HomeMy WebLinkAbout2005-09-19-Resolutions 05-183_TIF Certification - Ewing Land DevTHE CITY OF WAUKEE,IOWA
RESOLUTION 05-183
APPROVING THE CERTIFICATION OF REIMBURSABLE DEBT IN
ACCORDANCE WITH THE EWING LAND DEVELOPMENT AND SERVICES
DEVELOPMENT AGREEMENT AND ACKNOWLEDGING
THE COLLATERAL ASSIGNMENT OF DEVELOPMENT AGREEMENT TO
BANKERS TRUST COMPANY,N.A.
IN THE NAME AND BY THE A UTHORJTY OF THE CITY OF WA UKEE,IOWA
WHEREAS,the City of Waukee and Ewing Land Development and Services entered into
a development agreement on the 3rd day of June 2003,in which ELDS agreed to submit
receipts of eligible expenses as described in Exhibit C of the Agreement and hereto
attached;AND,
WHEREAS,"Qualified Expenses"shall include the costs associated with the construction
of internal improvements;AND,
WHEREAS,ELDS has submitted reimbursable expenses associated with the development
of Legacy Pointe totaling $1,250,000,which have been reviewed and approved by city
staff;AND,]
WHEREAS,ELDS,pursuant to the June 3,2003 Development Agreement Section 5,
Amendment/Assignment,where the City of Waukee gives its permission that the lights of
ELDS to receive the economic development tax rebate payments hereunder may be
assigned by ELDS to a private lender,as security,without further action on the part of the
City;AND,
WHEREAS,ELDS,on the iz"of August,2005,as collateral for a loan requested from
Bankers Trust Company,N.A.,assigned to Bankers'Trust all of ELDS'"right,title and
interest in and to the Development Agreement,and all proceeds therefrom."
NOW THEREFORE BE IT RESOLVED by the City of Waukee City Council in session
this 19th day of September 2005 that it hereby approves the certification of reimbursable
debt in accordance with the Ewing Land Development and Services Development
Agreement;AND,
BE IT FURTHER RESOLVED that the City of Waukee City Council recognizes and
approves the validity of the Collateral Assignment of Development Agreement if all
conditions and obligations are met by Developer in accordance with said agreement.
BE IT FURTHER RESOLVED by the City of Waukee City Council that nothing herein
is intended to modify the terms of the original agreement and should not be construed as
modifying any term or provision thereof.I
Attest:
ROLL CALL VOTE
Nicholas C.Gruber
Donald L.Bailey,Jr.
Bill Peard
Jeff Mertz
Darlene Stanton
AYE
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NAY ABSENT