ANKENY CITY COUNCIL

Regular Agenda

February 19, 2018
5 : 30 PM
Gary Lorenz, Mayor
Mark Holm, Mayor Pro tem
Council Members: Bobbi Bentz, Jim McKenna, Kelly Whiting, Kerry Walter-Ashby
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ORIGINATING DEPARTMENT: COUNCIL GOAL:
Economic Development Ankeny as a Successful Business Center
ACTION REQUESTED:
Resolution
LEGAL:
Item Reviewed by Legal Counsel
SUBJECT:
Consider motion to adopt RESOLUTION setting a public hearing on a development agreement between the City of Ankeny and Accelerated Ag Technologies, LLC. (date of hrg: 3/5/2018 @ 5:30 p.m.)
EXECUTIVE SUMMARY:
Accelerated Ag Technologies, LLC  is considering expanding into existing flex space in Ankeny. Staff is still negotiating the terms of direct financial assistance to assist Accelerated Ag Technologies with their expansion and working through the details related to their proposed expansion project. It is expected this expansion will more than double their footprint in Ankeny and double their workforce.
FISCAL IMPACT: No
The proposed terms of financial assistance provided to Accelerated Ag Technologies for the creation of new high quality jobs have not been finalized, but it is expected the award will be a 50% forgivable, 50% repayable loan in the amount of approximately $26,000.  Economic Development Fund and TIF funds will be used to support this investment.
CITY MANAGER'S RECOMMENDATIONS:
To approve setting the public hearing for March 5, 2017.
PREVIOUS COUNCIL/COMMISSION/BOARD ACTION(S):

No previous action has been taken on this item; however, the City Council approved a similar incentive in February, 2017 when AAT moved to Ankeny and committed to creating new jobs at that time.  These jobs and investment would be in addition to their 2017 commitments.
PUBLIC OUTREACH EFFORTS:
N/A
ACTION REQUESTED:
ADDITIONAL INFORMATION:
ATTACHMENTS:
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Resolution
Notice of Hearing