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| ORIGINATING DEPARTMENT: |
COUNCIL GOAL: |
| Finance |
Ankeny as a Successful Business Center |
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ACTION REQUESTED:
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| 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 Perishable Distributors of Iowa, LTD. |
| EXECUTIVE SUMMARY: |
| Perishable Distributors of Iowa, LTD (PDI) has secured a State of Iowa sales, service and use tax refund totaling $529,000 from IEDA as part of their $21 million expansion in Ankeny. A contract between IEDA, PDI and the City is required for PDI 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 PDI's expansion plans and to provide PDI the incentives outlined in the City's development agreement with PDI. The full contract is available for review in the City Clerk's office. |
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FISCAL IMPACT:
Yes |
| This project is growing the tax base in Ankeny; therefore a local match is required for PDI to receive incentives from IEDA. Through the previously approved development agreement between the City and PDI, the City has committed to providing PDI with TIF rebates valued at approx. $500,000 over five years. |
| CITY MANAGER'S RECOMMENDATIONS: |
| To approve the resolution to enter into a contract with PDI and the Iowa Economic Development Authority. |
| PREVIOUS COUNCIL/COMMISSION/BOARD ACTION(S): |
| The City Council approved PDI's application for financial assistance through IEDA's High Quality Jobs Program and approved a development agreement with PDI at its July 31, 2017 meeting. |
| PUBLIC OUTREACH EFFORTS: |
| A public hearing on the development agreement was held July 31, 2017. |
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