HomeMy Public PortalAboutResolution #2016-09, Resolution Fixing The Date For A Public Hearing On The Proposal To Enter Into A Development Agreement With Brenny's Inventments LLC And Brenny's Motorcycle Clinic, Inc. And Providing For Publicaiton Of Notice Thereof RESOLUTION NO. ao i G - 9
RESOLUTION FIXING DATE FOR A PUBLIC HEARING ON
THE PROPOSAL TO ENTER INTO A DEVELOPMENT
AGREEMENT WITH BRENNY'S INVESTMENTS LLC AND
BRENNY'S MOTORCYCLE CLINIC, INC., AND PROVIDING
FOR PUBLICATION OF NOTICE THEREOF
WHEREAS, by Resolution No. 2014-21, adopted November 18, 2014, this Council
found and determined that certain areas located within the City are eligible and should be
designated as an urban renewal area under Iowa law, and approved and adopted the State Street
Urban Renewal Plan(the "Plan") for the Riverdale State Street Urban Renewal Plan (the "Urban
Renewal Area" or "Area") described therein, which Plan as amended, is on file in the office of
the Recorder of Scott County; and
WHEREAS, the City has also adopted Ordinance No. 2014-189 (the "Ordinance") under
which incremental tax revenues from the Urban Renewal Area are to be deposited into a special
tax increment fund of the City pursuant to Section 403.19 of the Code; and
WHEREAS, it is desirable that properties within the Area be redeveloped as part of the
overall redevelopment area covered by said Plan; and
WHEREAS, the City has received a proposal from Brenny's Investments LLC (the
"Developer") and Brenny's Motorcycle Clinic, Inc. (the"Tenant"), in the form of a proposed
Development Agreement (the "Agreement") by and between the City, Tenant, and the
Developer,pursuant to which, among other things, the Developer would agree to construct
certain Minimum Improvements (as defined in the Agreement) on certain real property located
within the Riverdale State Street Urban Renewal Plan as defined and legally described in the
Agreement and consisting of the construction of a new 29,000 square foot building addition to be
used to expand the Tenant's existing motorcycle show room located on the Development
Property, together with all related site improvements, as outlined in the proposed Development
Agreement; and
WHEREAS, the Agreement further proposes that the City will make up to five (5)
consecutive annual payments of Economic Development Grants to Developer consisting of a
decreasing percentage of the Tax Increments pursuant to Iowa Code Section 403.19 and
generated by the construction of the Minimum Improvements, the cumulative total for all such
payments not to exceed the lesser of One Hundred Fifty Thousand Dollars ($150,000) or the
amount accrued under the formula outlined in the proposed Development Agreement, under the
terms and following satisfaction of the conditions set forth in the Agreement; and
WHEREAS, one of the obligations of the Developer relates to employment retention
and/or creation; and
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WHEREAS, Iowa Code Chapters 15A 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 Chapter, 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 of Iowa, it is deemed
sufficient if the action hereinafter described be taken and the City Clerk publish notice of the
proposal and of the 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.
NOW THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY
OF RIVERDALE IN THE STATE OF IOWA:
Section 1. That this Council meet in the Council Chambers, City Hall, 110 Manor Drive,
Riverdale, IA, at 7:00 P.M. on June 7, 2016, for the purpose of taking action on the matter of the
proposal to enter into a Development Agreement with Brenny's Investments LLC and Brenny's
Motorcycle Clinic, Inc.
Section 2. That the City 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:
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