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Home My WebLink About2007-11-05-Resolutions 07-239_Shottenkirk - Development Agr - Set PHRESOLUTION 07-239 RESOLUTION FIXING DATE FOR A MEETING ON THE PROPOSAL TO ENTER INTO A REDEVELOPMENT AGREEMENT WITH SHOTTENKlRK WAUKEE PROPERTIES,INC.,AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF WHEREAS,by Resolution No.00-189 approved and adopted on November 6, 2000 (as modified by Resolution No.00-226,approved on December 18,2000),the City Council has approved and adopted an urban renewal plan for the Urban Renewal Area designated as the "Waukee Urban Renewal Area,"as amended (the "Urban Renewal Plan");and WHEREAS,the City Council has heretofore adopted Ordinance No.2334,under which the taxes levied on the taxable property in the Waukee Urban Renewal Area shall be divided pursuant to Iowa Code section 403.19;and WHEREAS,it is desirable that properties within the Urban Renewal Area be redeveloped as part of the overall redevelopment area covered by said Plan;and WHEREAS,the City has received a proposal from Shottenkirk Waukee Properties,Inc.(the "Developer"),in the form of a proposed Redevelopment Agreement ] (the "Agreement")by and between the City and the Developer,pursuant to which,among other things,the Developer would agree to redevelop land into a car dealership encompassing approximately 10 acres within the Property (the "Project")including construction of certain infrastructure improvements (the "Public Improvements")made with respect to the redevelopment of the Property as outlined more specifically in the proposed Agreement.The Public Improvements along with the Project shall be completed by March 15,2009;and WHEREAS,the Agreement further proposes that the Developer will submit documentation evidencing the cost incurred in the construction of the Public Improvements (the "Developer's Eligible Costs")as described in the Agreement. Annually,beginning on or before October 15,2009,Developer will certify to the City, Developer's Estimate (as defined in the Agreement)as to incremental taxes to be paid on the property in the coming fiscal year.The City will then certify on or before December I,2009;continuing for not more than ten fiscal years,or until such earlier date on which (a)total Payments in an amount equal to the lesser of (i)Three Hundred Eleven Thousand Five Hundred Eighteen Dollars ($311,518)or (ii)the Developer's Eligible Costs have been made;or (b)the agreement terminates.The Payment Percentage over the life of the Agreement shall be 80%ofthe Incremental Property Tax Revenues I received by the City with respect to the Property during the six months preceding such payment years.Assuming timely completion and certification by Developer and City,. Payments will begin December 1,2010;and ._---- WHEREAS,Iowa Code Chapters l5A and 403 (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 Chapters,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 of the Iowa Code, 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 of the City Code oflowa,it is deemed sufficient if the action hereinafter described be taken and the Clerk publish notice of the proposal and ofthe 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;and WHEREAS,pursuant to Section 403.9 of the Code of Iowa,before the City issues bonds or other obligations payable from tax increment,it must hold a public hearing following publication of notice as provided in Section 362.3. NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WAUKEE,IOWA: Section I.That this Council meet in the Council Chambers,City Hall,230 Highway 6,Waukee,Iowa,at 7:00 o'clock P.M.,on the 19th day of November,2007,for the purpose of taking action on the matter of the proposal to enter into a Development Agreement with Shottenkirk Waukee Properties,Inc. Section 2.That the 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: NOTICE OF MEETING OF THE COUNCIL OF THE CITY OF WAUKEE,IOWA,ON THE MATTER OF THE PROPOSAL TO ENTER INTO A DEVELOPMENT AGREEMENT WITH SHOTTENKIRK WAUKEE PROPERTIES,INC.,AND THE HEARING THEREON PUBLIC NOTICE is hereby given that the Council ofthe City of Waukee,Iowa,will hold a public hearing on the 19th day of November,2007,at 7:00 o'clock P.M.,in the Council Chambers,City Hall,230 Highway 6,Waukee,Iowa,at which meeting the Council proposes to take additional action on the proposal to enter into a Development Agreement (the "Agreement")with Shottenkirk Waukee Properties,Inc.(the "Developer"). The Agreement would obligate the Developer to redevelop land located within the Waukee Urban Renewal Area as defined and legally described in the Agreement,into a car dealership encompassing approximately 10 acres within the Property (the "Project")including construction of certain infrastructure improvements (the "Public Improvements")made with respect to the redevelopment of the Property as outlined more specifically in the proposed Agreement under the terms and following satisfaction ofthe conditions set forth in the Agreement.Annually,beginning October IS,2009,Developer shall certify Developer's Estimates (as defined in the Agreement)as to incremental property taxes payable on the property in the coming fiscal year. The Agreement would further obligate the City to then certify the Developer's Eligible Costs,as defined in the Agreement,on or before December I,2009 and continuing for not more than ten fiscal years,or until such earlier date on which (a)total Payments in an amount equal to the lesser of (i)Three Hundred Eleven Thousand Five Hundred Eighteen Dollars ($311,518)or (ii)the Developer's Eligible Costs have been made;or (b)the agreement terminates.The Payment Percentage over the life of the Agreement shall be 80%of the Incremental Property Tax Revenues received by the City with respect to the Property during the six months preceding such payment years.Assuming timely completion and certification by Developer and City,Payments will begin December I,20 10;commencing with the 200912010 fiscal year and continuing through the 2019/2020 fiscal year under the terms and following satisfaction ofthe 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 Waukee,Iowa,as provided by Sections 362.3,364.6,and 403.9 of the City Code ofIowa. Dated this 5th day of November,2007. City Clerk of Waukee,Iowa [End of Notice] J I PASSED AND APPROVED this 5th day of November,2007. ATTEST: ROLL CALL VOTE Donald L.Bailey,Jr. Isaiah McGee Jeff Mertz Darlene Stanton Mike Watts AYE X X X X X NAY ABSENT