HomeMy WebLinkAbout2016-08-01-H06 KC Kettlestone Dev Agr_PH AGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: August 1, 2016
AGENDA ITEM: On the proposal to enter into a Development Agreement with KC
Kettlestone, L.C. and Ashworth Properties Development, Inc.
FORMAT: Public Hearing
SYNOPSIS INCLUDING PRO & CON: Development Agreement between the City and KC
Kettlestone, L.C. and Ashworth Properties Development, Inc. to provide
incentives for development and infrastructure improvements.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT:
RECOMMENDATION: Hold the public hearing.
ATTACHMENTS: I. Notice of Public Hearing
PREPARED BY: Dan Dutcher
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION: Dallas County News
DATE OF PUBLICATION: 07/28/2016
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 KC KETTLESTONE,
L.C. AND ASHWORTH PROPERTIES DEVELOPMENT, INC.,
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 August 1, 2016, 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 KC
Kettlestone, L.C. (the “Developer”) and Ashworth Properties Development, Inc. (the "Land
Developer").
The Agreement would obligate the Developer to construct certain Minimum
Improvements (as defined in the Agreement) on certain real property located within the Gateway
Urban Renewal Area as defined and legally described in the Development Agreement, consisting
of the construction of a 90,000 square foot, two story building to be used for office space,
together with all related site improvements, under the terms and following satisfaction of the
conditions set forth in the Agreement. Developer anticipates the Minimum Improvements will
be leased to a commercial business that will employ employees therein.
The Agreement would further obligate the City to make up to five (5) consecutive annual
payments of Economic Development Grants to Developer consisting of 100% of the Tax
Increments pursuant to the Iowa Code Section 403.19 and generated by the construction of the
Minimum Improvements; the cumulative total for all such payments is currently estimated to be
$1,740,000 but in no event will exceed the amount accrued under the formula outlined in the
proposed Development Agreement, under the terms and following satisfaction of the conditions
set forth in the Agreement.
The Agreement proposes that Land Developer will dedicate property to the City, at no
cost to the City, to be used as right-of-way for certain Public Improvements, as described in the
Agreement, to be constructed by the City in the Urban Renewal Area.
The Agreement further proposes that Land Developer will pay for the costs of the Public
Improvements not otherwise paid for by RISE grants.
The Agreement would further obligate the City to make up to five (5) additional
consecutive annual payments of Economic Development Grants to Developer consisting of
100% of the Tax Increments pursuant to the Iowa Code Section 403.19 and generated by the
construction of the Minimum Improvements, the cumulative total for all such payments not to
exceed the amount accrued under the formula outlined in the proposed Development Agreement
(currently estimated to be $1,740,000), under the terms and following satisfaction of the
conditions set forth in the Agreement.
The Agreement further proposes that Developer will contribute $25,000 from each
Economic Development Grant to offset the cost of the City constructing certain Public Amenities
in the Urban Renewal Area, as described 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 and Land 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.
Dated this 18th day of July, 2016.
Rebecca D. Schuett
City Clerk, City of Waukee in the State of Iowa