HomeMy WebLinkAbout2018-02-05-I01 Waukee Central Urban Renewal Plan Amendment 1_PH AGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: February 5, 2018
AGENDA ITEM: Public hearing on a proposed Amendment No. 1 to the Waukee Central
Urban Renewal Plan in the City of Waukee, State of Iowa.
FORMAT: Public Hearing
SYNOPSIS INCLUDING PRO & CON: The City Council approved a resolution for the
creation of an urban renewal plan for the Waukee Central Urban
Renewal Area in October 2017. The property included within the Urban
Renewal Area is generally the property that is owned by Deery Brothers
for purposes of constructing a new car dealership.
Included within the narrative of the adopted plan was language related to
a proposed development agreement with Deery Brothers related to
reimbursement of costs associated with the construction of 10th Street
adjacent to the project. Since the creation of the Urban Renewal Plan,
the terms of the proposed development agreement have changed slightly.
The proposed amendment to the Waukee Central Urban Renewal Plan
would include revised terms of the proposed development agreement
with Deery Brothers associated with the 10th Street improvements.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT: Staff held the required consultation hearing on January
9, 2018. No one attended the meeting. The proposed amendment is
consistent with a development agreement that is being proposed related
to improvements to 10th Street being completed as a part of the Deery
Brothers project.
RECOMMENDATION: Hold the Public Hearing
ATTACHMENTS: I. Amendment #1 to the Waukee Central Urban Renewal Plan
PREPARED BY: Brad Deets
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
I1
NAME OF PUBLICATION: Dallas County News
DATE OF PUBLICATION: 1/18/18
Final
AMENDMENT NO. 1
to the
WAUKEE CENTRAL URBAN RENEWAL PLAN
for the
WAUKEE CENTRAL
URBAN RENEWAL AREA
WAUKEE, IOWA
Original Plan - October 2017
Amendment No. 1 – February 2018
Final
TABLE OF CONTENTS
PAGE
I. Introduction 3
II. Update to Previously Approved Urban Renewal Project 3
III. Updated Financial Data 4
IV. Development Plan 4
V. Severability Clause 5
Final
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AMENDMENT NO. 1
to
WAUKEE CENTRAL
URBAN RENEWAL PLAN
CITY OF WAUKEE, IOWA
I. INTRODUCTION
The Waukee Central Urban Renewal Plan ("Plan" or “Urban Renewal Plan”) for
the Waukee Central Urban Renewal Area ("Area" or "Urban Renewal Area") was
originally adopted in 2017 and is being amended by this Amendment No. 1 to
update the list of eligible projects. This Amendment adds no new land to the
Area.
Except as modified by this Amendment, the provisions of the original Waukee
Central Urban Renewal Plan is hereby ratified, confirmed, and approved and shall
remain in full force and effect as provided herein. In case of any conflict or
uncertainty, the terms of this Amendment shall control. Any subsections in the
original Plan not mentioned in this Amendment shall continue to apply to the
Plan, as amended.
II. UPDATE TO PREVIOUSLY APPROVED URBAN RENEWAL PROJECT
One of the projects identified in the original Plan involved a Development
Agreement (the "Agreement") with The Rose Companies (the “Developer”) and
Deery, Deery & Deery, LLC (the "Employer"). The Agreement would obligate the
Developer to construct certain Public Improvements (as defined in the
Agreement) on certain property with the Area (“Development Property”). The
Agreement would further obligate the Developer to complete Minimum
Improvements (as defined in the Agreement) on a portion of the Development
Property, including construction of a new 38,975 square foot building and
associated paved lot to be used for a car dealership with cost for construction
estimated to be $6,500,000.00. The Agreement would further obligate the
Employer to employ employees at the Minimum Improvements. After further
discussions surrounding the anticipated costs related to the Public Improvements,
the obligation for the City under the proposed Development Agreement has been
adjusted so that the Agreement would obligate the City to make seven (7) annual
payments (instead of five payments as set forth in the original Plan) of Economic
Development Grants to Developer, each consisting of 100% of the Tax
Increments pursuant to the Iowa Code Section 403.19 and generated by the
construction of the Minimum Improvements, under the terms and following
satisfaction of the conditions set forth in the Agreement, up to a cumulative total
for all such payments to Developer not to exceed the lesser of the cost of the
Public Improvements or $950,000 (instead of $910,000 as set forth in the original
Plan).
Final
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III. UPDATED FINANCIAL DATA
1. July 1, 2017, constitutional debt limit: $80,529,812
2. Current outstanding general obligation debt: $61,424,472
3. Proposed amount of indebtedness to be incurred
(Amendment No. 1): A specific amount of debt to
be incurred for the Updated Project described in
this Amendment has not yet been determined.
This document is for planning purposes. The
estimated project costs in this Amendment are
estimates only and will be incurred and spent over
a number of years. In no event will the City’s
constitutional debt limit be exceeded. The City
Council will consider each project proposal on a
case-by-case basis to determine if it is in the City’s
best interest to participate before approving an
urban renewal project or expense. It is further
expected that such indebtedness, including interest
on the same, may be financed in whole or in part
with tax increment revenues from the Urban
Renewal Area. Subject to the foregoing, it is
estimated that the cost of the Updated Project as
described above will be approximately:
$950,000
IV. DEVELOPMENT PLAN
Waukee has a general plan for the physical development of the City as a whole
outlined in the Waukee Comprehensive Plan, adopted by the City on March 10,
2008, and last amended in September 2017. The goals and objectives of the Urban
Renewal Plan, as amended, including the Updated Project descried above, are in
conformity with the City’s Comprehensive Plan.
The Urban Renewal Area is currently zoned commercial. The Urban Renewal
Plan, as amended, does not in any way replace or modify the City’s current land
use planning or zoning regulation process.
The need for improved traffic, public transportation, public utilities, recreational
and community facilities, or other public improvements within the Urban Renewal
Area is set forth in this Plan, as amended. As the Area develops, the need for
public infrastructure extensions and upgrades will be evaluated and planned for by
the City.
Final
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V. SEVERABILITY CLAUSE
If any part of the Amendment is determined to be invalid or unconstitutional, such
invalidity or unconstitutionality shall not affect the validity of the previously
adopted Plan as a whole, or any part of the Plan or this Amendment not determined
to be invalid or unconstitutional.
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