ANKENY CITY COUNCIL

Regular Agenda

December 17, 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:
No Review Required
SUBJECT:
High Quality Jobs Program Application for Northern Tool & Equipment Company, Inc.
Iowa Economic Development Authority
EXECUTIVE SUMMARY:
Northern Tool & Equipment Company is proposing to lease a new approximate 600,000 square foot distribution center on approximately 66 acres in the Crosswinds Business Park.  The facility will be constructed for Northern Tool and owned by Ryan Companies.  The proposed project includes associated site improvements, as well as extending public infrastructure in the area. Northern Tool has committed to creating 183 new jobs as a result of this investment in Iowa and is applying for incentives through the Iowa Economic Development Authority's High Quality Jobs Program.  It is expected that 19 of the 183 jobs will qualify as high quality jobs and the project is eligible for State of Iowa income tax credits and sales and use tax refund on construction materials.
FISCAL IMPACT: Yes
IEDA will consider providing sales and use tax refund for this project at their December 21st board meeting.  IEDA requires a local match for projects creating tax base and receiving state assistance.  The terms of the development agreement satisfy this match.
CITY MANAGER'S RECOMMENDATIONS:
To approve resolution as presented.
PREVIOUS COUNCIL/COMMISSION/BOARD ACTION(S):
A public hearing on the development agreement was set on December 3, 2018.
PUBLIC OUTREACH EFFORTS:
A public hearing on the development agreement was held on December 17, 2018.
ACTION REQUESTED:

Action: Consider motion to adopt RESOLUTION of the City Council of the City of Ankeny, Iowa, approving the application of Northern Tool & Equipment Company, Inc., to the Iowa Economic Development Authority High Quality Jobs Program.
ADDITIONAL INFORMATION:
ATTACHMENTS:
Click to download
Resolution - NTE HQJ Application