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Home My WebLink About2025-11-03 I02 Kettlestone Residential Projects 2 and 3- TIF Ordinance_INTRO, 1ST READAGENDA ITEM: CITY OF WAUKEE, IOWA CITY COUNCIL MEETING COMMUNICATION MEETING DATE: November 3, 2025 AGENDA ITEM:Consideration of approval of an ordinance for the division of revenues under Section 403.19, Code of Iowa, for Kettlestone Residential Urban Renewal Area, Projects 2 and 3 Property [introduction; first reading] FORMAT:Ordinance SYNOPSIS INCLUDING PRO & CON: This ordinance establishes tax increment financing (TIF) for the properties legally described within the Kettlestone Residential Urban Renewal Area, Projects 2 and 3 Property. It ensures that property tax revenues generated from new development are used to support infrastructure improvements and economic development projects consistent with the adopted Urban Renewal Plan. FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: COMMISSION/BOARD/COMMITTEE COMMENT: STAFF REVIEW AND COMMENT:. RECOMMENDATION: Staff recommends the introduction and first reading of the ordinance. ATTACHMENTS: I. Ordinance PREPARED BY:Jennifer Brown, Economic Development Director REVIEWED BY: PUBLIC NOTICE INFORMATION – NAME OF PUBLICATION: DATE OF PUBLICATION: I2 1 ORDINANCE NO. __________ AN ORDINANCE PROVIDING THAT GENERAL PROPERTY TAXES LEVIED AND COLLECTED EACH YEAR ON CERTAIN PROPERTY LOCATED WITHIN THE KETTLESTONE RESIDENTIAL URBAN RENEWAL AREA, IN CITY OF WAUKEE, COUNTY OF DALLAS STATE OF IOWA, BY AND FOR THE BENEFIT OF THE STATE OF IOWA, CITY OF WAUKEE, COUNTY OF DALLAS, WAUKEE COMMUNITY SCHOOL DISTRICT, AND OTHER TAXING DISTRICTS, BE PAID TO A SPECIAL FUND FOR PAYMENT OF PRINCIPAL AND INTEREST ON LOANS, MONIES ADVANCED TO AND INDEBTEDNESS, INCLUDING BONDS ISSUED OR TO BE ISSUED, INCURRED BY THE CITY IN CONNECTION WITH THE KETTLESTONE RESIDENTIAL URBAN RENEWAL AREA (PROJECTS 2 & 3 PROPERTY) WHEREAS, the City Council of the City of Waukee, State of Iowa, after public notice and hearing as prescribed by law and pursuant to Resolution No. 2023-228 passed and approved on the 5th day of June, 2023, adopted an Urban Renewal Plan (the "Urban Renewal Plan") for an urban renewal area known as the Kettlestone Residential Urban Renewal Area (the "Urban Renewal Area"), which Urban Renewal Area includes the lots and parcels located within the area legally described as follows ("Projects 2 & 3 Property"): Project 2 Property: Lots 2 in Kettlestone Central Apartments Plat 1, an Official Plat, now included in and forming a part of the City of Waukee, Dallas County, Iowa (Parcel 1603116001 and 10.36 acres) Project 3 Property: Lot 1 Kettlestone Central South Plat 1, an Official Plat, now included in and forming a part of the City of Waukee, Dallas County, Iowa; and Lot 2 Kettlestone Central South Plat 1, an Official Plat, now included in and forming a part of the City of Waukee, Dallas County, Iowa; and Lot 3 Kettlestone Central South Plat1, an Official Plat, now included in and forming a part of the City of Waukee, Dallas County, Iowa; and Outlot Z Kettlestone Central Townhomes Plat 1, an Official Plat, now included in and forming a part of the City of Waukee, Dallas County, Iowa; and Parcel 22-121 a part of Parcel 21-96 as shown on the Plat of Survey recorded in Book 2021, Page 31554 being a part of Government Lot 12 in Section 3 and a part of Government Lot 16 in Section 4, all being in Township 78 North, Range 26 West of the Fifth Principal Meridian in the City of Waukee, Dallas County, Iowa 2 WHEREAS, expenditures and indebtedness are anticipated to be incurred by the City of Waukee, State of Iowa, in the future to finance urban renewal project activities carried out in furtherance of the objectives of the Urban Renewal Plan; and WHEREAS, the City Council of the City of Waukee, State of Iowa, desires to provide for the division of revenue from taxation on the Projects 2 & 3 Property of the Urban Renewal Area, as above described, in accordance with the provisions of Section 403.19 of the Code of Iowa, as amended [Note: The Project 2 & 3 Property are the only portions of the Urban Renewal Area that will be included in this TIF Ordinance. The City may adopt separate TIF ordinances on other project areas within the Urban Renewal Area. Therefore, the various TIF ordinances in this Urban Renewal Area will have different frozen bases and different expiration dates.]; and WHEREAS, the City has previously adopted Ordinance No. 3082 to implement the division of revenue on the Project 1 Property of the Urban Renewal Area, but as of the date of this Ordinance no debt has been certified in the Urban Renewal Area and so no base value has been established for the Project 1 Property. Nothing is this Ordinance is intended to alter or amend Ordinance No. 3082. