Casey's Retail Company is proposing to construct an approximately 60,000 square foot, two-story office addition to their headquarters facility located at One SE Convenience Blvd.  The proposed project includes associated site improvements, as well as improvements to their existing offices. This expansion will be on the northeast side of their building where there is currently a surface parking lot.  Displaced parking will be relocated to the property immediately north of their current facility.   The project is expected to begin in 2018 and be completed in 2019.  

Casey's has committed to creating 101 new jobs as a result of this expansion, with salaries ranging from $45,000 to $100,000+ annually.  The average salary for all newly created positions will be $60,000 annually, or $28.85/hour.  The proposed development agreement includes claw-back provisions on all 101 jobs at the wages listed above.

The proposed development agreement includes TIF rebates over the course of five years, which total approx. $775,000 on an estimated assessed value of $10 million.  In addition, the project will likely qualify, as determined by the Polk County Assessor, for five-year sliding scale industrial property tax exemption.  The estimated value of exemption benefits is $942,000.  Over the five year term incentives will be provided, Casey's will pay approx. $166,000 in new debt service levy property taxes on the increased value. After the 5 year term of the agreement, estimated net new tax receipts to all taxing entities will be approx. $376,000 annually.

Action: Consider motion to adopt RESOLUTION approving a Development Agreement between the City of Ankeny and Casey's General Stores, Inc., through its affiliated Retail Company.