HomeMy WebLinkAbout2019-11-04-H06 Midtown Waukee Holdings Development Agreement_PHAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: November 4, 2019
AGENDA ITEM:On a proposal to enter into a Development Agreement with Midtown
Waukee Holdings, LLC
FORMAT:Public Hearing
SYNOPSIS INCLUDING PRO & CON: The Midtown Waukee Holding project will offer the
following benefits to the City of Waukee:
Will provide a unique entertainment venue that will attract uses not currently in the City
or the metro Des Moines area.
A hotel will be part of the initial project meeting a goal of the City to attract hospitality
projects
Will spur additional development in Kettlestone including retail, hospitality and office.
Will be a regional project that will bring people to Waukee but will also be a direct
benefit to the residents of Waukee
Will provide funds that can be used for future infrastructure projects in the City
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: Based on a minimum
assessment of $80,000,000 the tax rebates being made available to the
Developer will be paid in 11.83 years. The City will receive 58% of the
funds available from this project over a 20-year period. These funds will
be available for future infrastructure projects.
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
Regional Incentive Policy. This project will provide Waukee with a
unique entertainment district not currently offered in the metro Des
Moines area, an enclosed concert/event venue, retail, restaurants and a
hotel.
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: 10/31/2019
H6
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 MIDTOWN WAUKEE HOLDINGS, 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 on November 4, 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 Midtown
Waukee Holdings, LLC (the "Developer").
The Agreement would obligate the Developer to construct certain Minimum Improvements
(as defined in the Agreement) consisting of the construction of six commercial buildings
comprising an approximately 255,000 square foot entertainment district, together with all related
site improvements, on certain real property located within the Gateway Economic Development
Urban Renewal Area as defined and legally described in the Agreement (the “Development
Property”), under the terms and following satisfaction of the conditions set forth in the Agreement.
The Agreement provides that the Minimum Improvements are being constructed with the intent
that the buildings will be occupied by commercial enterprises that will create and/or retain jobs
and employees in their operations on the Development Property. 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
$80,000,000.
The Agreement would obligate the City to make up to twelve (12) consecutive annual
payments of Economic Development Grants to Developer for each building constructed as part of
the Minimum Improvements, consisting of 80% of the Tax Increments generated by the
construction of the particular building and collected pursuant to Iowa Code Section 403.19,
provided however that the cumulative total for all such Economic Development Grant payments
is not to exceed the lesser of $19,700,000, or the amount accrued under the formulas 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, Code of Iowa.
Dated this 24th day of October, 2019.
Rebecca D. Schuett
City Clerk, Waukee in the State of Iowa
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