HomeMy WebLinkAbout2007-05-21-Resolutions 07-94_Koethe - TIF Development AgrRESOLUTION 07-94
Approving Development Agreement with LeMar Koethe,Authorizing Annual
Appropriation Tax Increment Payments and pledging certain tax increment
revenues to the payment of the Agreement
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
ofIowa,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 ofIowa
(the "Urban Renewal Tax Revenue Fund"),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,an agreement between the City and LeMar Koethe has been prepared (the
"Agreement"),pursuant to which LeMar Koethe has agreed to develop certain commercial
facilities in the Urban Renewal Area (the "LeMar Koethe Project")and the City has agreed to
provide annual appropriation tax increment payments in a total amount not exceeding $600,000;
and
WHEREAS,this City Council,pursuant to Section 403.9 of the Code of Iowa,has
published notice,has held a public hearing on the Agreement on May 21,2007,and has
otherwise complied with statutory requirements for the approval of the Agreement;and
WHEREAS,Chapter 15A of the Code of Iowa ("Chapter 15A")declares that economic
development is a public purpose for which a City may provide grants,loans,tax incentives,
guarantees and other financial assistance to or for the benefit of private persons;and
WHEREAS,Chapter l5A requires that before public funds are used for grants,loans,tax
incentives or other financial assistance,a City Council must determine that a public purpose will
reasonably be accomplished by the spending or use of those funds;and
WHEREAS,Chapter 15A requires that in determining whether funds should be spent,a
City Council must consider any or all of a series of factors;
NOW,THEREFORE,It Is Resolved by the City Council of the City of Waukee,Iowa,as
follows:
Section I.Pursuant to the factors listed in Chapter l5A,the Council hereby finds
that:
(a)The LeMar Koethe Project will add diversity and generate new
opportunities for the Waukee and Iowa economies;
(b)The LeMar Koethe Project will generate public gains and benefits,
particularly in the creation of new jobs,which are warranted in comparison to the amount
of the proposed property tax incentives.
Section 2.The Council further finds that a public purpose will reasonably be
accomplished by entering into the Agreement and providing the property tax payments to LeMar
Koethe.
Section 3.The Agreement is hereby approved and the Mayor and City Clerk are
hereby authorized and directed to execute and deliver the Agreement on behalf of the City,in
substantially the form and content in which the Agreement has been presented to this City
Council,and such officers are also authorized to make such changes,modifications,additions or
deletions as they,with the advice of bond counsel,may believe to be necessary,and to take such
actions as may be necessary to carry out the provisions of the Agreement.
Section 4.All payments by the City under the Agreement shall be subject to annual
appropriation by the City Council,in the manner set out in the Agreement.As provided and
required by Chapter 403 of the Code of Iowa,the City's obligations under the Agreement shall
be payable solely from a subfund which is hereby established,into which shall be paid that
portion of the income and proceeds of the Urban Renewal Tax Revenue Fund attributable to
property taxes derived from the property described as follows:
.;lie>
Government Lot 3,Section 4,Township 78 North,Range ~West of the
Fifth Principal Meridian,City of Waukee,Dallas County,Iowa,and more
particularly described as follows:
Beginning at the NW Comer of said Government Lot 3;thence N89°40'31"~f:
1309.73';thence SOoo09'41"W 1344.26';thence S83°25'18"W 1317.79';
thence NOoo07'23"E 1487.80'to the point of beginning and containing
42.559 acres,more or less.
(the "LeMar Koethe Subfund").
Section 5.The City hereby pledges to the payment of the Agreement the LeMar
Koethe Subfund and the taxes referred to in Subsection 2 of Section 403.19 of the Code ofIowa
to be paid into such Sub fund,provided,however,that no payment will be made under the
Agreement unless and until monies from the LeMar Koethe Subfund are appropriated for such
purpose by the City Council.
Section 6.After its adoption,a copy of this resolution shall be filed in the office of
the County Auditor of Dallas County to evidence the continuing pledging of the LeMar Koethe
Sub fund and the portion of taxes to be paid into such Sub fund and,pursuant to the direction of
Section 403.19 of the Code ofIowa,the Auditor shall allocate the taxes in accordance therewith
and in accordance with the tax allocation ordinance referred to in the preamble hereof.
Section 7.All resolutions or parts thereof in conflict herewith are hereby repealed.
Passed and approved this 21st day of May,2007.
Attest:
ROLL CALL VOTE AYE NAY ABSENT
Donald L.Bailey,Jr.X
Isaiah McGee X
JeffV.Mertz X
Darlene Stanton X
Mike Watts X