HomeMy WebLinkAbout2019-05-06-H02 Hurd Waukee Development Agreement_PHAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: May 6, 2019
AGENDA ITEM:Public hearing on a proposal to enter into a Development Agreement
with Hurd Waukee, LLC
FORMAT:Public Hearing
SYNOPSIS INCLUDING PRO & CON: Hurd Waukee, LLC is the developer of Waukee
Market Place located on the southwest corner of Alice’s Road and
Hickman Rd. The development currently has AutoZone, Starbucks,
IHOP completed and a proposed car wash and Aldi’s. There are 3
additional development sites in the development. The development
agreement will provide the developer 5 years of tax rebates at 80% of the
annual rebates capped at $370,000. The $370,000 provides Hurd
reimbursement for ROW along Alice’s Road ($110,000), traffic signals
costs ($88,000) and turn lane/entrance costs on Hickman ($172,000).
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT: Staff believes the proposed Development Agreement is
consistent with City’s policy for offering incentives related to public
improvements and is consistent to incentives the City has given to other
developers.
RECOMMENDATION: Hold the Public Hearing
ATTACHMENTS: I. Notice of Public Hearing
II. Proposed Development Agreement
PREPARED BY:Dan Dutcher
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION: Dallas County News
DATE OF PUBLICATION: 04/25/2019
H2
NOTICE OF PUBLIC HEARING OF THE CITY COUNCIL OF
THE WAUKEE IN THE STATE OF IOWA, ON THE MATTER
OF THE PROPOSAL TO ENTER INTO A DEVELOPMENT
AGREEMENT WITH HURD WAUKEE, LLC, AND THE
HEARING THEREON
PUBLIC NOTICE is hereby given that the Council of the Waukee in the State of Iowa,
will hold a public hearing on May 6, 2019, at 5:30 P.M. in the Council Chambers, City Hall, 230
West Hickman Road, Waukee, Iowa, at which meeting the Council proposes to take action on
the proposal to enter into a Development Agreement (the "Agreement") with Hurd Waukee, LLC
(the "Developer").
The Agreement would obligate the Developer to construct certain Minimum
Improvements (as defined in the Agreement) on certain real property located within the Gateway
Economic Development Urban Renewal Area as defined and legally described in the
Development Agreement, consisting of the construction of eight buildings, collectively totaling
approximately 50,000 square feet, on the Development Property to be used for commercial/retail
use and the employment of employees therein, together with all related site improvements, under
the terms and following satisfaction of the conditions set forth in the Agreement.
Developer has prepared the Development Property for development by installing a wider
entrance drive and left turn lane at an investment of approximately $172,000, dedicated right-of-
way valued at $110,000 to the City, and will contribute $88,000 to the City to be used for the
installation of traffic signals.
The Agreement would further obligate the City to make up to five (5) consecutive annual
payments of Economic Development Grants to Developer consisting of 80% of the Tax
Increments pursuant to the Iowa Code Section 403.19 and generated by the construction of the
Minimum Improvements, the cumulative total for all such payments not to exceed the lesser of
$370,000, or the amount accrued under the formula outlined in the proposed Agreement, under
the terms and following satisfaction of the conditions set forth in the Agreement.
A copy of the Agreement is on file for public inspection during regular business hours in
the office of the City Clerk, City Hall, Waukee, Iowa.
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. 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.
This notice is given by order of the City Council of the Waukee in the State of Iowa, as
provided by Section 364.6 of the City Code of Iowa.
Dated this 1st day of April, 2019.
Rebecca D. Schuett
City Clerk, Waukee in the State of Iowa