HomeMy WebLinkAbout2025-11-03 H06 Development Agreement_IYAF First AmendmentAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: November 3, 2025
AGENDA ITEM:Consideration of approval of a resolution approving and authorizing
execution of a First Amendment to the Agreement for Private
Development by and among the City of Waukee and Caliber Land
Company, LLC; Kettlestone Central, LC; and Iowa Youth Athletic
Foundation
FORMAT:Resolution
SYNOPSIS INCLUDING PRO & CON: On May 30, 2023, the City entered into an
Agreement for Private Development with Caliber Land Company, LLC, Kettlestone Central,
L.C., and the Iowa Youth Athletic Foundation (IYAF). The Agreement outlined the development
of commercial improvements across multiple phases within the Kettlestone Urban Renewal
Areas, as well as the City’s provision of economic development grants to IYAF upon completion
of the required improvements.
City will also be considering amendments to several Kettlestone Urban Renewal Plans and
adopting a new Kettlestone Phase 5 Commercial Urban Renewal Plan. The Phase 5 plan
created a new Urban Renewal Area and reallocated certain parcels previously included in Phases
1 and 2.
The proposed First Amendment to the Development Agreement updates the Agreement to
reflect the creation of this new Urban Renewal Area, establishes new definitions related to “Phase
5” improvements, and increases the cumulative grant cap.
Key updates:
1.Inclusion of Phase 5 Urban Renewal Area
2.New Development Phase:
o Defines Phase 5 Commercial Improvements as a 12,300-square-foot commercial
building and 102,000 square feet arena to be used for athletic competition,
requiring a minimum investment of $40,000,000.
o Requires completion of the Phase 5 Commercial Improvements by December 31,
2025.
3.Economic Development Grants:
o Establishes a new Phase 5 Economic Development Grant providing up to 20
annual grant payments to IYAF.
o Each annual payment equals 100% (gym property) and 85% (dance studio) of
property tax increment revenues generated by the Phase 5 Commercial and Arena
Improvements.
4.Increased Cumulative Grant Cap:
o Raises the total cumulative maximum amount of all grants under the Agreement
from prior limits to $55,000,000.
5.Employment and Operation Commitments:
H6
o Confirms that IYAF will continue to operate the Arena as an athletic complex
hosting regional competitions.
o Developers will use commercially reasonable efforts to attract businesses
providing ongoing employment within the commercial phases.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: The City’s obligation to
make Economic Development Grant payments is limited to the
availability of incremental property tax revenues generated by the
respective improvements
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT:
RECOMMENDATION: Staff recommend approval of the resolution authorizing the execution
of the First Amendment to the development agreement with Caliber Land
Company, LLC; Kettlestone Central, LC; and Iowa Youth Athletic
Foundation
ATTACHMENTS: I. Proposed First Amendment
III. Resolution
PREPARED BY:Jennifer Brown, Director of Economic Development
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION:
DATE OF PUBLICATION:
RESOLUTION NO. ______
RESOLUTION APPROVING AND AUTHORIZING
EXECUTION OF A FIRST AMENDMENT TO THE
AGREEEMENT FOR PRIVATE DEVELOPMENT BY AND
AMONG THE CITY OF WAUKEE, CALIBER LAND
COMPANY, LLC, KETTLESTONE CENTRAL, L.C., AND
IOWA YOUTH ATHLETIC FOUNDATION
WHEREAS, on June 5, 2023, this Council found that certain areas located within the City
are eligible and should be designated as urban renewal areas under Iowa law, and approved and
adopted the: (1) Kettlestone Phase 1 Commercial Urban Renewal Plan (the "Phase 1 Plan") for the
Kettlestone Phase 1 Commercial Urban Renewal Area (the "Phase 1 Urban Renewal Area")
described therein; (2) the Kettlestone Phase 2 Commercial Urban Renewal Plan (the "Phase 2
Plan") for the Kettlestone Phase 2 Commercial Urban Renewal Area (the "Phase 2 Urban Renewal
Area") described therein; (3) the Kettlestone Phase 3 Commercial Urban Renewal Plan (the "Phase
3 Plan") for the Kettlestone Phase 3 Commercial Urban Renewal Area (the "Phase 3 Urban
Renewal Area") described therein; and (4) the Kettlestone Phase 4 Commercial Urban Renewal
Plan (the "Phase 4 Plan") for the Kettlestone Phase 4 Commercial Urban Renewal Area (the "Phase
4 Urban Renewal Area") described therein; and
WHEREAS, the City and Caliber Land Company, LLC ("Caliber"), Kettlestone Central,
L.C. ("Kettlestone Central"), and Iowa Youth Athletic Foundation ("IYAF") have previously
entered into that certain Agreement for Private Development dated May 30, 2023 (the
"Agreement"), pursuant to which, Caliber agreed to construct certain "Phase 2 Commercial
Improvements" and Kettlestone Central agreed to construct certain "Phase 1 Commercial
Improvements", "Phase 3 Commercial Improvements", and "Phase 4 Commercial Improvements"
and, further, IYAF agreed to construct certain "Arena Improvements", all on distinct portions of
the "Development Property"; and
WHEREAS, the City, IYAF, and West Bank ("Bank") executed a Partial Assignment of
Development Agreement dated March 4, 2024 ("Bank Assignment"), by which Bank Assignment
IYAF assigned its right, title and interest to the Economic Development Grants to the Bank; and
WHEREAS, the City has adopted an amendment to the Phase 1 Plan and Phase 2 Plan in
order to remove property from the Phase 1 Urban Renewal Area and Phase 2 Urban Renewal Area,
respectively, and thereafter placed said property in the Kettlestone Phase 5 Commercial Urban
Renewal Area (the "Phase 5 Urban Renewal Area") through the adoption of the Kettlestone Phase
5 Commercial Urban Renewal Plan (the "Phase 5 Plan");
WHEREAS, the City has received a proposal from Caliber, Kettlestone Central, and IYAF,
in the form of a proposed First Amendment to the Agreement for Private Development (the "First
Amendment") by and between the City, Caliber, Kettlestone Central, and IYAF in order to (i)
revise the Agreement terms and exhibits to account for the creation of the Phase 5 Urban Renewal
Area; and (ii) increase the Cumulative Maximum Amount of Grants; and
WHEREAS, Chapter 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 First 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 First 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 15 and 403, Code of Iowa, after considering the relevant factors set forth in
Chapter 15; and
WHEREAS, pursuant to notice published as required by law, this Council has held a public
meeting and hearing upon the proposal to approve and authorize execution of the First Amendment
and has considered the extent of objections received from residents or property owners as to said
proposed First Amendment; and, accordingly the following action is now considered to be in the
best interests of the City and residents thereof.
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 IYAF under the terms set forth in
the Agreement, as amended by the First Amendment, be and is hereby declared to be a public
undertaking and purpose and in furtherance of the Plan and the Urban Renewal Law and, further,
that the First 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 15 and
403, Code of Iowa, taking into account the factors set forth therein.
Section 2.That the form and content of the First 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 First 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 First 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 First
Amendment as executed.
PASSED AND APPROVED this 3rd day of November, 2025.
Mayor
ATTEST:
City Clerk