HomeMy WebLinkAbout2022-11-21 Resolution 2022-500_Business Incentives Policies, RevisedTHE CITY OF WAUKEE, IOWA
RESOLUTION 2022-500
A RESOLUTION ADOPTING THE REVISED CITY OF WAUKEE
BUSINESS INCENTIVE POLICIES
IN THE NAME AND BY THE A UTHORITY OF THE CITI" OF WA UKEE, IOWA
WHEREAS, the City of Waukee, Iowa is a duly organized municipality within Dallas County;
AND,
WHEREAS, the Waukee City desires to attract and retain high -quality and long-term
investments, support the creation of new jobs, stimulate business and commercial activity
including redevelopment of properties in the City; AND,
WHEREAS, the Waukee City Council determines that economic development incentive tools
are crucial to support businesses and developer locating, building and expanding in Waukee;
AND,
WHEREAS, on December 15, 2014, the Waukee City Council approved the City of Waukee
Financial Incentives Policy (Resolution #14-350); AND
WHEREAS, on June 20, 2016, the Waukee City Council adopted revised City of Waukee
Business Incentives Policies (Resolution #16-250), AND
WHEREAS, in addition to State financial incentives, including but not limited to Tax Increment
Financing and Industrial Tax Abatement and the existing Business Expansion and Location
Policy and Business Park Development Policy, the City of Waukee shall also create a 50150
Loan Program and establish a framework for Tax Increment Financing incentives; AND,
WHEREAS, applications for economic development incentives shall be considered on a case -
by -case basis and approval shall be based primarily on the total capital investment being made,
the number of jobs created, the salaries of the jobs created and investment in target industries;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WAUKEE, IOWA that the revised City of Waukee Economic Development Incentive Policies,
attached hereto as Exhibit A, is hereby adopted.
Passed and approved on this 21 S` day of November, 2022.
Attest: /� Q
Rebecca D. Schuett, City Clerk
RESULTS OF VOTE:
AYE
Anna Bergman Pierce
X
R. Charles Bottenberg
Chris Crone
X
Larry R. Lyon
X
Ben Sinclair
X
Courtney Clarke, Mayor
NAY ABSENT
/N
ABSTAIN
�
MWCI
Waukee
' f al THE KEY TO GOOD LIVING
ECONOMIC DEVELOPMENT INCENTIVE PROGRAMS
The City of Waukee offers incentive programs for economic development projects that add
quality employment opportunities and grow the commercial tax base. The City principally
uses Tax Increment Finance (TIF) rebate programs and may leverage other incentives, such
as grants, loans and tax abatement. Incentive packages are considered on a case -by -case
basis and are designed to meet the needs of the business or developer locating or
expanding in Waukee.
The Waukee City Council is committed to promoting investment and expanding employment
opportunity to meet the needs of Waukee residents, as well as grow and diversify the local
tax base. To be considered for an incentive program, the project must contribute to the
overall growth and enhancement of the community and local economy.
GENERAL GOALS
1. Encourage development and increase investment in projects that will draw people
from outside the local and regional community
2. Stimulate private investment and diversify the City's tax base
3. Increase commercial and industrial development and invest in public facilities
and infrastructure
4. Cultivate new and maintain existing quality employment opportunities within the
City of Waukee
5. Encourage redevelopment of older or underutilized areas of the city
6. Encourage investment in target industries: Advance Manufacturing,
Insurance & Financial Services, Green Technology, Health Care, Logistics and
Technology/Business Services
7. Other goals as stated in the City's urban renewal plans and strategic plans
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BUSINESS EXPANSION INCENTIVE
The City of Waukee may offer a partial tax increment rebate to existing Waukee businesses
that are expanding operations, adding new taxable valuation and creating and/or retaining
quality employment.
A Tax Increment Financing (TIF) property tax rebate is offered for up to three years at not
more than 50 percent of the available increment generated by the new project.
ELIGIBILITY FACTORS:
• Existing business with operations in Waukee's target industries
• Creates new tax valuation for the city
• Creates or retains quality employment in the City of Waukee
• Infrastructure expansion needs/public infrastructure improvements
• Without the use of TIF funds, the project would not occur in Waukee or
the scope of the project would be reduced
• Any other considerations determined by the City Council to be relevant
INFRASTRUCTURE IMPROVEMENT INCENTIVE
The City of Waukee may offer a partial tax increment rebate to developers and/or new
businesses that are improving a property which requires significant investment in public
infrastructure improvements. A Tax Increment Financing (TIF) property tax rebate may be
offered for up to ten years at no more than 50 percent of the available increment generated
by the new project.
