HomeMy Public PortalAboutResolution 2020-65, Authorize Staff To Negotiate Economic Development Package Multi-Family Residential Housing ProjectRESOLUTION 2020-65
A RESOLUTION TO AUTHORIZE STAFF TO NEGOTIATE TERMS OF AN ECONOMIC
DEVELOPMENT PACKAGE FOR A PROSPECTIVE MULTI -FAMILY, RESIDENTIAL HOUSING
PROJECT
WHEREAS, The City of Riverdale, Iowa ("City") is a Municipal Corporation, organized and
operating under the laws of the State of Iowa, and;
WHEREAS, the City has been approached by a real estate developer who has
expressed an interest in purchasing residential lots in Riverdale and constructing a multi-
family, residential housing project at the location, and;
WHEREAS, the current assessed value of the property in question is around $200,000,
and;
WHEREAS, the estimated value of the project is in the low, seven figures, and;
WHEREAS, the developer has asked the City to provide some assistance with this project
in the form of tax increment finance district that would provide a portion of the
incremental surplus taxes generated by the developed property over a projected ten-
year term (capped at $395,000), and;
WHEREAS, the developer is willing to provide a cash deposit to the City to cover
estimated $20,000 in legal and engineering expenses associated with creating a viable
"Economic Development Package" consisting of the required Urban Development
Plan, TIF Ordinance, and Development Agreement.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RIVERDALE, IOWA,
Section 1. The City Council of Riverdale, Iowa authorizes the Mayor and City
Administrator to accept the cash deposit offered by the developer to cover expenses
related to facilitating the creation of the requested "Economic Development Package"
and to maintain an accurate record of expenses incurred that can be made available
to all interested parties, including the general public, upon request;
Section 2. The Council also authorizes the Mayor and City Administrator to negotiate
general terms of agreement to be incorporated into the Development Agreement for
review and approval by the City Council;
(con)
Resolution 2020-65
A Resolution to Authorize Staff to Negotiate Terms of an Economic Development
Package for a Prospective Multi -Family, Residential Housing Project
Section 3. The Council agrees that if upon its review of the "Economic Development
Package" worked out between the developer and the City (which includes the
proposed Urban Renewal Plan, TIF Ordinance and Development Agreement between
the developer and the City) is not satisfactory and cannot be amended into a
mutually -acceptable form, the City will reimburse the developer for the deposit
provided to cover those out-of-pocket expenses related to the development of the
"Economic Development Package."
Passed and approved this 18th day of August 2020.
APPROVED ATTEST
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Michael Bawden, ryor Katie Enloe, Deputy Clerk