HomeMy WebLinkAbout2019-05-06-H03 Kettleview 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 Kettleview, LLC
FORMAT:Public Hearing
SYNOPSIS INCLUDING PRO & CON: Kettleview, L.L.C. is proposing to develop parcels
located in the Kettlestone development located west of Grand Prairie
Parkway and north of Esker Ridge Drive. The development will
eventually include 6 buildings and one hotel. Under this development
agreement 90% of the tax rebates generated from the development will
be used to reimburse the developer for the cost of an internal road
($1,635,000), event space to be located in one of the office buildings
($2,465,000) and pond amenities with a water feature ($1,200,000) Total
tax rebates to the developer are capped at $5,300,000 with each building
limited to a 5-year payout schedule.
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 under the approved
Incentive Policy.
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
H3
NOTICE OF PUBLIC HEARING OF THE CITY COUNCIL OF
THE CITY OF WAUKEE, IOWA, ON THE MATTER OF THE
PROPOSAL TO ENTER INTO A DEVELOPMENT
AGREEMENT WITH KETTLEVIEW, L.L.C., AND THE
HEARING THEREON
PUBLIC NOTICE is hereby given that the City Council of the City of Waukee, Iowa,
will hold a public hearing on May 6, 2019, at 5:30 P.M. in the Council Chambers, City Hall, 230
W. Hickman Road, Waukee, Iowa, at which meeting the City Council proposes to take action on
the proposal to enter into a Development Agreement (the "Agreement") with Kettleview, L.L.C.
(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
Urban Renewal Area as defined and legally described in the Development Agreement, consisting
of the construction of multiple commercial buildings, one of which includes event space,
together with all related site improvements, including an internal roadway, and a fountain in an
adjacent City-owned pond, under the terms and following satisfaction of the conditions set forth
in the Agreement. One of the obligations of Developer relates to employment retention and/or
creation.
The Agreement would further obligate the City to make up to five (5) consecutive annual
payments of Economic Development Grants to Developer consisting of 90% 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
$5,300,000, or the amount accrued under the formula outlined in the proposed Development
Agreement, under the terms and following satisfaction of the conditions set forth in the
Agreement.
The Agreement also proposes that Developer and the City will enter into a Minimum
Assessment Agreement with the County setting the minimum actual value of the Minimum
Improvements for tax purposes at not less than $51,300,000.
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 City of Waukee, Iowa, as
provided by Section 364.6 of the City Code of Iowa.
Dated this 15th day of April, 2019.
Rebecca D. Schuett
City Clerk, Waukee, Iowa
(End of Notice)
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