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HomeMy Public PortalAboutResolution 2021-08, A Resolution Fixing Date for a Public Hearing on the Proposal to Enter into a Development Agreement with Belmont Development Properties, LLC., and Providing for Publication of Notice ThereofMarch 9, 2021 The City Council of the City of Riverdale in the State of Iowa, met in Regular session, at 7:00 P.M., on the above date. There were present Mayor Mike Bawden, in the chair, and the following named Council Members: Anthony Heddlesten, Paul DCamp, Doug Littrel, Kevin Adams Absent: Kelly Krell Vacant: None Council Member Littrel then introduced the following proposed Resolution entitled "RESOLUTION FIXING DATE FOR A PUBLIC HEARING ON THE PROPOSAL TO ENTER INTO A DEVELOPMENT AGREEMENT WITH BELMONT DEVELOPMENT PROPERTIES, LLC, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF", and moved that the same be adopted. Council Member Dcamp seconded the motion to adopt. The roll was called, and the vote was: AYES: Heddlesten, DCamp, Littrel NAYS: Adams Whereupon, the Mayor declared the Resolution duly adopted as follows: RESOLUTION 2021-08 RESOLUTION FIXING DATE FOR A PUBLIC HEARING ON THE PROPOSAL TO ENTER INTO A DEVELOPMENT AGREEMENT WITH BELMONT DEVELOPMENT PROPERTIES, LLC, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF WHEREAS, on March 23, 2021, this Council proposes to consider whether certain areas located within the City are eligible and should be designated as an urban renewal area under Iowa law, and proposes to approve and adopt the Fenno Drive Urban Renewal Plan (the "Urban Renewal Plan" or "Plan") for the Fenno Drive Urban Renewal Area (the "Urban Renewal Area" or "Area") described therein; and WHEREAS, it is desirable that properties within the Area be redeveloped as part of the overall redevelopment area covered by said Plan, if adopted; and WHEREAS, the City has received a proposal from Belmont Development Properties, LLC (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 prepare lots for single-family residential development and to construct certain Minimum Improvements (as defined in the Agreement) consisting of Housing Units; Infrastructure Improvements to serve the Housing Units including streets, sanitary sewer, and storm sewer; and all related site improvements, on certain real property located within the proposed Urban Renewal Area as defined and legally described in the Agreement (the "Development Property"), all as outlined in the proposed Agreement; and WHEREAS, the Agreement further proposes that, under the terms and following Developer's satisfaction of the conditions set forth in the Agreement, the City will make up to ten (10) annual payments of Economic Development Grants to Developer, in the amount of 80% of the Tax Increment generated by the construction of the Minimum Improvements and collected pursuant to Iowa Code Section 403.19, starting the first fiscal year in which the Tax Increments are collected and ending after (i) ten (10) annual Economic Development Grants have been paid, (ii) the maximum cumulative total of the Economic Development Grants has been paid, or (iii) the Agreement is terminated pursuant to its terms, whichever is sooner; the maximum cumulative total for all Economic Development Grants not to exceed $436,000; and WHEREAS, the Agreement also proposes that Developer and the City will enter into a Minimum Assessment Agreement with the County setting the minimum actual value of the Minimum Improvements for tax purposes at not less than $2,070,000; and WHEREAS, Chapters 15A and 403, Code of Iowa, (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, Code of Iowa, 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,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 at 7:00 P.M. on March 23, 2021, for the purpose of taking action on the matter of the proposal to enter into a Development Agreement with Belmont Development Properties, LLC. 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: ao (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 BELMONT DEVELOPMENT PROPERTIES, LLC, 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 March 23, 2021, at 7:00 P.M., at which meeting the Council proposes to take action on the proposal to enter into a Development Agreement (the "Agreement") with Belmont Development Properties, LLC (the "Developer"). Due to public health concerns related to COVID-19, this meeting may be held in person or it may be held electronically, depending on the severity of the COVID-19 pandemic at the time. An announcement of whether the meeting will be held in person or electronically will be made no less than 24 hours prior to the meeting. If the meeting is held in person, it shall be held in the Council Chambers, City Hall, 110 Manor Drive, Riverdale, Iowa. If the meeting is held electronically because an in -person meeting is impossible or impractical, public access information will be made available no less than 24 hours prior to the meeting. Any person or organization desiring to be heard shall be afforded an opportunity to be heard at such hearing. Please check the posted agenda in advance of the March 23, 2021 meeting for any updates to the manner in which the public may access the hearing. Please contact the City Administrator's office at (563) 355-2511 or cityadmin@riverdaleia.orq if you have questions about the format of the meeting, or to request a copy of the Agreement. The Agreement would obligate the Developer to construct certain Minimum Improvements (as defined in the Agreement) consisting of Housing Units; the Infrastructure Improvements to serve the Housing Units including streets, sanitary sewer, and storm sewer; and all related site improvements, on certain real property located within the proposed Fenno Drive Urban Renewal Area as defined and legally described in the Agreement (the "Development Property"), 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 ten annual payments of Economic Development Grants to Developer in the amount of 80% of the Tax Increment generated by the construction of the Minimum Improvements and collected pursuant to Iowa Code Section 403.19, under the terms and following satisfaction of the conditions set forth in the Agreement. The Economic Development Grants would start the first fiscal year in which Tax Increments were collected and would end after (i) 10 annual Economic Development Grants have been paid, (ii) the maximum cumulative total of the Economic Development Grants has been paid, or (iii) the Agreement terminates pursuant to its terms, whichever is sooner. The maximum cumulative total for all Economic Development Grants is not to exceed $436,000. The Agreement also proposes that Developer and the City will enter into a Minimum Assessment Agreement with the County setting the minimum actual value of the Minimum Improvements for tax purposes at not less than $2,070,000. 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, Code of Iowa. CVDated this CV -W.\ day of I VLAiri , 2021. ''Ai atie Enloe Deputy City Clerk, City of Riverdale in the State of Iowa (End of Notice) PASSED AND APPROVED this 9th day of March, 2021. ATTEST: \st -‘j-4-2,6k1-/ a ie Enloe, Deputy City Clerk CERTIFICATE STATE OF IOWA SS COUNTY OF SCOTT I, the undersigned City Clerk of the City of Riverdale, State of Iowa, do hereby certify that attached is a true and complete copy of the portion of the records of the City showing proceedings of the Council, and the same is a true and complete copy of the action taken by the Council with respect to the matter at the meeting held on the date indicated in the attachment, which proceedings remain in full force and effect, and have not been amended or rescinded in any way; that meeting and all action thereat was duly and publicly held in accordance with a notice of meeting and tentative agenda, a copy of which was timely served on each member of the Council and posted on a bulletin board or other prominent place easily accessible to the public and clearly designated for that purpose at the principal office of the Council pursuant to the local rules of the Council and the provisions of Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at least twenty-four hours prior to the commencement of the meeting as required by law and with members of the public present in attendance; I further certify that the individuals named therein were on the date thereof duly and lawfully possessed of their respective city offices as indicated therein, that no Council vacancy existed except as may be stated in the proceedings, and that no controversy or litigation is pending, prayed or threatened involving the incorporation, organization, existence or boundaries of the City or the right of the individuals named therein as officers to their respective positions. qd_ WI N SS my hand and the seal of the Council hereto affixed this day of VI \ , 2021. Katie Enloe Deputy City Clerk, City of Riverdale, State of Iowa (SEAL)