Approve 1st Amendment to the Economic Development and Infrastructure Agreement with LRE IA…

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Recorded in the minutes as: “c. Resolution #102726-09 – Approve 1st Amendment to the Economic Development and Infrastructure Agreement with LRE IA Pleasant Hill, LLC DeMoss/ Motion: to approve Resolution #102726-09 – Approve 1st Amendment to the Economic Development and Infrastructure Agreement with LRE IA Pleasant Hill, LLC. City Manager Ben Champ, provided the background on the existing agreement which was approved September 24, 2024. During platting for the site, there were infrastructure improvements required that result in the 1st Amendment to the Agreement being considered that clarify responsibility of the stormwater improvements which are located in the Iowa Department of Transportation (DOT) right-of-way. The DOT does not allow private infrastructure in their right- of-way which requires the infrastructure to be public and the responsibility of the City, the agreement allows the City to maintain and invoice the developer for all costs associated with the maintenance of the infrastructure. The developer also entered into a minimum assessment agreement that states that the minimum assessed value of the property be not less than $2,000,000. The amended agreement provides a new timeline to reach this minimum assessment to be January 1, 2028. Councilmember Hodges inquired if the City’s work being performed on University Avenue is what triggered the process of finding new providers since providers were having issues. Mr. Champ noted that the developers delay is not related to the City’s infrastructure project, while it did take longer that the City would have liked for it to occur, the developer originally had a user working very quickly but eventually had a situation which caused the developer to look for other users. While the developer has started working on the project site, the City does not have any site plans. Councilmember DeMoss asked if the developer wants the City to be an intermediary. Mr. Champ confirmed the City would be an intermediary and responsible party for the right-of-way as the Iowa Department of Transportation requires it. Due to the large size of the right-of-way, portions of the stormwater infrastructure will need to be in the right-of-way. To allow the infrastructure to be in the right-of-way, the City needs to be the owner, however, to not burden the taxpayer so costs would be recoverable and assigned back to the developer”.

Motion as recorded: “to approve Resolution #102726-09 – Approve 1st Amendment to the Economic Development and Infrastructure Agreement with LRE IA Pleasant Hill, LLC. City Manager Ben Champ, provided the background on the existing agreement which was approved September 24, 2024. During platting for the site, there were infrastructure improvements required that result in the 1st Amendment to the Agreement being considered that clarify responsibility of the stormwater improvements which are located in the Iowa Department of Transportation (DOT) right-of-way. The DOT does not allow private infrastructure in their right- of-way which requires the infrastructure to be public and the responsibility of the City, the agreement allows the City to maintain and invoice the developer for all costs associated with the maintenance of the infrastructure. The developer also entered into a minimum assessment agreement that states that the minimum assessed value of the property be not less than $2,000,000. The amended agreement provides a new timeline to reach this minimum assessment to be January 1, 2028. Councilmember Hodges inquired if the City’s work being performed on University Avenue is what triggered the process of finding new providers since providers were having issues. Mr. Champ noted that the developers delay is not related to the City’s infrastructure project, while it did take longer that the City would have liked for it to occur, the developer originally had a user working very quickly but eventually had a situation which caused the developer to look for other users. While the developer has started working on the project site, the City does not have any site plans. Councilmember DeMoss asked if the developer wants the City to be an intermediary. Mr. Champ confirmed the City would be an intermediary and responsible party for the right-of-way as the Iowa Department of Transportation requires it. Due to the large size of the right-of-way, portions of the stormwater infrastructure will need to be in the right-of-way. To allow the infrastructure to be in the right-of-way, the City needs to be the owner, however, to not burden the taxpayer so costs would be recoverable and assigned back to the developer”.

From the vote line in the official minutes, which names each member’s vote. Members not named in the vote line are shown as Not in the record unless the minutes list them absent. Vote line as printed: “ROLL CALL: AYES: Murray, Birch, Hodges, DeMoss, Konrad. NAYS: None. Motion carried 5-0.”.