|
|
| ORIGINATING DEPARTMENT: |
COUNCIL GOAL: |
| Economic Development |
Ankeny as a Successful Business Center |
|
ACTION REQUESTED:
|
| Resolution |
| LEGAL: |
| No Review Required |
| SUBJECT: |
| Consider motion to adopt RESOLUTION authorizing the City of Ankeny to enter into a contract with the Iowa Economic Development Authority and Hy-Vee, Inc. |
| EXECUTIVE SUMMARY: |
| Hy-Vee, Inc. has secured State of Iowa investment tax credits and a sales, service and use tax refund totaling $2.13 million from IEDA as part of their $64 million investment in Ankeny. A contract between IEDA, Hy-Vee and the City is required for Hy-Vee to receive these incentives. The City's only obligations as a party to this contract is to notify IEDA if we become aware of changes to Hy-Vee's expansion plans and to provide Hy-Vee the incentives outlined in the City's development agreement with Hy-Vee. The full contract is available for review in the City Clerk's office. |
|
FISCAL IMPACT:
Yes |
| This project is growing the tax base in Ankeny; therefore a local match is required for Hy-Vee to receive incentives from IEDA. Through the previously approved development agreement between the City and Hy-Vee, the City has committed to providing Hy-Vee with TIF rebates valued at approx. $1.1 million over five years. |
| CITY MANAGER'S RECOMMENDATIONS: |
| To approve the resolution to enter into a contract with Hy-Vee, Inc. and the Iowa Economic Development Authority. |
| PREVIOUS COUNCIL/COMMISSION/BOARD ACTION(S): |
| The City Council approved Hy-Vee's application for financial assistance through IEDA's High Quality Jobs Program and approved a development agreement with Hy-Vee at its July 31, 2017 meeting. |
| PUBLIC OUTREACH EFFORTS: |
| A public hearing on the development agreement was held July 31, 2017. |
|
|
|