HomeMy WebLinkAbout2000-11-06-Resolutions 00-196_Westgate Business Park - TIF AgrRESOLUTION 00-196
MIKE MEYER'S/JIM CAMPNEY TAX INCREMENT FINANCING
REBATE AGREEMENT FOR WESTGATE BUSINESS 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");Mike Meyer'slJim
Campney (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 intemal 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 limitations provided for property owners in Chapter 384 of the Code of Iowa,
including but 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 Ashworth Property and KC
Real Estate Property.
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 revenues 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 either the Ashworth Property or the KC Real
Estate Property,and shall continue for a maximum of eighteen (I 8)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"
Mike Myers JimCarnpney
"CITY"
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 Mike Myers and Jim Carnpney,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.
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