HomeMy WebLinkAbout2014-10-06-Resolutions 14-273_Crossing at Alice's Rd - Development Agr Amendment 1THE CITY OF WAUKEE,IOWA
RESOLUTION 14-273
APPROVING AMKNDMKNT NO.1 TO AMENDED AND RESTATED
DEVELOPMENT AGREEMENT AMONG THK CITY OF WAUKKK,ALICKS,
L.C.AND TEAM DES MOINES PARTNERS,LLC
IN THE NAME AND BY THE A UTHOMTY OF THE CITY OF lFA USE,IOWA
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,since the Restated Agreement was entered into on March 19,2012,Alices
L.C.has proposed major revisions to the overall development concept of the
Development Property;such changes anticipate a large area of residential development
on the north portion of the Development Property;AND,
WHEREAS,such changes will require additional infrastructure improvements,
primarily in the form of new roads;and due to the location of the infrastructure
improvements,certain additional infrastructure improvements will benefit both
residential and coininercial development;AND,
WHEREAS,the purpose of this Amendment is to document the reimbursement of
certain additional infrastructure improvement costs to Alices,L.C.in the form of
incremental property tax rebates;AND,
WHEREAS,the City is willing to further extend the amount of time for Team to
construct a second phase to its existing data center in order to receive tax increment
financing payments attributable to tax increment generated by such improvements under
certain conditions outlined herein and subject to the pre-existing expiration date of the
City's ability to collect tax increment;AND,
WHEREAS,the aggregate maximum payment to Developer (or Team)is not changed
by this Amendment (the lesser of (1}the Developer's Eligible Costs certified to the City
hereunder,or (2)$3,300,000);AND,
WHEREAS,the City has deterniined that providing benefits to the Developer pursuant
to this Amendment under the authority of Chapter 15A and Chapter 403 of the Code of
Iowa,which authorizes cities to provide grants,loans,guarantees,tax incentives and
other financial assistance,accomplishes the public purpose of economic development.
NOW THEREFORE BK IT RESOLVED,that the Amendment No.1 to Amended
and Restated Development Agreement among the City of Waukee,Alices,L.C.and
Team Des Moines Partners,LLC is approved.
BE IT FURTHER RESOLVED that the City Clerk is hereby authorized and directed
to file the Amendment No.1,as well as any other documents related thereto,with the
Dallas County Recorder upon satisfaction of the condition for approval.
Passed by the City Council of the City of Waukee,Iowa,and approved this the 6'"day
of October,2014.
illiai .Peard,Mayor
Attest:
Rebecca D.Schuett,City Clerk
ROLL CALL VOTE
Shane Blanchard
Brian Harrison
Casey L.Harvey
Shelly Hughes
Rick Peterson
AYK
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NAY ABSENT ABSTAIN