HomeMy Public PortalAboutResolution #2017-27, Fixing Date For A Public Hearing On The Proposal To Enter Into A Developmnet Agreement With Woods Construciton And Development, Inc., And Providing For Publication Of Notice Thereof RESOLUTION NO. 2017-27
RESOLUTION FIXING DATE FOR A PUBLIC HEARING ON
THE PROPOSAL TO ENTER INTO A DEVELOPMENT
AGREEMENT WITH WOODS CONSTRUCTION AND
DEVELOPMENT, INC., AND PROVIDING FOR
PUBLICATION OF NOTICE THEREOF
WHEREAS, it is expected that this Council will find and determine, at its meeting on
September 5, 2017, that certain areas located within the City are eligible and should be
designated as an urban renewal area under Iowa law, and approve and adopt the Welch Farm
Urban Renewal Plan(the "Plan") for the Welch Farm Urban Renewal Area(the "Urban Renewal
Area" or "Area") described therein, which Plan as amended, is or will be on file in the office of
the Recorder of Scott County; 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 Woods Construction and
Development, Inc. (the "Developer"), in the form of a proposed Development Agreement (the
"Agreement") by and between the City and the Developer, pursuant to which, among other
things, the Developer would agree to construct certain Minimum Improvements and Public
Improvements (as those terms are defined in the Agreement) on certain real property located
within the Welch Farm Urban Renewal Area as defined and legally described in the Agreement
and consisting of the construction of a housing project, consisting of approximately 116 Housing
Units,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 twenty (20)
consecutive semi-annual payments of Economic Development Grants to Developer consisting of
62.31% 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$4,456,000, 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, 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, Iowa, at 7:00 P.M. on September 5, 2017, for the purpose of taking action on the
matter of the proposal to enter into a Development Agreement with Woods Construction and
Development, 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:
(One publication required)
NOTICE OF PUBLIC HEARING OF THE CITY COUNCIL OF THE
CITY OF RIVERDALE IN THE STATE OF IOWA, ON THE
MATTER OF THE PROPOSAL TO ENTER INTO A
DEVELOPMENT AGREEMENT WITH WOODS CONSTRUCTION
AND DEVELOPMENT, INC., AND THE HEARING THEREON
PUBLIC NOTICE is hereby given that the Council of the City of Riverdale in the State of Iowa,
will hold a public hearing on September 5, 2017,at 7:00 P.M. in the Council Chambers,City Hall, 110
Manor Drive, Riverdale, Iowa, at which meeting the Council proposes to take action on the proposal to
enter into a Development Agreement(the "Agreement")with Woods Construction and Development, Inc.
(the "Developer").
The Agreement would obligate the Developer to construct certain Minimum Improvements and
Public Improvements(as those terms are defined in the Agreement)on certain real property located
within the Welch Farm Urban Renewal Area as defined and legally described in the Development
Agreement, consisting of the construction of a housing project, consisting of approximately 116 Housing
Units,together with all related site improvements, under the terms and following satisfaction of the
conditions set forth in the Agreement.
The Agreement would further obligate the City to make up to twenty(20)consecutive semi-
annual payments of Economic Development Grants to Developer consisting of 62.31%of the Tax
Increments pursuant to the 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$4,456,000,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.
A copy of the Agreement is on file for public inspection during regular business hours in the
office of the City Clerk, City Hall, City of Riverdale, 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 the City of Riverdale in the State of Iowa, as
provided by Section 364.6 of the City Code of Iowa.
Dated this aa day of 4lt6 c!Sr , 2017.
City Clerk, City of Riverdale in the State of Iowa
(End of Notice)
PASSED AND APPROVED this 22' day of August, 2017.
Mayor
ATTEST:
4,1
City Clerk