HomeMy WebLinkAbout2004-09-13-Resolutions 04-211_Casino - Designate Appl of RevenuesTHE crrv OF WAUKEE,IOWA
RESOLUTION NO.04-211
APPROVING A PLAN DESIGNATING TI-IE APPLICATION OF RESORT/CASINO
REVENUES IN THE CITY OF WAUKEE
IN THE NAME AND BY T/fEAU1HORITY OF THE CITY OF WAUKEE,IOWA
WHEREAS,the City of Waukee and Wild Rose Entertainment,LLC have entered into a
Memorandum of Intent regarding the construction of a resort/casino in the City of Waukee AND,
WHEREAS,revenues accruing from this project to the City of Waukee should be applied to;
I.Reduce the cost of City of Waukee property taxes;
2.Reduce the cost of City of Waukee water and sewer charges;
3.Fund other public improvements,AND,
WHEREAS,Waukee residents deserve to be informed on how the proposed revenues would be
applied to these expenses,AND,
WHEREAS,the City will work to assure that total revenues to the City from the resort/casino are
no less than $4 million annually,AND,
WHEREAS,the City has an fiscal obligation to investigate all opportunities for improving the
financial condition of the City and its residents,
NOW THEREFORE BE IT RESOLVED by the City of Waukee City Council in session this
13th day of September,2004 that it hereby endorses the following plan for application of
resort/casino revenues;
1.$1 million annually or 25%of the revenues,whichever is higher,shall be applied to reduce
City property taxes.Given current valuations and no change to the property tax rollback rate,the
City's tax rate would be reduced to $9.00,a reduction of33%from the current rate of$13.50.
This rate will be the third lowest rate in the metro area and within $.10 of the lowest rate.
2.$750,000 annually or 18.8%of the revenues,whichever is higher,shall be applied to reduce
City water rates.This should reduce water rates to $2.70 per thousand gallons of usage,a 50%
reduction from the current rate of $5.40.
3,$385,000 annually or 9.7%of the revenues,whichever is higher,shall be applied to reduce
City sewer rates.This should reduce sewer rates to $2.05 per thousand gallons of usage,a 50%
reduction from the current rate of $4.09.
4.$500,000 annually,or an estimated 12.5%of the revenues,shall be used for park
improvements and/or land acquisition,
5.$500,000 annually,or an estimated 12.5%of the revenues,shall be applied to costs of
operating the City of Waukee police and fire departments.
6.$100,000 annually,or an estimated 2,5%ofthe revenues,shall be applied to the operating
costs ofthe Waukee Public Library.
7.$400,000 annually,or an estimated 10%of the revenues,shall be used for street and sidewalk
repairs.
8.$365,000 annually or an estimated 9%ofthe annual revenues shall be expended at the
direction of the City Council.These funds can be applied to any of the programs described
above,or applied to other City activities.
BE IT FURTHER RESOL YED that the City Council reserves the right to revise these figures if
the responses to the survey of residents currently being conducted indicates a preference for a
different allocation of funds,
Attest:
ROLL CALL VOTE AYE NAY ABSENT
Nicholas C.Gruber X
Donald L.Bailey,JI.X
Bill Peard X
JeffY.Mertz X
Darlene Stanton X