HomeMy WebLinkAbout2015-05-28 AgendaQi hiorf +n rhnnno aq finalbPrl by the Citv Clerk. For a final official copy, contact the City Clerk's Office 356-5040.
Iowa City�w'A
City Council Agenda rz�
Special Formal CITY OF IOWA CITY
May 28, 2015 - 5:30 p.m.
City Hall — Harvat Hall
410 E. Washington www.icgov.org
ITEM I. CALL TO ORDER.
ITEM 1 a Roll Call
ITEM 2. SETTING A HEARING ON DEVELOPMENT AGREEMENT AND CONVEYANCE
OF PROPERTY (CHAUNCEY) — RESOLUTION OF INTENT TO CONSIDER A
PROPOSED DEVELOPMENT AGREEMENT WITH THE CHAUNCEY, L.L.C.,
WHICH INCLUDES THE TRANSFER OF LAND DESCRIBED THEREIN, AND
SETTING A PUBLIC HEARING FOR JUNE 8 AND PROVIDING FOR
PUBLICATION OF NOTICE THEREOF.*
Comment: City staff has negotiated a draft developer's agreement with The
Chauncey, L.L.C. for the redevelopment of the northeast corner of the College and
Gilbert Street intersection. The agreement contemplates that the Developer will
invest $49,000,000 in development costs to construct a 15 -story mixed use building
with Class A office space, a hotel, a bowling alley, two movie theatres, residential
condominiums, and upgrades to the Chauncey Swan Park, together with related site
improvements, all designed and constructed to at least LEED silver standards. In
exchange for construction of the project, which will assess for a minimum of
$30,128,234 once complete, the City proposes to convey land to the Developer for
the appraised value of $1,870,000, to convey certain easement rights to the
Developer for the appraised value of $10 per square foot, and to make certain other
contributions to the project, including the acquisition of five built -out, one -bedroom
condominium units from the Developer for $1,000,000, which the City will own and
maintain for affordable housing. It is also contemplated that the City will make a
$14,187,250 economic development construction grant to the Developer, paid
through the use of tax increment financing and reinvestment of the proceeds from
the Property. An updated timeline is included in the Council packet.
Action:-•� ��
- — ____ / e4reak",I-
Special Agenda
May 28, 2015
Page 2
ITEM 3.
/s -/-71
SETTING A HEARING ON URBAN RENEWAL TAX INCREMENT REVENUE
BONDS (CHAUNCEY) — RESOLUTION FIXING DATE of June 8 FOR A
MEETING ON THE PROPOSITION OF THE ISSUANCE OF NOT TO EXCEED
$14,200,000 URBAN RENEWAL TAX INCREMENT REVENUE BONDS,
SERIES 2015B, OF THE CITY OF IOWA CITY, STATE OF IOWA AND
PROVIDING FOR PUBLICATION OF NOTICE THEREOF.*
Comment: This resolution sets a public hearing for 7:00 pm on June 8, 2015 to
receive public comment regarding the issuance of up to $14,200,000 Tax
Increment Financing (TIF) Revenue Bonds for an economic development grant
for the Chauncey Building and authorizes the City Clerk to publish the notice of
hearing.
JEM 4. ADJOURNMENT
O
for June 8�comment on Items # 2
Items # 2 and # 3 merely set public he rings
and # 3 will be taken at the hearings on June 8.