HomeMy WebLinkAbout2023-07-10 Resolution 2023-287_Third Amendment to Development Agreement, The Quarter at Waukee LLCRESOLUTION NO. 2023-287
RESOLUTION APPROVING AND AUTHORIZING
EXECUTION OF A THIRD AMENDMENT TO THE
AGREEMENT FOR PRIVATE DEVELOPMENT AND
MINIMUM ASSESSMENT AGREEMENT BY AND BETWEEN
THE CITY OF WAUKEE AND "THE QUARTER AT WAUKEE,
L.L.C.
WI IEREAS, 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 is on file in the office
of the Recorder of Dallas County; and
WHEREAS, the City of Waukee, Iowa ("City") and The Quarter at Waukee, L.L.C.
("Developer") previously entered into an Agreement for Private Development dated December 19,
2022 and a Minimum Assessment Agreement also dated December 19, 2022 (together, the
"Agreement"), pursuant to which, among other things, the Developer agreed to construct certain
Minimum Improvements (as defined in the Agreement) on certain real property located within the
Urban Renewal Area (the "Development Property"), the City agreed to provide certain incentives
described as "Economic Development Grants" to the Developer in exchange for Developer's
obligations under the terms and conditions of the Agreement, and the parties agreed to set certain
Minimum Actual Values for the assessment of the Minimum Improvements, and
WHEREAS, the City and Developer previously entered into a First Amendment to the
Agreement on January 16, 2023 to (a) amend the description of some of the Buildings being
constructed as part of the Minimum Improvements, (b) amend the minimum actual values for some
of the Buildings to be constructed on the Development Property; and (c) revise the Economic
Development Grant schedules for some of the Buildings to be constructed on the Development
Property; and the City and Developer also entered into a Second Amendment to the Agreement on
March 6, 2023 to amend the deadline for Developer's acquisition of a certain portion of the
Development Property, as legally defined in the Second Amendment; and
WHEREAS, the City and Developer desire to make additional changes to the terms of the
Agreement, pursuant to a proposed Third Amendment to the Agreement (the "Third Amendment"),
to adjust the descriptions, Minimum Actual Value schedules, and Economic Development Grant
schedules for Building Fl and Building F2 being constructed as part of the Minimum
Improvements; 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 Third Amendment 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 Third Amendment 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, City staff has caused publication to be made of a notice of the proposal to
enter into the Third Amendment and of the time and place of this meeting at which it is proposed
to take action on the authorization of the Third Amendment and to receive oral and/or written
objections from any resident or property owner of said City to such action; and
WHEREAS, pursuant to said notice, which notice is hereby ratified by the Council, this
Council has held a public meeting and hearing upon the proposal to approve and authorize
execution of the Third Amendment and has considered the extent of objections received from
residents or property owners as to said proposed Third Amendment, and, accordingly, the
following action is now considered to be in the best interests of the City and residents thereof.
NOW THERE, FORE, 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 Third Amendment
and the Agreement and Minimum Assessment Agreement, as amended, 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 Third Amendment, the Agreement, the Minimum Assessment 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 Third Amendment, 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 Third Amendment 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 Third Amendment, 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 and
Minimum Assessment Agreement, as amended, and the Third Amendment as executed.
PASSED AND APPROVED this 101h day of July, 2023.
ATTEST:
6't� 0.
City Clerk
RESULTS OF VOTE:
AYE
Anna Bergman Pierce
X
R. Charles Bottenberg
X
Chris Crone
X
Larry R. Lyon
X
Ben Sinclair
X
C�-
Mayor
NAY ABSENT ABSTAIN