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HomeMy WebLinkAbout2019-07-15-J01zDD Partial Satisfaction of Dev Agr_Alices LC (Dev Agr) AGENDA ITEM: CITY OF WAUKEE, IOWA CITY COUNCIL MEETING COMMUNICATION MEETING DATE: July 15, 2019 AGENDA ITEM: Consideration of approval of resolution approving Partial release of property encumbered by a restated agreement among the City of Waukee, Alices, L.C. and Team Des Moines Partners, LLC (Lot 1 of Prairie Crossing Plat 7) FORMAT: Consent SYNOPSIS INCLUDING PRO & CON: Alices LC (Knapp Properties) is in the process of selling a lot within the Prairie Crossing Development. As a part of the due diligence for the buyer, they have asked that the property that is a part of the sale be released from an existing development agreement related to improvements that were to be made by Alices LC. Those improvements have been completed and accepted by the City. FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: COMMISSION/BOARD/COMMITTEE COMMENT: STAFF REVIEW AND COMMENT: Staff has reviewed the Agreement and believes the agreement can be partially satisfied as it relates to Lot 1 of Prairie Crossing Plat 7. RECOMMENDATION: Approve the Resolution ATTACHMENTS: I. Proposed Resolution II. Partial Satisfaction PREPARED BY: Brad Deets, Development Services Director REVIEWED BY: PUBLIC NOTICE INFORMATION – NAME OF PUBLICATION: DATE OF PUBLICATION: J1DD THE CITY OF WAUKEE, IOWA RESOLUTION 19- APPROVING PARTIAL RELEASE OF PROPERTY ENCUMBERED BY RESTATED AGREEMENT AMONG THE CITY OF WAUKEE, ALICES, L.C. AND TEAM DES MOINES PARTNERS, LLC IN THE NAME AND BY THE AUTHORITY OF THE CITY OF WAUKEE, IOWA WHEREAS, on August 6, 2007, the City of Waukee (“City”), and Alices, L.C. (the “Developer”) entered into an agreement (“2007 Agreement”) providing benefits to the Developer under the authority of Chapter 15A and Chapter 403 of the Code of Iowa, contingent upon certain actions of Developer on certain property in the City (the “Development Property”), all as further described in the 2007 Agreement recorded in the Office of the Recorder, Dallas County, Iowa as Document 12839 in Book 2007 Page 12839. WHEREAS, the Developer secured an agreement with Team Des Moines Partners, L.C. (“Team”) to locate on a portion of the Development Property referred to as the “Team Property” and the Developer and the City, along with Team adopted an Amendment to the 2007 Agreement, effective July 21, 2008, and recorded in the Office of the Recorder, Dallas County, Iowa as Document 11523 in Book 2008 Page 11523 (“2008 Amendment”) and such 2008 Amendment changed the division of contemplated tax increment payments from the 2007 Agreement as provided therein. WHEREAS, the Developer, Team and the City entered into that certain Amended and Restated Development Agreement Among The City of Waukee, Alices, L.C. and Team Des Moines Partners, LLC dated March 19, 2012, whereby the City extended the amount of time for Team to construct the commercial buildings in the Team Property and extended the amount of time for Developer to construct the Public Improvements within the Development Property, and such other conditions and obligations as included therein which was recorded in the Office of the Recorder, Dallas County, Iowa, as Document 5668 in Book 2012 Page 5668 (“2012 Development Agreement”). WHEREAS, the 2012 Development Agreement did specifically supersede and replace all prior agreements among the City, Developer and Team related to the development of the Development Property and the Team Property, and in addition the parties agreed that the 2012 Development Agreement contained all covenants, commitment and obligations of the parties related to all of the previous agreements as therein stated. WHEREAS, the agreements appear of record on some property that now been platted and its owner now requests that a portion of the property as described below be released from the agreement to clear a title objection and allow for its sale. WHEREAS, for valuable consideration, receipt of which is hereby acknowledged, the undersigned CITY OF WAUKEE, IOWA (“City”), does hereby release and discharge the real estate, and all current or future owners of the real estate, which real estate has been included in the Development Property and is legally described as: Lot 1, in Prairie Crossing Plat 7, an Official Plat, now included in and forming a part of the City of Waukee, Dallas County, Iowa from all covenants, commitments and obligations of the parties related to the 2007 Agreement, the 2008 Amendment and the 2012 Development Agreement, all of which are recorded in the Dallas County Recorder’s Office as given above, which recitals are hereby incorporated into this paragraph. The 2007 Agreement, the 2008 Amendment and the 2012 Development Agreement in all other respects to remain in full force and effect. NOW THEREFORE BE IT RESOLVED by the City of Waukee City Council in session this 