HomeMy WebLinkAbout2004-06-21-Resolutions 04-138_Riekes Material Handling - Development AgrRESOLUTION 04-138
Approving Development Agreement with Riekes Material Handling,
Authorizing Tax Increment Payments and pledging certain tax increment
revenues to the payment ofthe Agreement
WHEREAS,the City of Waukee,Iowa (the "City"),pursuant to and in strict
compliance with all laws applicable to the City,and in particular the provisions of
Chapter 403 of the Code of Iowa,has adopted an Urban Renewal Plan for the Hickman
West Urban Renewal Area (the "Urban Renewal Area");and
WHEREAS,this Council has adopted an ordinance providing for the division of
taxes levied on taxable property in the Urban Renewal Area pursuant to Section 403.19
of the Code of Iowa and establishing the fund referred to in Subsection 2 of
Section 403.19 of the Code of Iowa (the "Urban Renewal Tax Revenue Fund"),which
fund and the portion of taxes referred to in that subsection may be irrevocably pledged by
the City for the payment of the principal and interest on indebtedness incurred under the
authority of Section 403.9 of the Code of Iowa to finance or refinance in whole or in part
projects in the Urban Renewal Area;and
WHEREAS,an agreement between the City and Riekes Material Handling has
been prepared (the "Agreement"),pursuant to which Riekes Material Handling has
agreed to construct a warehouse and office facility in the Urban Renewal Area (the
"Riekes Material Handling Project")and the City has agreed to provide tax increment
payments in a total amount not exceeding $100,000;and
WHEREAS,this City Council,pursuant to Section 403.9 of the Code ofIowa,has
published notice,has held a public hearing on the Agreement on June 21,2004,and has
otherwise complied with statutory requirements for the approval of the Agreement;and
WHEREAS,Chapter IsA of the Code of Iowa ("Chapter ISA")declares that
economic development is a public purpose for which a City may provide grants,loans,
tax incentives,guarantees and other fmancial assistance to or for the benefit of private
persons;and
WHEREAS,Chapter ISA requires that before public funds are used for grants,
loans,tax incentives or other financial assistance,a City Council must determine that a
public purpose will reasonably be accomplished by the spending or use of those funds;
and
WHEREAS,Chapter ISA requires that in determining whether funds should be
spent,a City Council must consider any or all of a series offactors;
NOW,THEREFORE,It Is Resolved by the City Council of the City of Waukee,
Iowa,as follows:
Section 1.
finds that:
Pursuant to the factors listed in Chapter ISA,the Council hereby
(a)The Riekes Material Handling Project will add diversity and
generate new opportunities for the Waukee and Iowa economies;)(b)The Riekes Material Handling Project will generate public gains
and benefits,particularly in the creation of new jobs,which are warranted in
comparison to the amount of the proposed property tax incentives.
Section 2.The Council further finds that a public purpose will reasonably be
accomplished by entering into the Agreement and providing the property tax payments to
Riekes Material Handling.
Section 3.The Agreement is hereby approved and the Mayor and City Clerk
are hereby authorized and directed to execute and deliver the Agreement on behalf of the
City,in substantially the form and content in which the Agreement has been presented to
this City Council,and such officers are also authorized to make such changes,
modifications,additions or deletions as they,with the advice of bond counsel,may
believe to be necessary,and to take such actions as may be necessary to carry out the
provisions ofthe Agreement.
Section 4.As provided and required by Chapter 403 of the Code of Iowa,the
City's obligations under the Agreement shall be payable solely from a subfund which is
hereby established,into which shall be paid that portion of the income and proceeds of
the Urban Renewal Tax Revenue Fund attributable to property taxes derived from the
property described as follows;
Certain real property situated in the City of Waukee,County of Dallas,
State of Iowa more particularly described as;
1
J
Hickman West Industrial Park
Plat II Parcel BLot 6
(the "Riekes Material Handling Sub fund").
Section 5.The City hereby pledges to the payment of the Agreement the
Riekes Material Handling Subfund and the taxes referred to in Subsection 2 of
Section 403.19 of the Code ofIowa to be paid into such Sub fund.
Section 6.After its adoption,a copy of this resolution shall be filed in the
office of the County Auditor of Dallas County to evidence the continuing pledging of the
Riekes Material Handling Subfund and the portion of taxes to be paid into such Sub fund
and,pursuant to the direction of Section403.19 of the Code of Iowa,the Auditor shall
allocate the taxes in accordance therewith and in accordance with the tax allocation
ordinance referred to in the preamble hereof.
I
Section 7.
repealed.
All resolutions or parts thereof in conflict herewith are hereby
Passed aud approved this 21"day ofJune,2004.
rJ~.~-
Attest:
Mark J.Arents n,ity Administrator/Clerk
ROLL CALL VOTE
Nicholas C.Gruber
Donald L.Bailey,JI.
Bill Peard
JeffV.Mertz
Darlene Stanton
AYE
X
NAY ABSENT
X
X
X
X