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WAUKEE, STATE OF IOWA: Section 1.That the taxes levied on the taxable property in the Projects 2 & 3 Property of the Urban Renewal Area legally described in the preamble hereof, by and for the benefit of the State of Iowa, City of Waukee, County of Dallas, Waukee Community School District, and all other taxing districts from and after the effective date of this Ordinance shall be divided as hereinafter in this Ordinance provided. Section 2.That portion of the taxes which would be produced by the rate at which the tax is levied each year by or for each of the taxing districts upon the total sum of the assessed value of the taxable property in the Projects 2 & 3 Property of the Urban Renewal Area, as shown on the assessment roll as of January 1 of the calendar year preceding the first calendar year in which the City of Waukee, State of Iowa, certifies to the Auditor of Dallas County, Iowa the amount of loans, advances, indebtedness, or bonds payable from the division of property tax revenue described herein, shall be allocated to and when collected be paid into the fund for the respective taxing district as taxes by or for the taxing district into which all other property taxes are paid. Section 3.That portion of the taxes each year in excess of the base period taxes determined as provided in Section 2 of this Ordinance shall be allocated to and when collected be paid into a special tax increment fund of the City of Waukee, State of Iowa, hereby established, to pay the principal of and interest on loans, monies advanced to, indebtedness, whether funded, refunded, assumed or otherwise, including bonds or obligations issued under the authority of Section 403.9 or 403.12, Code of Iowa, as amended, incurred by the City of Waukee, State of Iowa, to finance or refinance, in whole or in part, urban renewal projects undertaken within the Urban Renewal Area pursuant to the Urban Renewal Plan, except that (i) taxes for the regular and voter-approved physical plant and equipment levy of a school district imposed pursuant to Section 298.2, Code of Iowa, and taxes for the instructional support program of a school district imposed pursuant to Section 257.19, Code of Iowa, (but in each case only to the extent required under Section 3 403.19(2), Code of Iowa); (ii) taxes for the payment of bonds and interest of each taxing district; (iii) taxes imposed under Section 346.27(22), Code of Iowa, related to joint county-city buildings; and (iv) any other exceptions under Section 403.19, Code of Iowa, shall be collected against all taxable property within the Projects 2 & 3 Property of the Urban Renewal Area without any limitation as hereinabove provided. Section 4.Unless or until the total assessed valuation of the taxable property in the Projects 2 & 3 Property of the Urban Renewal Area exceeds the total assessed value of the taxable property in the Projects 2 & 3 Property of the Urban Renewal Area as shown by the assessment roll referred to in Section 2 of this Ordinance, all of the taxes levied and collected upon the taxable property in the Projects 2 & 3 Property of the Urban Renewal Area shall be paid into the funds for the respective taxing districts as taxes by or for the taxing districts in the same manner as all other property taxes. Section 5.At such time as the loans, advances, indebtedness, bonds and interest thereon of the City of Waukee, State of Iowa, referred to in Section 3 hereof have been paid, all monies thereafter received from taxes upon the taxable property in the Projects 2 & 3 Property of the Urban Renewal Area shall be paid into the funds for the respective taxing districts in the same manner as taxes on all other property. Section 6.All ordinances or parts of ordinances in conflict with the provisions of this Ordinance are hereby repealed. The provisions of this Ordinance are intended and shall be construed so as to fully implement the provisions of Section 403.19, Code of Iowa, as amended, with respect to the division of taxes from property within the Projects 2 & 3 Property of the Urban Renewal Area as described above. In the event that any provision of this Ordinance shall be determined to be contrary to law, it shall not affect other provisions or application of this Ordinance which shall at all times be construed to fully invoke the provisions of Section 403.19, Code of Iowa, with reference to the Projects 2 & 3 Property of the Urban Renewal Area and the territory contained therein. Section 7.This Ordinance shall be in effect after its final passage, approval and publication as provided by law. 4 PASSED AND APPROVED this __________ day of _______________, 2025. Mayor ATTEST: City Clerk Read First Time: ____________________, 2025 Read Second Time: __________________, 2025 Read Third Time: ___________________, 2025 PASSED AND APPROVED: ____________________, 2025. I, ____________________, City Clerk of the City of Waukee, State of Iowa, hereby certify that the above and foregoing is a true copy of Ordinance No. __________ passed and approved by the City Council of the City at a meeting held ____________________, 2025, signed by the Mayor on ____________________, 2025, and published in the Dallas County News on ____________________, 2025. (SEAL) City Clerk, City of Waukee, State of Iowa 4938-6627-2628-1\21938-041