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Date
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May 18, 2009
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Agenda
Item No. 42 Roll
Call No. 09-
Communication No. 09-326 Submitted by: Matt Anderson, Economic Development
Administrator |
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AGENDA
HEADING:
Resolution to Receive and File Preliminary Terms of
Understanding with Cold Stream LLC (Andy Holt, 2659 Boyd Street, Des Moines,
Iowa 50317; Tim Berardi, 3812 East 30th Street, Des Moines, Iowa
50317) for the development of a 50 acre light industrial business park at NE 46th
Street and Hubbell Avenue.
SYNOPSIS:
Cold Stream, LLC is proposing development of a light
industrial business park on a 50 acre parcel of land located at NE 46th
Street and Hubbell Avenue. The development of Cold Stream Business Park will
result in retention of existing jobs in the community, creation of new jobs and
creation of new taxable valuation and infrastructure for the City of Des
Moines.
An estimated $2.7 million in infrastructure is
needed to develop the business park. This cost includes sanitary sewer, water,
storm sewer and street construction to serve nine lots, as well as a planned
community geothermal system designed to significantly reduce energy costs to
businesses locating in the park. Low impact stormwater management techniques
designed to minimize erosion and protect water quality are also planned.
The terms of understanding include approval of the
following actions:
1.)
Pursue application for Revitalize Iowa’s Sound
Economy (RISE) funds with the Iowa Department of Transportation (IDOT) for the RISE-eligible
portion of project costs.
2.)
Pursue creation of a new Enterprise Zone with the
Iowa Department of Economic Development (IDED).
3.)
Pursue application for the Iowa Office of Energy
Independence funds for the planned community geothermal system.
4.)
Pursue application for Iowa Watershed Improvement
Review Board funds for stormwater management improvements and watershed
enhancements.
5.)
Continue review for development of an Urban Renewal
Plan and a tax increment finance district for the purpose of rebating a portion
of the infrastructure costs back to the developer, based on anticipated taxable
valuation in the business park and the developer’s financial need.
FISCAL
IMPACT:
Amount:
To be determined through funding
applications.
Funding
Sources: Applications will be filed for IDOT RISE
funds, Iowa Power Fund grant and a Watershed Improvement Review Board grant.
The creation of an Enterprise Zone and a tax increment finance district are
also under review.
ADDITIONAL
INFORMATION:
Cold
Stream Business Park will provide employment and tax base for the City of Des
Moines, and bring activity to an area annexed into the City for development
purposes. The Four Mile Interceptor Sewer was extended along the northern
boundary of the 50 acre site, and will provide sanitary sewer service to the
businesses locating in the park.
The Office of Economic Development has worked with
Cold Stream, LLC to explore infrastructure funding opportunities through the IDOT,
Iowa Office of Energy Independence, Mid American Energy, IDED, Iowa Department
of Agriculture and the Iowa Watershed Improvement Review Board to facilitate
the project.
A 120,000 square foot $6 million building is planned
as the first project in the park, and will house CFI Tire Service, a business
specializing in agricultural, industrial and commercial tire sales. Wheel
remanufacturing and retreading of rubber tracks are also components of the
business. Additional businesses targeted for location in the park include a
wholesale fountain company, commercial upholstery and other light industrial
uses.
PREVIOUS
COUNCIL ACTION(S):
Date: April 6, 2009
Roll
Call Number: 09-574
Action: On request from Andy Holt to amend
the Baker PUD Conceptual Plan,
Date: April 6, 2009
Roll
Call Number: 09-575
Action: Recommendation from Plan and Zoning Commission regarding the
amendment to the future land use designation from Low-Density Residential,
Medium-Density Residential and Community Commercial to General Industrial. Moved
by Mahaffey to adopt and approve the proposed amendment. Motion Carried 7-0.
Date: April 6, 2009
Roll
Call Number: 09-576
Action: Receive,
file and refer to the City Manager a letter from William Lillis and Joel
Templeman. Moved by Mahaffey to receive, file and
refer to the City Manager to review the potential of creating a TIF District
and to submit an application for RISE funds.
Motion Carried 7-0.
BOARD/COMMISSION
ACTION(S):
Date:
April 2, 2009
Roll
Call Number: N/A
Action: Planning & Zoning Commission voted 9-0 to
approve an amendment to the Des Moines’ 2020 Community Character
Plan revising all designations of Low Density Residential, Medium Density
Residential and Community Commercial to General Industrial.
ANTICIPATED
ACTIONS AND FUTURE COMMITMENTS:
Final consideration of Enterprise Zone, tax
increment finance district, urban renewal agreement and third party financing
sources.
For more information on this and other agenda items,
please call the City Clerk’s Office at 515-283-4209 or visit the Clerk’s Office
on the second floor of City Hall,