Loading...
HomeMy WebLinkAbout2020-07-20-I01X The Quarter at Waukee Amended Development Agreement_Set PH AGENDA ITEM: CITY OF WAUKEE, IOWA CITY COUNCIL MEETING COMMUNICATION MEETING DATE: July 20, 2020 AGENDA ITEM: Consideration of approval of a resolution fixing date for a public hearing on the proposal to enter into an Amended and Restated Agreement for Private Development with The Quarter at Waukee, LLC, and Waukee Prairie Apartments, LLC FORMAT: Consent Agenda SYNOPSIS INCLUDING PRO & CON: The City entered into a development agreement with Midtown Waukee Holdings, LLC in November 2019 related to a development project proposed to be constructed at the intersection of Grand Prairie Parkway and SE Ashworth Road. City staff is recommending a public hearing be set for August 3, 2020 to discuss a proposed amendment to the agreement including an assignment of the agreement to The Quarter at Waukee, LLC and Waukee Prairie Apartments, LLC. FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: COMMISSION/BOARD/COMMITTEE COMMENT: STAFF REVIEW AND COMMENT: RECOMMENDATION: Approve the resolution setting the date of public hearing. ATTACHMENTS: I. Proposed Resolution PREPARED BY: Brad Deets, Development Services Director REVIEWED BY: I1X RESOLUTION NO. ______ RESOLUTION FIXING DATE FOR A PUBLIC HEARING ON THE PROPOSAL TO ENTER INTO AN AMENDED AND RESTATED AGREEMENT FOR PRIVATE DEVELOPMENT WITH THE QUARTER AT WAUKEE, L.L.C. AND WAUKEE PRAIRIE APARTMENTS LLC, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF WHEREAS, this Council previously 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 by Resolution No. 13-257 approved and adopted the Gateway Economic Development Urban Renewal Plan for the Gateway Economic Development Urban Renewal Area described therein, which Plan was subsequently amended several times; and WHEREAS, this Council has consolidated the Gateway Economic Development Urban Renewal Area, along with other urban renewal areas, into the Waukee Consolidated Urban Renewal Area ("Urban Renewal Area" or "Area") by adoption of Amendment No. 1 to the Waukee Consolidated Urban Renewal Plan ("Urban Renewal Plan" or "Plan") by Resolution No. 19-402 on November 4, 2019, which Plan has subsequently been amended and is on file in the office of the Recorder of Dallas County; 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 of Waukee, Iowa ("City") and Midtown Waukee Holdings, LLC ("Original Developer") entered into an Agreement for Private Development on November 4, 2019 ("Original Agreement"), pursuant to which the Original Developer was to cause certain Minimum Improvements to be constructed in connection with the redevelopment of certain real property located within the Urban Renewal Area ("Development Property"); and WHEREAS, the Original Agreement included a Minimum Assessment Agreement between the City and Original Developer also dated November 4, 2019 ("Original Minimum Assessment Agreement"); and WHEREAS, the Development Property was subsequently transferred to The Quarter at Waukee, L.L.C. ("Developer"); and WHEREAS, the City has received a proposal from the Developer, in the form of a proposed Amended and Restated Agreement for Private Development (the "Agreement") by and between the City, the Developer, and Waukee Prairie Apartments, LLC (the "Additional Property Owner"), to amend and restate the terms of the Original Agreement and Original Minimum Assessment Agreement to reflect changes to: (i) the parties, (ii) the descriptions of the Development Property and Minimum Improvements, and (iii) the terms for construction, assessed value and operation of the Minimum Improvements on the Development Property; and WHEREAS, the City, Developer, and Additional Property Owner will enter into a minimum assessment agreement replacing the Original Minimum Assessment Agreement to set minimum assessed values on the 18 commercial buildings and the surface parking lot to be included in the Minimum Improvements, as set forth in the Agreement; and WHEREAS, pursuant to the terms of the Agreement, the City would make payments of Economic Development Grants to Developer, with the amounts of the payments to be calculated based on the Tax Increment generated by the various buildings included in the Minimum Improvements and collected by the City under Iowa Code Section 403.19, under the formulas and schedules for the various buildings set forth in the Agreement and subject to the terms and conditions of the Agreement, with the cumulative maximum amount of all Economic Development Grants under the Agreement not to exceed $32,371,485; and WHEREAS, Chapters 15A and 403, Code of Iowa, (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 carry out the purposes of said Chapter, 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 15A and 403, Code of Iowa, taking into account the factors set forth therein; and WHEREAS, neither the Urban Renewal Law nor any other Code provision sets forth any procedural action required to be taken before said economic development activities can occur under the Agreement, and pursuant to Section 