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HomeMy WebLinkAbout2019-10-24-Resolution 19-400_Set Public Hearing Date, Midtown Waukee Holdings LLC Development AgreementRESOLUTION NO. 19-400 RESOLUTION FIXING DATE FOR A PUBLIC HEARING ON THE PROPOSAL TO ENTER INTO A DEVELOPMENT AGREEMENT WITH MIDTOWN WAUKEE HOLDINGS, LLC, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF WHEREAS, by Resolution No. 13-257, adopted October 21, 2013, 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 Gateway Economic Development Urban Renewal Plan (the "Urban Renewal Plan" or "Plan") for the Gateway Economic Development Urban Renewal Area (the "Urban Renewal Area" or "Area") described therein, which Plan has subsequently been amended six times and is on file in the office of the Recorder of Dallas County; and WHEREAS, the Urban Renewal Area is proposed to be unified with other urban renewal areas in the City by an Amendment No. 1 to the Waukee Consolidated Urban Renewal Plan ("Amendment No. 1 to the Consolidated Plan"), planned to be considered by the Council on November 4, 2019, which would rename the unified urban renewal areas as the Waukee Consolidated Urban Renewal Area; and WHEREAS, it is desirable that properties within the Area be redeveloped as part of the overall redevelopment area covered by said Plan, and further, if Amendment No. 1 to the Consolidated Plan is approved, then it will be desirable that properties within the Waukee Consolidated Urban Renewal Area be redeveloped as part of the overall redevelopment covered by the urban renewal plans combined to form the Amendment No. 1 to the Consolidated Plan; and WHEREAS, the City has received a proposal from Midtown Waukee Holdings, 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) consisting of the construction of six commercial buildings comprising an approximately 255,000 square foot entertainment district, together with all related site improvements, on certain real property located within the Urban Renewal Area as defined and legally described in the Agreement (the "Development Property"), as outlined in the proposed Agreement; and WHEREAS, the Agreement also proposes that Developer and the City will enter into a Minimum Assessment Agreement with the County setting the minimum actual value of the Minimum Improvements for tax purposes at not less than $80,000,000; and WHEREAS, the Minimum Improvements are being constructed with the intent that the buildings will be occupied by commercial enterprises that will create and/or retain jobs and employees in their operations on the Development Property; and WHEREAS, the Agreement further proposes that, in exchange for Developer's obligations under the Agreement, the City will make up to twelve (12) consecutive annual payments of Economic Development Grants to Developer for each building constructed as part of the Minimum Improvements, consisting of 80% of the Tax Increments generated by the construction of the particular building and collected pursuant to Iowa Code Section 403.19, provided however that the cumulative total for all such Economic Development Grant payments is not to exceed the lesser of $19,700,000, or the amount accrued under the formulas 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 make 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 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 November 4, 2019, for the purpose of taking action on the matter of the proposal to enter into an Agreement with Midtown Waukee Holdings, 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 WAUKEE IN THE STATE OF IOWA, ON THE MATTER OF THE PROPOSAL TO ENTER INTO A DEVELOPMENT AGREEMENT WITH MIDTOWN WAUKEE HOLDINGS, LLC, AND THE HEARING 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 November 4, 2019, 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 Midtown Waukee Holdings, LLC (the "Developer"). The Agreement would obligate the Developer to construct certain Minimum Improvements (as defined in the Agreement) consisting of the construction of six commercial buildings comprising an approximately 255,000 square foot entertainment district, together with all related site improvements, on certain real property located within the Gateway Economic Development Urban Renewal Area as defined and legally described in the Agreement (the "Development Property"), under the terms and following satisfaction of the conditions set forth in the Agreement. The Agreement provides that the Minimum Improvements are being constructed with the intent that the buildings will be occupied by commercial enterprises that will create and/or retain jobs and employees in their operations on the Development Property. The Agreement also proposes that Developer and the City will enter into a Minimum Assessment Agreement with the County setting the minimum actual value of the Minimum Improvements for tax purposes at not less than $80,000,000. The Agreement would obligate the City to make up to twelve (12) consecutive annual payments of Economic Development Grants to Developer for each building constructed as part of the Minimum Improvements, consisting of 80% of the Tax Increments generated by the construction of the particular building and collected pursuant to Iowa Code Section 403.19, provided however that the cumulative total for all such Economic Development Grant payments is not to exceed the lesser of $19,700,000, or the amount accrued under the formulas 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, 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 Developer. 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 Waukee in the State of Iowa, as provided by Section 364.6, Code of Iowa. Dated this 24th day of October, 2019. Rebecca D. Schuett City Clerk, Waukee in the State of Iowa (End of Notice) PASSED AND APPROVED this 24th day of October, 2019. ATTEST: -6)4k0. hd� 4 City Clerk RESULTS OF VOTE: AYE Anna Bergman R. Charles Bottenberg X Courtney Clarke Shelly Hughes X Larry R. Lyon X Mayor NAY ABSENT X X ABSTAIN