HomeMy WebLinkAbout2019-11-04-H07 Kettleview Amended Development Agreement_PHAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: November 4, 2019
AGENDA ITEM:On the proposal to enter into an Amended and Restated Agreement for
Private Development with Kettleview, L.L.C.
FORMAT:Public Hearing
SYNOPSIS INCLUDING PRO & CON: This amended development agreement reflects
changes in the overall development plan for Kettleview and lowers the
total tax rebates being made available to the Developer.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: Based on a minimum
assessed value of $34,020,000 the tax rebates being made available to the
Developer will be paid in 4.64 years. The City will receive 83% 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: N/A
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 development will provide Waukee with
event space, office buildings, a hotel and a mixed-use project and will
allow the City to continue to make improvements to the City owned pond
adjacent to this development along with trails that will connect to
existing trials in the City of Waukee.
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
H7
(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 KETTLEVIEW, L.L.C., 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 an Amended and Restated Agreement for Private Development
("Amended and Restated Agreement") with Kettleview, L.L.C. (the "Developer").
On May 20, 2019, the City and Developer entered into a Development Agreement
("Original Agreement"), pursuant to which the Developer agreed to cause certain Minimum
Improvements to be constructed on certain real property located within the Gateway Economic
Development Urban Renewal Area and to use commercially reasonable efforts to obtain tenants
or purchasers to employ employees in the Minimum Improvements.
The Amended and Restated Agreement would replace the Original Agreement and would
make changes to terms relating to the description of the Minimum Improvements, the completion
dates, the Economic Development Grant schedules, and the Minimum Assessment Agreement.
Pursuant to the Amended and Restated Agreement, the City would construct certain Public
Improvements and would provide Developer with Economic Development Grants for five (5)
distinct phases of development as further described in the Amended and Restated Agreement, with
the Grants for each phase to be made as five (5) consecutive annual payments, each annual
payment in the amount of 100% of the Tax Increment generated by the commercial development
in that particular phase, not to exceed $4,100,000 in the aggregate, under the terms and conditions
of the Amended and Restated Agreement. The Amended and Restated Minimum Assessment
Agreement establishes an aggregate value for the completed Minimum Improvements at
$53,900,000.
A copy of the Amended and Restated Agreement is on file for public inspection during
regular business hours in the office of the City Clerk, City Hall, City of 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 Amended and Restated 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 Amended and Restated Agreement.
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 of the City Code of Iowa.
Dated this 21st day of October, 2019.
Rebecca D. Schuett
City Clerk, City of Waukee in the State of Iowa
(End of Notice)
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