HomeMy WebLinkAbout2007-05-07-Resolutions 07-88_Koethe - TIF Development Agr - Set PHRESOLUTION NO.07-88
To fix a date of meeting at which it is proposed to approve a Development
Agreement with LaMar Koethe,including annual appropriation tax increment
payments in an amount not to exceed $600,000
WHEREAS,the City of Waukee,Iowa (the "City"),pursuant to and in strict compliance
with all laws applicable to the City,and in particular the provisions of Chapter 403 of the Code
of Iowa,has adopted an Urban Renewal Plan for the Waukee Urban Renewal Area (the "Urban
Renewal Area");and
WHEREAS,this Council has adopted an ordinance providing for the division of taxes
levied on taxable property in the Urban Renewal Area pursuant to Section 403.19 of the Code of
Iowa and establishing the fund referred to in Subsection 2 of Section 403 .19 of the Code of Iowa,
which fund and the portion of taxes referred to in that subsection may be irrevocably pledged by
the City for the payment of the principal and interest on indebtedness incurred under the
authority of Section 403.9 of the Code of Iowa to finance or refinance in whole or in part
projects in the Urban Renewal Area;and
WHEREAS,the City proposes to enter into an agreement (the "Development
Agreement")with LaMar Koethe (the "Developer")in connection with the development of
commercial facilities;and
WHEREAS,the Development Agreement would provide property tax incentives to the
Developer in the form of annual appropriation incremental property tax payments in an amount
not to exceed $600,000 under the authority of Section 403.9(1)of the Code ofIowa;and
WHEREAS,it is necessary to set a date for a public hearing on the Development
Agreement,pursuant to Section 403.9 of the Code ofIowa;
NOW THEREFORE,IT IS RESOLVED by the City Council of the City of Waukee,
Iowa,as follows:
Section 1.This Council shall meet on the 21st day of May,2007,at seven o'clock
p.m.,at the Waukee City Hall Council Chambers,in the City,at which time and place
proceedings will be instituted and action taken to approve the Development Agreement and to
authorize the annual appropriation incremental property tax payments in a total amount not
exceeding $600,000.
Section 2.The City Clerk is hereby directed to give notice of the proposed action,the
time when and place where said meeting will be held,by publication at least once not less than
four days and not more than twenty days before said meeting in a legal newspaper of general
circulation in the City.Said notice shall be in substantially the following form:
NOTICE OF MEETING FOR APPROVAL OF DEVELOPMENT AGREEMENT WITH
LAMAR KOETHE AND AUTHORIZATION OF ANNUAL APPROPRIATION TAX
INCREMENT PAYMENTS
The City Council of the City of Waukee,Iowa,will meet at the Waukee City Hall
Council Chambers,on the 21st day of May,2007,at seven o'clock p.m.,at which time and place
proceedings will be instituted and action taken to approve a Development Agreement between
the City and LaMar Koethe,in connection with the development of commercial facilities,which
provides for certain property tax incentives in the form of annual appropriation incremental
property tax payments in a total amount not exceeding $600,000,as authorized by Section 403.9
of the Code ofIowa.
The Agreement to make annual appropriation incremental property tax payments will not
be a general obligation of the City,but will be payable solely and only from incremental property
tax revenues generated within the Waukee Urban Renewal Area.All payments under the
Development Agreement will be subject to annual appropriation by the City Council.
At the meeting,the Council will receive oral or written objections from any resident or
property owner of the City.Thereafter,the Council may,at the meeting or at an adjournment
thereof,take additional action to approve the Development Agreement or may abandon the
proposal.
This notice is given by order of the City Council of Waukee,Iowa,in accordance with
Section 403.9 of the Code ofIowa.
Jeff Kooistra
City Clerk
Section 3.
repealed.
All resolutions or parts of resolutions in conflict herewith are hereby
Passed and approved May 7,2007.
Attest:
ROLL CALL VOTE AYE NAY ABSENT
Donald L.Bailey,Jr.X
Isaiah McGee X
Jeff Mertz X
Darlene Stanton X
Mike Watts X