HomeMy WebLinkAbout2026-02-17 Resolution 2026-056_Partial and Limited Assignment of Development Agreement, The Quarter at Waukee LLC, KTL F4 LLCRESOLUTION NO. 2026-056
RESOLUTION APPROVING AND AUTHORIZING
EXECUTION OF A PARTIAL AND LIMITED ASSIGNMENT
AND ASSUMPTION OF AGREEMENT FOR PRIVATE
DEVELOPMENT AND MINIMUM ASSESSMENT
AGREEMENT BETWEEN THE QUARTER AT WAUKEE, LLC
AND KTL F4, LLC
WHEREAS, on the 19th day of December, 2022, the City of Waukee, Iowa (the "City") and
The Quarter at Waukee, LLC ("Assignor") entered into an Agreement for Private Development
and a Minimum Assessment Agreement ("Development Agreement") pursuant to which the
Developer agreed to construct certain Minimum Improvements (as that term is defined in the
Development Agreement) on certain property located in The Quarter Commercial Urban Renewal
Area (the "Development Property"), and the City agreed to provide certain incentives to the
Assignor in exchange for Assignor's obligations under the Development Agreement; and
WHERAS, the Assignee has purchased a portion of the Development Property from
Assignor for purposes of developing Building F4 thereon under the terms and conditions of the
Development Agreement and Minimum Assessment Agreement; and
WHEREAS, the Assignor has requested to transfer its rights, interests, and obligations
under the Development Agreement and Minimum Assessment Agreement to KTL F4, LLC with
respect to Building F4 (the "Assignee"); and
WHEREAS, the Development Agreement and the Minimum Assessment Agreement
require the City's consent before the Assignor may assign any of its rights, interests, and
obligations under the Development Agreement, and the City is willing to provide such consent to
the proposed assignment, under the terms and conditions set forth in the proposed Partial and
Limited Assignment and Assumption of Agreement for Private Development and Minimum
Assessment Agreement (the "Assignment") now before the Council.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WAUKEE, IOWA:
Section 1. That the form and content of the Assignment, 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 consent to the Assignment 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 Consent Agreement, 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 Assignment as
executed.
PASSED AND APPROVED this 17th day of February, 2026.
ATTEST:
City Clerk
RESULTS OF VOTE:
Kala Anderson
Chris Crone
Rob Grove
Lori Lyon
Anna Bergman Pierce
Mayor
AYE NAY ABSENT ABSTAIN
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