HomeMy WebLinkAbout2005-01-24-Resolutions 05-19_Brick Industrial Park - Development Agr - Consent to AssignmentWaukee/419580-39/Res Auth Assignment
Resolution No.05-19
Resolution Consenting To Assignment Of And Amendment To J.Brick Commercial
Park,L.L.C.Development Agreement And Expressing Intent To Enter Into Future
Development Agreement with Williams Pointe Development II,L.C.
WHEREAS,the City of Waukee,Iowa (the "City")and J.Brick Commercial Park,
L.L.c.(the "Company")previously entered into a certain J.BRICK COMMERCIAL PARK,
L.L.c.DEVELOPMENT AGREEMENT (the "Agreement")dated as of November 6,2000;and
WHEREAS,the Agreement provided for the development of certain real property (the
"Property")owned by the Company in exchange for the provision of economic development tax
rebate payments (the "Payments")relative to the Property by the City to the Company as
described in the Agreement;and
WHEREAS,the Company has documented $363,000 of Qualified Expenses,as defined
in the Agreement,which are eligible to be reimbursed with the Payments,and the City Council
has taken action to accept such documentation and to acknowledge the City's satisfaction
therewith;and
WHEREAS,the Company has determined to sell the Property to Williams Pointe
Development II,L.C.(the "Purchaser")and has requested that the City consent to the
Assignment ofthe Company's rights to receive the Payments to the Purchaser;and
WHEREAS,the City is willing to consent to such assignment of Payments provided that
no additional Qualified Expenses shall be documented with respect to the Property under the
Agreement;and
WHEREAS,a certain Assigmnent of Payment Rights and a certain Consent to
Assignment of and Amendment to Development Agreement have been prepared in order to
facilitate the assignment of rights to the Payments from the Company to the Purchaser and it is
now necessary for the City Council to give authorization and approval of said documents;and
WHEREAS,the Purchaser has requested that the City negotiate and enter into a new
development agreement with respect to future commercial development on the Property;
NOW,THEREFORE,It Is Resolved by the City Council of the City of Waukee,Iowa,as
follows:
Section 1.The City Council hereby approves the Assignment of Payment Rights and
the Consent to Assignment of and Amendment to Development Agreement in substantially the
form as has been presented to the Council.The Mayor and City Clerk are hereby directed and
authorized to take such action and execute such documents as are necessary to effectuate and
carry out the terms contained therein.
Waukee/419580-39/Res Auth Assignment.
Section 2.The City Council hereby expresses its intent to negotiate and enter into a 'I
new development agreement in the future with Williams Pointe Development II,L.C.with
respect to future commercial development on the Property.
Section 3.All resolutions or parts thereof in conflict herewith are hereby repealed.
Passed and approved this 24th day ofJanuary,2005.
Attest:
71/lfi;uf2JJ~Q~/\
Mark Arentsen,(itl Administrator/Clerk .......
ROLLCALL~TE AYE NAY
Nicholas C.Gruber X
Donald L.Bailey,If.X
Bill Peard X
Darlene Stanton X
JeffV.Mertz X
ABSENT
)
I
4830-9243-4944\12171200510,09 AM