|
|
| 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 Casey's Retail Company. |
| EXECUTIVE SUMMARY: |
| Casey's Retail Company (Casey's) has secured State of Iowa investment tax credits and a sales, service and use tax refund totaling $4,002,000 from IEDA as part of their approx $35 million investment in Ankeny. A contract between IEDA, Casey's and the City is required for Casey's 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 Casey's expansion plans and to provide Casey's the incentives outlined in the City's development agreement with Casey's. The full contract is available for review in the City Clerk's office. |
|
FISCAL IMPACT:
No |
| This project is growing the tax base in Ankeny; therefore a local match is required for Casey's to receive incentives from IEDA. Through the previously approved development agreement between the City and Casey's, the City has committed to providing Casey's with TIF rebates valued at approx. $775,000 over five years. |
| CITY MANAGER'S RECOMMENDATIONS: |
| To approve the resolution to enter into a contract with Casey's Retail Company and the Iowa Economic Development Authority. |
| PREVIOUS COUNCIL/COMMISSION/BOARD ACTION(S): |
| The City Council approved Casey's application for financial assistance through IEDA's High Quality Jobs Program and approved a development agreement with Casey's at its January 15, 2018 meeting. |
| PUBLIC OUTREACH EFFORTS: |
| A public hearing on the development agreement was held January 15, 2018. |
|
|
|