ELIGIBILITY FACTORS:
• Projects that include target industries
• Investment in public infrastructure improvements
• Creates new tax valuation for the city
• Investment in community assets and amenities consistent with the City's
Comprehensive Plan and City Council priorities
• Project will not occur if the City does not partner in the costs of public improvements
• Any other considerations determined by the City Council to be relevant
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EXPANDED TIF INCENTIVE
The City of Waukee may offer a partial tax increment rebate to developers and/or new
businesses adding new taxable valuation to property located within the City limits.
A Tax Increment Financing (TIF) property tax rebate may be offered for up to five years at
no more than 75 percent of the available increment generated by the new project.
ELIGIBILITY FACTORS:
• Creates new tax valuation and high -quality employment
• Investment in public infrastructure improvements
• Project includes one of the City's target industries and/or City Council priorities
• Project involves the creation, construction and installation of public art
• Investment in community assets and amenities consistent with the City's
Comprehensive Plan and City Council priorities
• Without the use of TIF funds, the project would not occur in Waukee or the scope of
the project would be reduced
• Any other considerations determined by the City Council to be relevant
ADDITIONAL ELIGIBILITY CONSIDERATIONS
• Commitment to use minority, women -owned or veteran -owned
contractors/subcontractors for 25 percent or more of the total project
Individuals/entities owned by minorities, women or veterans
• Buildings/expansion meet LEED Certification
50/50 LOAN
The 50/50 loan program is designed to promote quality employment and capital investment
in Waukee's target industries. Loans may be up to $100,000 and are structured as 50%
repayable, 50% forgivable with five-year repayment terms and five-year job creation and
maintenance targets.
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TRIANGLE DISTRICT PROPERTY IMPROVEMENT PROGRAM
The Property Improvement Fund assists property owners in renovating and upgrading older
commercial, office and mixed -use properties within the designated Waukee Triangle
Property Improvement District. Property owners within the district are eligible for a grant up
to a maximum of $35,000 per property/year based on value of improvements.
TRIANGLE DISTRICT FACADE IMPROVEMENT PROGRAM
The Facade Improvement Program offers financial assistance for improving the exterior
appeal for buildings within the Waukee Triangle District in downtown Waukee. Businesses,
organizations or property owners can apply for a matching grant to cover costs of fapade
improvements. The maximum award is $7,500 per project annually.
INDUSTRIAL PROPERTY TAX ABATEMENT
The City of Waukee has authorized the use of the State of Iowa's industrial property tax
abatement program for qualifying new and expanded building investments located
anywhere within city limits. The Industrial Property Tax Exemption (Tax Abatement) phases in
the taxable valuation of a parcel on a sliding five-year scale:
1 75% exemption of new valuation
2 60% exemption of new valuation
3 45% exemption of new valuation
4 30% exemption of new valuation
5 15% exemption of new valuation
This program assists qualifying businesses by reducing the property tax paid on new
construction and other taxable improvements to a property. To qualify for exemption, a
project must be one of the following:
• Industrial real estate
• Research facility
• Warehouse distribution center
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SPECIAL PROJECTS FUND
The Special Projects Fund provides a source of funding to ensure that businesses can get the
information they need to evaluate a location in Waukee. The Special Projects Fund can be
tapped for a wide variety of uses, such as traffic studies, soil testing, environmental studies,
expert consultations, etc. The City's Community Development Department will work with
company leaders to determine how the Special Projects Fund can bring the most value.
STATE OF IOWA ASSISTANCE
The State of Iowa provides valuable assistance to businesses seeking to locate or expand in
the state. Please refer to the Iowa Economic Development Authority (IEDA) for details on the
assistance programs offered by the State. Several state programs require a local match, and
the City of Waukee can assist businesses with that portion of the application process.
CONTACT
For questions on economic incentive policy or to discuss an incentive package, contact
Jennifer Brown, Economic Development Director for the City of Waukee at
jbrown@waukee.org or 515-978-7410.
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