Loading...
HomeMy WebLinkAbout2022-12-19 Resolution 2022-536_Development Agreement, The Quarter at Waukee LLCRESOLUTION NO. 2022-536 RESOLUTION APPROVING AND AUTIIORIZING EXECUTION OF A DEVELOPMENT AGREEMENT BY AND BETWEEN TI IE CffY OF WAUKI;E AND THE QUARTER AT WAUKEE, L.L.C. WHEREAS, by Resolution No. 2022-535, adopted December 19, 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 Quarter Commercial Urban Renewal Plan (the "Plan" or "Urban Renewal Plan") for The Quarter Commercial Urban Renewal Area (the "Area" or "Urban Renewal Area") described therein, which Plan will be placed on file in the office of the Recorder of Dallas County: and WHEREAS, it is desirable that properties within the Area be redeveloped as part of the overall redevelopment area covered by said Plan, and WHEREAS, the City and The Quarter at Waukee, L.L.C. (the "Developer") previously entered into a Second Amended and Restated Agreement for Private Development dated January 3, 2022 (the "Second Amended and Restated Agreement') and a minimum assessment agreement also dated January 3, 2022 (the "Prior Minimum Assessment Agreement'), regarding certain development activities on property then -located within the Waukee Consolidated Urban Renewal Area (the "Development Property"), and WHEREAS, the Development Property will be removed from the Waukee Consolidated Urban Renewal Area and instead included in the Urban Renewal Area, and WHEREAS, the City and the Developer desire to terminate the Second Amended and Restated Agreement and the Prior Minimum Assessment Agreement, and replace those prior agreements with a proposed Agreement for Private Development by and between the City and Developer (the "Agreement'), which Agreement has been authorized as an urban renewal project in the Urban Renewal Plan; and WHEREAS, the Agreement would provide restated terms for the Developer's proposed project and would reflect updates and changes to the project, including changes to the description of the "Development Property" and "Minimum Improvements" (as those terms are defined in the Agreement), and changes to the terms for construction, assessed value, and operation of the Minimum Improvements on the Development Property, and WHEREAS, pursuant to the Agreement, the City and the Developer would execute a new minimum assessment agreement to set minimum assessed values on the commercial buildings and the surface parking lot to be included in the Minimum Improvements, as set forth in the Agreement; and WHEREAS, pursuant to the terms of the Agreement, the City would make payments of Economic Development Grants to Developer, with the payment amounts to be calculated based on the Tax Increment generated by the various commercial buildings and the surface parking lot included in the Minimum Improvements and collected by the City under Iowa Code Section 403.19, under the formulas and schedules for the separate buildings set forth in the Agreement, which provide for payments for each building using varying percentages of "fax Increment over a period of twelve (12), sixteen (16) or twenty (20) years, subject to the terms and conditions of the Agreement, including annual maximum payment amounts, with the cumulative maximum amount of all Economic Development Grants under the Agreement not to exceed $34,002,798; 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 L,aw 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. ,lobs 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, 13Y 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 19`h day of December, 2022. ATTEST: taxtt" 0. &Altl� City Clerk RESULTS OF VOTE: AYE Anna Bergman Pierce X R. Charles Bottenberg X Chris Crone X Larry R. Lyon X Ben Sinclair X Mayor Pro Tem NAY ABSENT ABSTAIN