HomeMy WebLinkAbout2017-08-24-D02 Project Morgan Development Agr_PH AGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: August 24, 2017
AGENDA ITEM: On the proposal to enter into an Agreement for Private Development
with the Developer of Project Morgan
FORMAT: Public Hearing
SYNOPSIS INCLUDING PRO & CON: City staff will discuss the development agreement.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT:
RECOMMENDATION: Hold the public hearing.
ATTACHMENTS: I. Notice of Hearing
PREPARED BY: Becky Schuett
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION: Dallas County News
DATE OF PUBLICATION: 08/17/2017
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
AGREEMENT FOR PRIVATE DEVELOPMENT REGARDING
PROJECT MORGAN
PUBLIC NOTICE is hereby given that the City Council of the City of Waukee, Iowa,
will hold a public hearing on August 24, 2017, at 9:30 A.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 Agreement for Private Development (the "Agreement") related to
“Project Morgan”, described more fully below. The name of the contracting party (the
“Developer”) is being withheld at this time pursuant to the limitations within Iowa Code Section
22.7(8) during the pendency of negotiations between the Developer and the Iowa Economic
Development Authority (“IEDA”).
The purpose of this notice is to advise the public of the City’s planned involvement and
support of Project Morgan. Capitalized terms herein shall have the meanings ascribed to them
in the Agreement.
The Initial Project currently being considered involves the construction of defined
buildings, and the employment of at least fifty (50) Full Time Equivalent employees at the
Qualifying Wage Threshold on Development Property to be included in the proposed Waukee
West Urban Renewal Area. Provided the Developer enters into an agreement with the IEDA for
the Initial Project under the High Quality Jobs Program (the “Program”), the incentives set forth
in the Agreement would serve as the local match under the Program in support of the Initial
Project.
Pursuant to the Agreement, the Developer would execute a Minimum Assessment
Agreement pursuant to Iowa Code Section 403.6(19) whereby Developer, the holder of any
Mortgage, and all prior lienholders would agree to a minimum assessed value for each defined
building to be constructed on the Development Property (building value only) of not less than
$200,000,000, commencing upon completion of each defined building and continuing until the
end of the last fiscal year the City can legally collect incremental taxes based upon the
construction of that defined building under Iowa Code 403.19(2). In exchange, and subject to
the terms and conditions set forth in the Agreement, the City would exempt, pursuant to Iowa
Code Section 15.332 (the “Economic Development Abatement”), up to 71.30556% of the value
added by the defined buildings (building value only) from property taxes for a period of up to
twenty (20) years commencing with the date any defined building in the Initial Project is first
assessed for taxation. As an additional economic development incentive, if the City were to
adopt a franchise fee under Iowa Code sections 364.2(4)(f) and 384.3A, the City would rebate up
to 100% of the franchise fees actually paid by Developer and received by the City with respect to
Developer’s operation of the defined buildings, subject to the terms and conditions of the
Agreement. The Agreement would further allow for future Projects (comprised of additional
defined buildings subject to additional IEDA Contracts) to be developed by the Developer on the
Development Property under similar terms and conditions.
A copy of the 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 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 in the State of
Iowa, as provided by Section 364.6, and in accordance with Section 22.7(8), of the City Code of
Iowa.
Dated this 17th day of August, 2017.
Rebecca D. Schuett
City Clerk, City of Waukee in the State of Iowa