HomeMy WebLinkAbout2026-06-01 Resolution 2026-232_Consent to Collateral Assignment of Development Agreement, Waukee Towne Center LLC, Waukee Towne Center II LLC, Wells Fargo BankRESOLUTION NO. 2026-232
RESOLUTION APPROVING AND AUTHORIZING
EXECUTION OF A CONSENT TO COLLATERAL
ASSIGNMENT OF AMENDED AND RESTATED
AGREEMENT FOR PRIVATE DEVELOPMENT FROM
WAUKEE TOWNE CENTER, LLC AND WAUKEE TOWNE
CENTER II, LLC TO WELLS FARGO BANK, NATIONAL
ASSOCIATION
WHEREAS, on the 18t day of September, 2023, the City of Waukee, Iowa ("City"),
Waukee Towne Center, LLC, and Waukee Towne Center II, LLC (individually and collectively,
jointly and severally, the "Borrower") entered into an Amended and Restated Agreement for
Private Development, as amended by a First Amendment dated March 3, 2025 (collectively, the
("Development Agreement"), pursuant to which the Borrower agreed to construct certain Phase
One Improvements and Phase Two Improvements (collectively, the "Minimum Improvements"),
and the City agreed to provide certain Economic Development Grants (as defined in the
Development Agreement) to the Borrower in exchange for Borrower's obligations under the
Development Agreement; and
WHEREAS, at the request of Borrower, the Public Finance Authority, a unit of
government and a body corporate and politic under the laws of the State of Wisconsin ("Issuer")
has agreed to issue its not to exceed $70,000,000 Taxable Revenue Bonds, Series 2026 (Waukee
Towne Center Project) (the "Bonds"), pursuant to the terms of a Financing Agreement dated as
of May 1, 2026 (the "Financing Agreement"), by and among the Issuer, Borrower and Wells
Fargo Bank, National Association (the "Purchaser"); and
WHEREAS, Purchaser has agreed to purchase the Bonds from Issuer and, as a condition
thereto, Purchaser has required Borrower to enter into a Continuing Covenant Agreement dated
as of May 1, 2026, between Borrower and Purchaser (the "Continuing Covenant Agreement");
and
WHEREAS, the proceeds from the sale of the Bonds to Purchaser will be loaned by
Issuer to Borrower in one or more advances (the "Loan") in accordance with the Financing
Agreement and the Continuing Covenant Agreement and used by Borrower to finance the
Minimum Improvements; and
WHEREAS, the City has received a request from the Borrower and Purchaser to consent
to a proposed Collateral Assignment of Amended and Restated Agreement for Private
Development (the "Assignment") by and between the Borrower and the Purchaser, pursuant to
which, among other things, the Borrower would assign all of its rights to the Development
Agreement and Economic Development Grants (as defined in the Development Agreement) as
additional security for the Loans under the Continuing Covenant Agreement; and
WHEREAS, the City is willing to provide such consent to the proposed Assignment,
under the terms and conditions set forth in the Consent to Collateral Assignment of Amended
and Restated Agreement for Private Development ("Consent") attached to the Assignment.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WAUKEE, IOWA:
Section 1. That the form and content of the Consent, 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 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, 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 Consent as
executed.
PASSED AND APPROVED this 1st day of June, 2026.
ATTEST:
k/41/144/1 0
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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X
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