HomeMy WebLinkAbout2023-05-15 Resolution 2023-215_Set Public Hearing Date, Development Agreement, Kettlestone Central LC, Caliber Land Company LLCRESOLUTION NO. 2023-215
RESOLUTION FIXING DATE FOR A PUBLIC HEARING ON
THE PROPOSAL TO ENTER INTO A DEVELOPMENT
AGREEMENT WITH KETTLESTONE CENTRAL, L.C. AND
CALIBER LAND COMPANY, LLC, AND PROVIDING FOR
PUBLICATION OF NOTICE THEREOF
WHEREAS, this Council proposes to consider, on June 5, 2023, whether certain areas
located within the County are eligible and should be designated as an urban renewal area under
Iowa law, and proposes to approve and adopt the Kettlestone Residential Urban Renewal Plan (the
"Urban Renewal Plan" or "Plan") for the Kettlestone Residential Urban Renewal Area (the "Urban
Renewal Area" or "Area") described therein; and
WHEREAS, it is desirable that properties within the proposed Area be redeveloped as part
of the overall redevelopment area covered by said Plan, if adopted; and
WHEREAS, the City has received a proposal from Kettlestone Central, L.C. (the
"Kettlestone Developer") and Caliber band Company, LL.0 (the "Caliber Developer")
(collectively the "Developers"), in the form of a proposed Development Agreement (the
"Agreement") by and between the City and the Developers, pursuant to which, among other things,
the Developers would agree to prepare lots for multi -family residential development and to
construct certain Minimum Improvements (as defined in the Agreement) including Housing Units
and certain Infrastructure Improvements to serve the Housing Units including streets, sanitary
sewer, and storm sewer, and all related site improvements, on certain real property located within
the Urban Renewal Area collectively referred to as the "Development Property", but including
distinct project areas referred to as the "Project 1 Property", "Project 2 Property", "Project 3
Property", and "Project 4 Property" as defined and legally described in the Agreement, all as
outlined in the proposed Agreement; and
WHEREAS, in consideration of the commitments of the Developers under the Agreement,
the City would agree to provide Economic Development Grants to Kettlestone Developer, under
the terms and conditions set forth in the Agreement, which Economic Development Grants are
proposed to include:
(a) Up to 10 consecutive annual payments consisting of 73.78% of the Project 1 "Tax
Increment generated by construction of the Project 1 Housing Units and collected
pursuant to Iowa Code Section 403.19;
(b) Up to 10 consecutive annual payments consisting of 73.78% of the Project 2 Tax
Increment generated by construction of the Project 2 Housing Units and collected
pursuant to Iowa Code Section 403.19,
(c) Up to 10 consecutive annual payments consisting of 73.78% of the Project 3 Tax
Increment generated by construction of the Project 3 Housing Units and collected
pursuant to Iowa Code Section 403.19, and
(d) Up to 10 consecutive annual payments consisting of 73.78% of the Project 4 Tax
Increment generated by construction of the Project 4 Housing Units and collected
pursuant to Iowa Code Section 403.19, and
WHEREAS, the Agreement provides that the cumulative total for all Economic
Development Grants payments shall not exceed the lesser of (i) the amount of the Kettlestone
Developer's "Aggregate Qualified Costs" related to construction of the Infrastructure
Improvements, (ii) $10,000,000, or (iii) the amount accrued under the formula outlined in the
proposed Agreement, under the terms and following satisfaction of the conditions set forth in the
Agreement; and
WHEREAS, Chapters 15A and 403, Code of Iowa, (the "Urban Renewal Law") authorize
cities to make grants for economic development in furtherance of the objectives of an urban
renewal project and to appropriate such funds and snake such expenditures as may be necessary to
carry out the purposes of said Chapter, 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 the factors set forth therein; and
WHEREAS, neither the Urban Renewal Law nor any other Code provision sets forth any
procedural action required to be taken before said economic development activities can occur
under the Agreement, and pursuant to Section 364.6,Code of Iowa, it is deemed sufficient if the
action hereinafter described be taken and the City Clerk publish notice of the proposal and of the
time and place of the meeting at which the Council proposes to take action thereon and to receive
oral and/or written objections from any resident or property owner of said City to such action.
NOW THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF
WAUKEE IN THE STATE OF IOWA:
Section 1. That this Council meet in the Council Chambers, City Hall, 230 West Hickman
Road, Waukee, Iowa, at 5:30 P.M. on June 5, 2023, for the purpose of taking action on the matter
of the proposal to enter into a Development Agreement with Kettlestone Central, L.C. and Caliber
Land Company, LLC.
Section 2. That the City Clerk is hereby directed to cause at least one publication to be
made of a notice of said meeting, in a legal newspaper, printed wholly in the English language,
published at least once weekly, and having general circulation in said City, said publication to be
not less than four (4) clear days nor more than twenty (20) days before the date of said public
meeting.
Section 3. The notice of the proposed action shall be in substantially the following form:
(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 KETTLESTONE
CENTRAL, L.C. AND CALIBER LAND COMPANY, LLC, AND
THE IIEARING 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 June 5, 2023, 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 Kettlestone Central,
L.C. and Caliber Land Company, LLC (collectively the "Developers").
The Agreement would obligate the Developers to prepare lots for multi -family residential
development and to construct certain Minimum Improvements (as defined in the Agreement)
including Housing Units and certain Infrastructure Improvements to serve the Housing Units
including streets, sanitary sewer, and storm sewer, and all related site improvements, on certain
real property located within the proposed Kettlestone Residential Urban Renewal Area collectively
referred to as the "Development Property", but including distinct project areas referred to as the
"Project I Property", "Project 2 Property", "Project 3 Property", and "Project 4 Property" as
defined and legally described in the Agreement, all as outlined in the proposed Agreement.
In consideration of the commitments of the Developers under the Agreement, the City
would agree to provide Economic Development Grants to Kettlestone Developer, under the terms
and conditions set forth in the Agreement, which Economic Development Grants are proposed to
include:
(e) Up to 10 consecutive annual payments consisting of 73.78% of the Project 1 Tax
Increment generated by construction of the Project 1 Housing Units and collected
pursuant to Iowa Code Section 403.19;
(f) Up to 10 consecutive annual payments consisting of 73.78% of the Project 2 Tax
Increment generated by construction of the Project 2 Housing Units and collected
pursuant to Iowa Code Section 403.19;
(g) Up to 10 consecutive annual payments consisting of 73.78% of the Project 3 Tax
Increment generated by construction of the Project 3 Housing Units and collected
pursuant to Iowa Code Section 403.19; and
(h) Up to 10 consecutive annual payments consisting of 73.78% of the Project 4 Tax
Increment generated by construction of the Project 4 Housing Units and collected
pursuant to Iowa Code Section 403.19.
The Agreement provides that the cumulative total for all Economic Development Grants
payments shall not exceed the lesser of (i) the amount of the Kettlestone Developer's "Aggregate
Qualified Costs" related to construction of the Infrastructure Improvements, (ii) $10,000,000, or
(iii) the amount accrued under the formula outlined in the proposed Agreement, 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 Developers.
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, Code of Iowa.
Dated this 151" day of May, 2023.
Rebecca D. Schuett
City Clerk, City of Waukee in the State of Iowa
(End of Notice)
PASSED AND APPROVED this 15'h day of May, 2023.
I
Mayor
ATTEST:
(Y
City Clerk
RESULTS OF VOTE: AYE NAY ABSENT ABSTAIN
Anna Bergman Pierce X
R. Charles Bottenberg X
Chris Crone X
Larry R. Lyon X
Ben Sinclair X