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HomeMy WebLinkAbout2008-02-25-Resolutions 08-47_Shottenkirk - Redevelopment AgrRESOLUTION NO.08-47 )RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF A REDEVELOPMENT AGREEMENT BY AND BETWEEN THE CITY OF WAUKEE AND SHOTTENTGRK PARTNERSHIP,LP WHEREAS,by Resolution No.00-189 approved and adopted on November 6,2000,(as modified by Resolution No.00-226 approved on December 18,2000),the City Council has approved and adopted an urban renewal plan for the area designated as the "Waukee Urban Renewal Area,"as amended (the "Urban Renewal Plan");and WHEREAS,the City Council has heretofore adopted Ordinance No.2334,under which the taxes levied on the taxable property in the Waukee Urban Renewal Area shall be divided pursuant to Iowa Code Section 403.19;and WHEREAS,it is desirable that properties within the Urban Renewal Area be redeveloped as part ofthe overall redevelopment area covered by said Plan;and WHEREAS,the City has received a proposal from Shottenkirk Partnership,LP (the "Developer"),in the form of a proposed Redevelopment Agreement (the "Agreement")by and between the City and the Developer,pursuant to which,among other things,the Developer would agree to redevelop land into a car dealership encompassing approximately 10 acres within the Property (the "Project")including construction of certain infrastructure improvements (the "Public Improvements")made with respect to the redevelopment of the Property as outlined more specifically in the proposed Agreement.The Public Improvements along with the Project shall be completed by March 15,2009;and 1 WHEREAS,the Agreement further proposes that the Developer will submit documentation evidencing the cost incurred in the construction of the Public Improvements (the "Developer's Eligible Costs")as described in the Agreement.Annually,beginning October 15, 2009 Developer shall certify Developer's Estimate of incremental taxes payable on the property in the coming fiscal year,The City will then certify on or before December I,2009,and continuing for not more than ten fiscal years,or until such earlier date on which (a)total Payments in an amount equal to the lesser of (i)Three Hundred Eleven Thousand Five Hundred Eighteen Dollars ($311,518)or (ii)the Developer's Eligible Costs have been made;or (b)the agreement terminates.The Payment Percentage over the life ofthe Agreement shall be 80%of the Incremental Property Tax Revenues received by the City with respect to the Property during the six months preceding such payment years.Increment payments will begin December 1,2010; and WHEREAS,Iowa Code Chapters 15A and 403 (the "Urban Renewal Law")authorize cities to make grants for economic development in furtherance of the objectives of an urban renewal project and to appropriate such funds and make such expenditures as may be necessary to I -1- carry out the purposes of said Chapters,and to levy taxes and assessments for such purposes;and WHEREAS,the Council has determined that the Agreement is in the best interests of the City and the residents thereof and that the performance by the City of its obligations thereunder is a public undertaking and purpose and in furtherance of the Plan and the Urban Renewal Law and, further,that the Agreement and the City's performance thereunder is in furtherance of appropriate economic development activities and objectives of the City within the meaning of Chapters 403 and 15A of the Iowa Code taking into account the factors set forth in Chapter I5A,to wit: a.Businesses that add diversity to or generate new opportunities for the Iowa economy should be favored over those that do not. b.Development policies in the dispensing of the funds should attract,retain,or expand businesses that produce exports or import substitutes or which generate tourism-related activities. c.Development policies in the dispensing or use of the funds should be targeted toward businesses that generate public gains and benefits,which gains and benefits are warranted in comparison to the amount of the funds dispensed. d.Development policies in dispensing the funds should not be used to attract a bnsiness presently located within the state to relocate to another portion of the state unless the business is considering in good faith to relocate outside the state or unless the relocation is related to an expansion which will generate significant new job creation.Jobs created as a result of other jobs in similar Iowa businesses being displaced shall not be considered direct jobs for the purpose of dispensing funds. ;and WHEREAS,pursuant to notice published as required by law,this Council has held a public meeting and hearing upon the proposal to approve and authorize execution of the Agreement and has considered the extent of objections received from residents or property owners as to said proposed Agreement;and,accordingly the following action is now considered to be in the best interests of the City and residents thereof. NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WAUKEE,IOWA: -2- Section 1.That the performance by the City of its obligations under the Agreement,r including but not limited to making of grants to the Developer in connection with the project. i I under the terms set forth in the Agreement,be and is hereby declared to be a public undertaking and purpose and in furtherance of the Plan and the Urban Renewal Law and,further,that the Agreement and the City's performance thereunder is in furtherance of appropriate economic development activities and objectives of the City within the meaning of Chapters 403 and 15A of the Iowa Code,taking into account the factors set forth therein. Section 2.That the form and content of the Agreement,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 Mayor Pro Tem and the City Clerk and the Deputy City Clerk be and they hereby are authorized,empowered and directed to execute,attest,seal and deliver the Agreement 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 Agreement,the Mayor and the Mayor Pro Tem and the City Clerk and the Deputy City Clerk are hereby authorized,empowered and directed to do alI such acts and things and to execute alI such documents as may be necessary to carry out and comply with the provisions of the Agreement as executed. PASSED AND APPROVED this 25th day of February,2008. 1 ATTEST: ROLL CALL VOTE Donald L.Bailey,II. Casey L.Harvey C.Isaiah McGee Darlene Stanton Mike Watts AYE X X NAY ABSENT ABSTAIN X X X