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Date
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January 8, 2007
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Agenda
Item No. 32 Roll
Call No. 07- Communication No. 07-007
Submitted by: Richard A. Clark, City Manager |
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AGENDA
HEADING:
Resolution
approving Issuance of Certificate of Completion for Starbucks in the Fleur
Drive Commercial Urban Renewal Project.
SYNOPSIS:
Raccoon Valley Investment Company (Michael A. Coppola, Partner, 4521 Fleur Drive, Suite C, Des Moines, IA) has submitted the documentation required to demonstrate completion of the Starbucks development project located at 4503 Fleur Drive pursuant to a June 7, 2004, Urban Renewal Development Agreement between the City and Raccoon Valley Investment Company for the Fleur Drive Commercial Urban Renewal Project. City staff has inspected the project and has confirmed that the terms of the Agreement have been satisfied.
FISCAL
IMPACT: NONE
ADDITIONAL
INFORMATION:
On
June 7, 2004, City Council approved a development agreement for the
redevelopment of the former Target shopping center on Fleur Drive as the Fleur
Marketplace. Issuance of the
Certificate of Completion certifies that the Developer has complied with the
construction obligations outlined in the development agreement pursuant to the
Developer’s ability to seek tax increment revenue reimbursement on new tax
revenues produced by the new development.
The Starbucks project represents the first phase of improvements in the
urban renewal project area that are eligible for the allowed economic
development grants.
PREVIOUS
COUNCIL ACTION(S):
Date: October 10, 2005
Roll
Call Number: 05-2451
Action: Conceptual Development Plan for Fleur Drive
Commercial Urban Renewal Area, subject to specified revisions. (Council
Communication No. 05-563) Moved by Hensley to
adopt. Motion Carried 7-0.
Date: March 7, 2005
Roll
Call Number: 05-555
Action:
First Amendment to the Development Agreement with Raccoon Valley
Investment Company, L.C./Fleur Drive Commercial Urban Renewal Area. (Council
Communication No. 05-110) Moved by Hensley to
adopt. Motion Carried 7-0.
Date: June 7, 2004
Roll
Call Number: 04-1236
Action:
Approving Urban Renewal Development Agreement with Raccoon Valley
Investment Company, L.C. represented by Michael Coppola, for redevelopment of
portion of the Urban Renewal Area. (Council
Communication No. 04-273) Moved by Hensley to adopt. Motion
Carried 6-1. Absent: Coleman.
BOARD/COMMISSION
ACTION(S):
Date:
October 4, 2005
Roll Call
Number: N/A
Action: Urban Design Review Board recommended
approval of the Conceptual Development Plan.
ANTICIPATED
ACTIONS AND FUTURE COMMITMENTS: NONE