15th day of July, 2019, that it hereby approves of the partial release of property encumbered by restated agreement. ____________________________ William F. Peard, Mayor Attest: _______________________________________ Rebecca D. Schuett, City Clerk ROLL CALL VOTE AYE NAY ABSENT ABSTAIN Anna Bergman R. Charles Bottenberg Courtney Clarke Shelly Hughes Larry R. Lyon Prepared by: Brad Deets, City of Waukee, 230 W. Hickman Rd, Waukee, IA 50263 (515) 978 -7899 Return to: Rebecca D. Schuett, City Clerk, City of Waukee, 230 W. Hickman Rd, Waukee, IA 50263 PARTIAL RELEASE OF PROPERTY ENCUMBERED BY RESTATED AGREEMENT AMONG THE CITY OF WAUKEE, ALICES, L.C. AND TEAM DES MOINES PARTNERS, LLC KNOW ALL MEN BY THESE PRESENTS: WHEREAS, on August 6, 2007, the City of Waukee (“City”), and Alices, L.C. (the “Developer”) entered into an agreement (“2007 Agreement”) providing benefits to the Developer under the authority of Chapter 15A and Chapter 403 of the Code of Iowa, contingent upon certain actions of Developer on certain property in the City (the “Development Property”), all as further described in the 2007 Agreement recorded in the Office of the Recorder, Dallas County, Iowa as Document 12839 in Book 2007 Page 12839. WHEREAS, the Developer secured an agreement with Team Des Moines Partners, L.C. (“Team”) to locate on a portion of the Development Property referred to as the “Team Property” and the Developer and the City, along with Team adopted an Amendment to the 2007 Agreement, effective July 21, 2008, and recorded in the Office of the Recorder, Dallas County, Iowa as Document 11523 in Book 2008 Page 11523 (“2008 Amendment”) and such 2008 Amendment changed the division of contemplated tax increment payments from the 2007 Agreement as provided therein. WHEREAS, the Developer, Team and the City entered into that certain Amended and Restated Development Agreement Among The City of Waukee, Alices, L.C. and Team Des Moines Partners, LLC dated March 19, 2012, whereby the City extended the amount of time for Team to construct the commercial buildings in the Team Property and extended the amount of time for Developer to construct the Public Improvements within the Development Property, and such other conditions and obligations as included therein which was recorded in the Office of the Recorder, Dallas County, Iowa, as Document 5668 in Book 2012 Page 5668 (“2012 Development Agreement”). WHEREAS, the 2012 Development Agreement did specifically supersede and replace all prior agreements among the City, Developer and Team related to the development of the Development Property and the Team Property, and in addition the parties agreed that the 2012 Development Agreement contained all covenants, commitment and obligations of the parties related to all of the previous agreements as therein stated. WHEREAS, the agreements appear of record on a portion of property that has now been platted and its owner now requests that a portion of the property as described below be released from the agreements to clear a title objection and allow for its sale. For valuable consideration, receipt of which is hereby acknowledged, the undersigned CITY OF WAUKEE, IOWA (“City”), does hereby release and discharge the real estate, and all current or future owners of the real estate, which real estate has been included in the Development Property and is legally described as: Lot 1, in Prairie Crossing Plat 7, an Official Plat, now included in and forming a part of the City of Waukee, Dallas County, Iowa from all covenants, commitments and obligations of the parties relat ed to the 2007 Agreement, the 2008 Amendment and the 2012 Development Agreement, all of which are recorded in the Dallas County Recorder’s Office as given above, which recitals are hereby incorporated into this paragraph. The 2007 Agreement, the 2008 Amendment and the 2012 Development Agreement in all other respects to remain in full force and effect. IN WITNESS WHEREOF, City of Waukee, Iowa has caused this Partial Release of Restated Agreement to be duly executed this ____ day of July, 2019. CITY OF WAUKEE, IOWA, an Iowa municipal corporation By: ______________________ William F. Peard, Mayor of the City of Waukee, Iowa By: ___________________ Rebecca D. Schuett, City Clerk STATE OF IOWA ) ) SS COUNTY OF DALLAS ) On this _____ day of _______________ , 20____, before me, the undersigned, a Notary Public in and for said County and the State of Iowa, personally appeared William F. Peard and Rebecca D. Schuett, to me personally known, who being by me duly sworn, did say that they are the Mayor and City Clerk of the City of Waukee, Iowa, a municipal corporation, executing the within and foregoing instrument and acknowledged that they executed the same as their voluntary act and deed of the City of Waukee, by it and by them voluntarily executed. By: ________________________ Printed Name: _________________ Notary Public in and for the State of Iowa