HomeMy WebLinkAbout2000-11-06-Resolutions 00-195_Brick Industrial Park - TIF AgrRESOLUTION 00-195
JOE BRICK TAX INCREMENT FINANCING REBATE AGREEMENT FOR
BRICK INDUSTRIAL PARK
The Tax Increment Financing Rebate Agreement is entered into by and between the City
of Waukee,Iowa,a municipal corporation (hereinafter referred to as "City");Joe Brick
(hereinafter referred to as "Owner/developer").
WITNESSETH:
WHEREAS,Owner/developer is the owner of record of that property as described in
attached Exhibit'A',which is by this reference incorporated herein,(hereinafter referred
to as the "Subject Property");
WHEREAS,the Subject Property is presently located entirely within Dallas County,
Iowa,and the City of Waukee,Iowa;and
WHEREAS,the Owner/developer will follow conditions upon which they may receive
Tax Increment Financing increment rebated back to them semi-annually from the City.
These conditions are as follows:
1.Owner/developer will construct all internal improvements required for its
development.City has no obligation by virtue of this Agreement,to construct any
improved streets to serve their property,City will construct,or contract for the
construction of,public sanitary sewer and water line improvements needed to serve their
property.To the extent that the City determines to levy special assessments or hook-on
fees for any improvements which would be deemed to benefit either property,
assessments or fees shall be limited to Three Thousand Dollars'($3,000.00)per acre for
sanitary sewer and Twenty-Six Dollars ($26.00)per lineal foot of frontage for water.The
above-referred amounts shall increase at the rate of two percent (2%)per year beginning
January 1,2002.Owner/developer will agree,subject to these dollar limits to waive all
statutory protections and limitation provided for property owners in Chapter 384 of the
Code of Iowa,including hut no limited to,the limitation that assessments may not exceed
twenty-five percent (25%)of the valuation of a parcel being assessed,and the provision
which allows owners of land used and assessed as agricultural land to defer payments on
assessments until either the use or assessment category of the land changes.
Owner/developer shall have the right to pay the assessments over a period of time not
less than ten (10)years or more than fifteen (15)years.
2."Internal improvements"shall include all utilities,streets including adjacent
streets,and all other activities commonly associated with private development of the
Brick Industrial Park.
3."Qualified expenses"shall include all actual construction costs,plus engineering,
legal,fees and all related items,and shall be documented to the satisfaction of the City.
4.City will establish a mechanism (the "TIP District")under Chapter 403 of the
Code of Iowa to enable the Owner/developer to be reimbursed from future incremental
property tax revenue for all qualified expenses related to construction of the internal
improvements and for any special assessments or connection fees paid by the
Owner/developer with respect to the public sanitary sewer and water line improvements
which are to be constructed by the City.Semi-annual tax increment payments to be
Owner/developer will begin with the first fiscal year in which the City receives
incremental tax revenues with respect to Brick Industrial Park,and shall continue for a
maximum of eighteen (18)years.For the first thirteen (13)years,the payments to the
Owner/developer will be equal to eighty percent (80%)of the total incremental taxes
paid,and for years fourteen (14)through eighteen (18),the payments will be equal to
fifty percent (50%)of the total incremental taxes paid.
This Agreement shall be binding on and shall inure to the benefit of all successors,
assigns and grantees of the City and Owner.
"OWNER/developer"
Joe Brick
"CITY"ATTEST:
STATE OF IOWA)
)SS:
COUNTY OF DALLAS )
On this 6th day of November,2000,before me,the undersigned,a Notary Public in and
for the State of Iowa,personally appeared Joe Brick,to me known to be the persons
named in and who executed the foregoing instrument and acknowledged that they
executed the same as their voluntary act and deed.
Ayes:Watts,Peard,Gruber,Berger,Johnson
Nays:__-,N.!'o~nl!e,-_