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HomeMy WebLinkAbout2012-03-19-Resolutions 12-51_Alices LC-TEAM Des Moines Partners - Development Agr - RestatedRESOLUTION NO.12-51 RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF A RESTATED AGREEMENT BY AND BETWEEN THE CITY OF WAUKEE,ALICES,L.C.AND TEAM DES MOINES PARTNERS,LLC WHEREAS,by Resolution No.93,adopted December 13,1988,this Council found and determined that certain areas located within the City are eligible and should be designated as an urban renewal area under Iowa law,and approved and adopted the Waukee Urban Renewal Plan for the Waukee Urban Renewal Area.The Waukee Urban Renewal Area was amended numerous times and is currently known as the Waukee Unified Urban Renewal Area (the "Waukee Urban Renewal Area"),by Resolution No. 11-80,dated May 23,2011,and further amended by Amendment No.2 to the Waukee Unified Urban Renewal Area by Resolution No.11-224 on December 5,2011;and WHEREAS,it is desirable that properties within the Area be redeveloped as part of the overall redevelopment area covered by said Plan;and WHEREAS,the City has previously entered into various prior development agreements among the City,Alices,L.c.(or its predecessor(s))(the "Developer"),and Team Des Moines Partners,LLC (or its predecessor(s))("Team")(i)providing benefits to Developer in the form of tax rebate Economic Development Grants to reimburse the Developer for costs of certain infrastructure required to promote development on the Development Property and (ii)providing benefits to Team in the form of tax rebate Economic Development Grants for the construction of commercial buildings in a phased development,all relating to property that is within the Waukee Unified Urban Renewal Area;generally known as The Crossings development;and WHEREAS,the City is willing to extend the amount of time for Team to construct the commercial buildings in Phase II (former Phase III is now combined into Phase II)in order to receive tax increment payments in the form of Economic Development Grants on such buildings under certain conditions;and the City is willing to extend the amount of time for Alices,L.c.to construct the Public Improvements within the Development Property and extend the time to receive tax increment payments on future commercial construction;and WHEREAS,Team and Developer have proposed an Amended and Restated Development Agreement among the City of Waukee,Alices,L.C.and Team Des Moines Partners,LLC ("Restated Agreement")to document the parties'obligations and benefits, which Restated Agreement continues to limit the maximum Economic Development Grants to either Developer or Team to (i)no more than $3.3 Million in aggregate Economic Development Grants for reimbursement of Developer's eligible infrastructure costs;(ii)clarifies the division of potential Economic Development Grants between Developer and Team;(iii)provides that no such payments shall be made from Tax Increments after fiscal year 2020-2021;and (iv)provides that all payments are subject to the terms and following satisfaction of the conditions set forth in the Restated Agreement; WHEREAS,Iowa Code Chapters l5A and 403 authorize cities to make loans and 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 carry out the purposes of said Chapters,and to levy taxes and assessments for such purposes;and WHEREAS,the Council has determined that the Restated 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 ofthe Plan and the Urban Renewal Law and,further,that the Restated 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 l5A and 403 of the Iowa Code taking into account any or all of the factors set forth in Chapter l5A,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 wan-anted in comparison to the amount of the funds dispensed. d.Development policies in dispensing the funds should not be used to attract a business 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 Restated Agreement and has considered the extent of objections received from residents or property owners as to said proposed Restated 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 IN THE STATE OF IOWA: Section 1.That the performance by the City of its obligations under the Restated Agreement,including but not limited to making of loans and grants to the Developer in connection with the development of the Development Property under the terms set forth in the Restated 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 Restated 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 15A and 403 of the Iowa Code,taking into account the factors set forth therein. Section 2.That the form and content of the Restated 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 City Clerk be and they hereby are authorized,empowered and directed to execute,attest,seal and deliver the Restated 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 Restated Agreement,the Mayor and the City Clerk are hereby authorized, empowered and directed to do all such acts and things and to execute all such documents as may be necessary to carry out and comply with the provisions of the Restated Agreement as executed. PASSED AND APPROVED this 19th day of March,2012. ROLL CALL VOTE Shane Blanchard Dan Dutcher Casey L.Harvey Shelly Hughes Mike Watts AYE X X X X X NAY ,. ABSENT ABSTAIN