HomeMy WebLinkAbout2001-08-06-Resolutions 01-137_Downing Dev - Development AgrRESOLUTION 01-137
)Approving Development Agreement with Downing Development,Ltd.,
Authorizing Tax Increment Rebates 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 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 (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 Downing Development,Ltd.has
been prepared (the "Agreement"),under which the City would provide tax increment
rebates;
JWHEREAS,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 August 6,2001,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 15A requires that before public funds are used for grants,
loans,tax incentives or other financial assistance,a City Council must dctcnnine 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 1.
finds that:
Pursuant to the factors listed in Chapter 15A,the Council hereby
1(a)The Enterprise Business Park Plat Three Project will add diversity
and generate new opportunities for the Waukee and Iowa economies;
(b)The Enterprise Business Park Plat Three 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 rebates to
Downing Development,Ltd.
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.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:
Enterprise Business Park Plat Three,City of Waukee,Dallas County,Iowa
(the "Downing Subfund").
Section 5.The City hereby pledges to the payment of the Agreement the
Downing Subfund and the taxes referred to in Subsection 2 of Section 403.19 of the Code
ofIowa to be paid into such Subfund.
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
Downing Subfund and the portion of taxes to be paid into such Subfund and,pursuant to
the direction of Section 403.19 of the Code of Iowa,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.
repealed.
P,,=I and 'W",,'"<hi,6-da of A"Il"",2001.~
Donald L.Bailey,Jr.,ayor
All resolutions or parts thereof in conflict herewith are hereby
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Mark J.Are t en,City Clerk
ROLL CALL VOTE AYE NAY ABSENT
1NicholasC.Gruber X
Marvin Berger X
Bill Peard X
Mike Watts X
Wayne Johnson X
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