NO. 1 SUBAREA BEING REMOVED FROM PHASE 1 AREA Lot 14, Kettlestone Central Plat 1, an Official Plat, now included in and forming a part of the City of Waukee, Dallas County, Iowa 6 Final-II EXHIBIT B LEGAL DESCRIPTION OF PHASE 1 AREA, AS AMENDED The following real property located in the City of Waukee, Dallas County, Iowa: Lot 12, Kettlestone Central Plat 1 Lot 13, Kettlestone Central Plat 1 Lot 11, Kettlestone Central Plat 1 Lot 10, Kettlestone Central Plat 1 Lot 9, Kettlestone Central Plat 1 Lot 8, Kettlestone Central Plat 1 Lot 7, Kettlestone Central Plat 1 Lot 6, Kettlestone Central Plat 1 Lot 5, Kettlestone Central Plat 1 Lot 4, Kettlestone Central Plat 1 Lot 3, Kettlestone Central Plat 1 Lot 2, Kettlestone Central Plat 1 Lot 1, Kettlestone Central Plat 1 All being part of Kettlestone Central Plat 1, an Official Plat, now included in and forming a part of the City of Waukee, Dallas County, Iowa. 7 Final-II EXHIBIT C MAP OF PHASE 1 AREA, AS AMENDED 4897-5498-9653-1\21938-381