HomeMy WebLinkAbout2017-12-22-D01 Fridley Theaters Development Agreement_PHAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: December 22, 2017
AGENDA ITEM:On a proposal to enter into development agreement with Fridley Properties,
LLC
FORMAT:Public Hearing
SYNOPSIS INCLUDING PRO & CON: The proposed development agreement will provided tax
rebates for 7-years at 100% to Fridley to reimburse them for installation of a
section of NE Venture Drive connecting NE Dartmoor Dr to NE Westgate Dr
providing access to the proposed theater project and developing a 15-screen
theater complex including an IMAX. Project will be unique to Waukee and
will be a regional attraction.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT: Staff would recommend approval of the development
agreement with Fridley Theaters
RECOMMENDATION: Hold the public hearing.
ATTACHMENTS: I. Notice of Hearing
PREPARED BY:Dan Dutcher
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION: Des Moines Register
DATE OF PUBLICATION: 12/18/2017
D1
(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 A
DEVELOPMENT AGREEMENT WITH FRIDLEY
PROPERTIES, 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 December 22, 2017, at 12:00 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
Fridley Properties, LLC (the “Developer”)
The Agreement would obligate the Employer to construct certain Minimum
Improvements (as defined in the Agreement) as defined and legally described in the Agreement;
and consisting of a minimum total investment of not less than ten million dollars
($10,000,000.00) in construction costs, as outlined in the proposed Development Agreement.
The Agreement would obligate the Developer to construct Public Improvements
described therein on the Development Property to prepare the Development Property for further
development.
The Agreement proposes that the City will make up to seven (7) consecutive annual
payments of Economic Development Grants to Developer consisting of Tax Increments pursuant
to Iowa Code Section 403.19, derived from the parcel of the Development Property that is
developed as a theater project, 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, 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 of the City Code of Iowa.
Rebecca D. Schuett
City Clerk, City of Waukee in the State of Iowa
(End of Notice)
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