HomeMy WebLinkAbout2026-04-20 I01C_03 Receipt-File_Correspondence_Waukee Towne CenterAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: April 20, 2026
AGENDA ITEM:Consideration of approval of receipt and file of Public Finance Authority
– Waukee Towne Center (revised)
FORMAT:Consent Agenda
SYNOPSIS INCLUDING PRO & CON: The City has been requested to provide a letter of
approval for the Waukee Towne Center project related to financing. The
letter does not constitute a commitment relative to funding on behalf of
the City. The letter has been revised from the one that was included on
the 4/6/26 agenda.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT: City Attorney Brick has prepared the letter for the City
Administrator’s signature.
RECOMMENDATION: Receive and file the correspondence.
ATTACHMENTS: I. Public Finance Authority - Letter
PREPARED BY:Brad Deets, City Administrator
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION:
DATE OF PUBLICATION:
I1C3
1
[PRINT ON PROJECT JURISDICTION LETTERHEAD]
April 20, 2026
Public Finance Authority
22 E. Mifflin Street, Suite 900
Madison, WI 53703
Re: Public Finance Authority bond issue to finance certain projects located in the City
of Waukee, Iowa
Ladies and Gentlemen:
I have been informed that the Public Finance Authority, a bond issuing joint powers commission
created and existing under the laws of the State of Wisconsin (the “PFA”), proposes to issue its
revenue bonds in the approximate amount of $70,000,000.00 (the “PFA Bonds”), the proceeds of
which will finance a project to be located in the City of Waukee, Iowa (the “Project Jurisdiction”)
consisting of a large retail development with lifestyle amenities including the vertical component
of the amphitheater, a water feature, outdoor seating, public art, ice rink, landscaping, and
playground and related site improvements (the”Project”).
I have been further informed that Section 66.0304(11)(a) of the Wisconsin Statutes provides that
PFA may not issue bonds to finance a capital improvement project unless the governing body, or
the highest ranking executive or administrator, of a political subdivision within whose boundaries
the project is to be located has approved the financing of the project.
The potential benefits to the Project Jurisdiction from the proposed project include creating
temporary and permanent jobs to support the construction and operations of the completed retail
establishments, providing additional retail opportunities for residents, as well as recreational space
for use by the general public.
I am the highest ranking administrator of the Project Jurisdiction. Solely for purposes of satisfying
the requirements of Section 66.0304(11)(a) of the Wisconsin Statutes I hereby provide this letter
as evidence of approval of the above-described financing by the PFA, but in no other way provide
any opinion or endorsement with respect to the issuance of the PFA Bonds.
This letter shall not be referred to in connection with the marketing and sale of the PFA Bonds,
and the Project Jurisdiction shall have no responsibility or liability of any kind, direct or indirect,
with respect to the terms, sale, issuance, security for, or payment of the PFA Bonds, which shall
be the sole responsibility of the PFA. This letter does not constitute a commitment by the Project
Jurisdiction, or any other governmental body, to provide any other approvals that may be required
in connection with the above-described project, or an undertaking of any responsibility of any kind
with respect to the PFA Bonds. No opinion is given as to whether this letter is sufficient to satisfy
the requirements the above-referenced Wisconsin Statute.
2
City of Waukee, Iowa
By:___________________________
Brad Deets
City Administrator for the City of Waukee, Iowa
230 W. Hickman Road
Waukee, Iowa 50263