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HomeMy WebLinkAbout2022-12-05 Resolution 2022-501_Development Agreement, Waukee Towne Center LLCRESOLUTION NO. 2022-501 RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF A DEVELOPMENT AGREEMENT BY AND BE"I WEEN TI IFCITY OF WAUKEE AND WAUKF,E TOWNE CENTER, LLC WHEREAS, by Resolution No. 19-402, adopted November 4, 2019, this Council found and determined that certain areas located within the City are eligible and should be designated as an urban renewal area under Iowa law, and approved and adopted the Waukee Consolidated Urban Renewal Plan for the Waukee Consolidated Urban Renewal Area (the "Consolidated Urban Renewal Area") described therein, which Waukee Consolidated Urban Renewal Plan, as subsequently amended, is on file in the office of the Recorder of Dallas County; and WI IEREAS, by Resolution No. 2022-476, adopted November21, 2022, this Council found and determined that certain areas located within the City are eligible and should be designated as an urban renewal area under Iowa law, and approved and adopted the Towne Center Commercial Urban Renewal Plan for thefowne Center Commercial Urban Renewal Area (the "Towne Center Urban Renewal Area") described therein, which Towne Center Commercial Urban Renewal Plan will be tiled in the office of the Recorder of Dallas County; and WHEREAS, it is desirable that properties within the Consolidated Urban Renewal Area and within the Towne Center Urban Renewal Area be redeveloped as part of the overall redevelopment area covered, respectively, by the Waukee Consolidated Urban Renewal Plan and the Towne Center Commercial Urban Renewal Plan, and WHEREAS, the City has received a proposal from Waukee Towne Center, LLC (the "Developer' in the form of a proposed Development Agreement (the "Agreement") by and between the City and the Developer, pursuant to which, among other things, the Developer would agree to construct certain Minimum Improvements (as defined in the Agreement) on certain real property located within the Consolidated Urban Renewal Area and the Towne Center Urban Renewal Area as defined and legally described in the Agreement (the "Development Property"), and WHEREAS, the Agreement provides that the Minimum Improvements shall include: (1) at least 185,000 square feet of retail development, a 7.0 acre lake, drainage system, grading and loundation/pad for an amphitheater, a paved trail, and related site improvements on the Phase One Property and Outlot Y portion of the Development Property (collectively, the "Phase One Improvements"). and (2) at least 85,000 square feet of retail development with lifestyle amenities including the vertical component of the amphitheater, a water feature, outdoor seating, public art, ice rink, landscaping, playground, and related site improvements on the Phase Two Property and Outlot Y portion of the Development Property (collectively, the "Phase Two Improvements"), and WIIEREAS, the Phase One Improvements and the Phase Two Improvements both include certain "Quality of Lile Improvements" (as defined and described in the Agreement) to be constructed on the Outlot Y portion of the Development Property, which Outlot Y property the Developer is willing to transfer to the City under the terms of the Agreement; and WHEREAS, the Agreement proposes that the City will make up to thirteen (13) consecutive annual payments to Developer consisting of 75% of the Phase One Tax Increments collected pursuant to Section 403.19, Code of Iowa, generated by the construction of the Phase One Improvements on the Phase One Property pursuant to one schedule of payments (the "Phase One Economic Development Grants"), and up to thirteen (13) consecutive annual payments to Developer consisting of 75% of the Phase Two "fax Increments collected pursuant to Section 403.19, Code of Iowa, generated by the construction of the Phase Two Improvements on the Phase Two Property pursuant to a separate schedule of payments (the "Phase Two Economic Development Grants") (all such payments collectively referred to as the "Economic Development Grants"), under the terms and following satisfaction of the conditions set forth in the Agreement; and WHEREAS, the Agreement provides that the cumulative amount of the Economic Development Grants shall not exceed $21,900,000-, and WHEREAS, the Agreement also proposes that the City will provide two separate Outlot Y Payments to Developer totaling $2,500,000, to be paid following the City's acquisition of Outlot Y, as improved by the Quality of Life Improvements, subject to the terms and conditions set forth in the Agreement; and WHEREAS, Chapters 15A and 403, Code of Iowa, authorize cities to make grants for economic development in furtherance of the objectives of an urban renewal project and to appropriate such funds and make such expenditures as may be necessary to carry out the purposes of said Chapters, and to levy taxes and assessments for such purposes, and WHEREAS, the Council has determined that the Agreement is in the best interests of the City and the residents thereof -and that the performance by the City of its obligations thereunder is a public undertaking and purpose and in furtherance of the Plan and the Urban Renewal Law and, further, that the Agreement and the City's performance thereunder is in furtherance of appropriate economic development activities and objectives of the City within the meaning of Chapters 15A and 403, Code of Iowa, taking into account any or all of the factors set forth in Chapter 15A, Code of Iowa, to wit: a. Businesses that add diversity to or generate new opportunities for the Iowa economy should be favored over those that do not. b. Development policies in the dispensing of the funds should attract, retain, or expand businesses that produce exports or import substitutes, or which generate tourism - related activities. C. Development policies in the dispensing or use of the funds should be targeted toward businesses that generate public gains and benefits, which gains and benefits are warranted in comparison to the amount of the funds dispensed. d. Development policies in dispensing the funds should not be used to attract a business presently located within the state to relocate to another portion of the state unless the business is considering in good faith to relocate outside the state or unless the relocation is related to an expansion which will generate significant new job creation. Jobs created as a result of other jobs in similar Iowa businesses being displaced shall not be considered direct jobs for the purpose of dispensing funds; and WHEREAS, pursuant to notice published as required by law, this Council has held a public meeting and hearing upon the proposal to approve and authorize execution of the Agreement and has considered the extent of objections received from residents or property owners as to said proposed Agreement; and, accordingly the following action is now considered to be in the best interests of the City and residents thereof. NOW THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF WAUKEE IN THE STATE OF IOWA: Section 1. That the performance by the City of its obligations under the Agreement, including but not limited to making of grants to the Developer in connection with the development of the Development Property under the terms set forth in the Agreement, be and is hereby declared to be a public undertaking and purpose and in furtherance of the Plan and the Urban Renewal Law and, further, that the Agreement and the City's performance thereunder is in furtherance of appropriate economic development activities and objectives of the City within the meaning of Chapters 15A and 403, Code of Iowa, taking into account the factors set forth therein. Section 2. That the form and content of the Agreement, the provisions of which are incorporated herein by reference, be and the same hereby are in all respects authorized, approved and confirmed, and the Mayor and the City Clerk be and they hereby are authorized, empowered and directed to execute, attest, seal and deliver the Agreement for and on behalf of the City in substantially the form and content now before this meeting, but with such changes, modifications, additions or deletions therein as shall be approved by such officers, and that from and after the execution and delivery of the Agreement, the Mayor and the City Clerk are hereby authorized, empowered and directed to do all such acts and things and to execute all such documents as may be necessary to carry out and comply with the provisions of the Agreement as executed. PASSED AND APPROVED this 5`h day of December, 2022. Mayor ATTEST: (&&� CQ ALZ� City Clerk RESULTS OF VOTE: AYE Anna Bergman Pierce X R. Charles Bottenberg Chris Crone X Larry R. Lyon X Ben Sinclair X NAY ABSENT ABSTAIN X