364.6,Code of Iowa, it is deemed sufficient if the action hereinafter described be taken and the City Clerk publish notice of the proposal and of the time and place of the meeting at which the Council proposes to take action thereon and to receive oral and/or written objections from any resident or property owner of said City to such action. NOW THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF WAUKEE IN THE STATE OF IOWA: Section 1.That this Council meet which begins at 5:30 P.M. on August 3, 2020, for the purpose of taking action on the matter of the proposal to enter into an Amended and Restated Agreement for Private Development with The Quarter at Waukee, L.L.C. and Waukee Prairie Apartments LLC. Section 2.That the City Clerk is hereby directed to cause at least one publication to be made of a notice of said meeting, in a legal newspaper, printed wholly in the English language, published at least once weekly, and having general circulation in said City, said publication to be not less than four (4) clear days nor more than twenty (20) days before the date of said public meeting. Section 3.The notice of the proposed action shall be in substantially the following form: (One publication required) NOTICE OF PUBLIC HEARING OF THE CITY COUNCIL OF THE CITY OF WAUKEE IN THE STATE OF IOWA, ON THE MATTER OF THE PROPOSAL TO ENTER INTO AN AMENDED AND RESTATED AGREEMENT FOR PRIVATE DEVELOPMENT WITH THE QUARTER AT WAUKEE, L.L.C. AND WAUKEE PRAIRIE APARTMENTS LLC, AND THE HEARING THEREON PUBLIC NOTICE is hereby given that the Council of the City of Waukee in the State of Iowa, will hold a public hearing at its meeting on August 3, 2020, at 5:30 P.M., at which meeting the Council proposes to take action on the proposal to enter into an Amended and Restated Agreement for Private Development (the "Agreement") with The Quarter at Waukee, L.L.C. (the "Developer") and Waukee Prairie Apartments LLC ("Additional Property Owner"). Due to public health concerns related to COVID-19, this meeting will be held electronically pursuant to Iowa Code Sections 21.4(1)(b) and 21.8 as holding the meeting in person is impossible or impractical. The public may access the meeting electronically via Zoom, using the following access information: https://zoom.us/j/352651371 Meeting ID: 352-651-371 Or by phone: +1 646-558-8656 or +1 312-626-6799 or +1 301-715-8592 Please check the posted agenda in advance of the August 3, 2020 meeting for any updates to the manner in which the public may access the hearing. The City and Midtown Waukee Holdings, LLC previously entered into an Agreement for Private Development dated November 4, 2019 (the "2019 Agreement") for the development of certain Minimum Improvements on certain real property within the Waukee Consolidated Urban Renewal Area (the "Development Property"). The proposed Agreement would amend and restate the terms of the 2019 Agreement. Pursuant to the terms of the proposed Agreement, the Developer would agree to cause the construction of 18 commercial structures and a surface parking lot as the Minimum Improvements on the Development Property and certain additional property owned by the Additional Property Owner. Furthermore, the parties would agree to a minimum assessment agreement, replacing the minimum assessment agreement that was executed in connection with the 2019 Agreement, which would set minimum assessed values on the buildings included in the Minimum Improvements. The Agreement would obligate the City to make payments of Economic Development Grants to Developer, with the amounts of the payments to be calculated based on the Tax Increment generated by the various buildings included in the Minimum Improvements and collected by the City under Iowa Code Section 403.19, under the formulas and schedules for the various buildings set forth in the Agreement and subject to the terms and conditions of the Agreement, with the cumulative maximum amount of all Economic Development Grants under the Agreement not to exceed $32,371,485. At the above meeting the Council shall receive oral or written objections from any resident or property owner of said City, to the proposal to enter into the Agreement with the Developer and Additional Property Owner. After all objections have been received and considered, the Council will at this meeting or at any adjournment thereof, take additional action on the proposal or will abandon the proposal to authorize said Agreement. Please contact the City Clerk’s office at (515) 978-7904 or bschuett@waukee.org if you have questions about the electronic format of the meeting or electronic accessibility issues. To receive a copy of the Agreement for inspection, please email the Development Services Director at bdeets@waukee.org or call (515) 978-7899. This notice is given by order of the City Council of the City of Waukee in the State of Iowa, as provided by Section 364.6, Code of Iowa. Dated this 20th day of July, 2020. Rebecca D. Schuett City Clerk, City of Waukee in the State of Iowa (End of Notice) PASSED AND APPROVED this 20th day of July, 2020. Mayor ATTEST: City Clerk