This development agreement replaces a previous agreement with a related company known as “Argent Development Group, LLC”.  In summary, the previous agreement was for two residential towers, one with apartments and one with condominiums.  That agreement had a minimum assessment of $33,354,000 and tax increment financing payments of $12 million over 15 years.  Sale of the property was to be for $751,180.

Argent Baxter JV Council Bluffs, L.L.C. submitted a revised development proposal regarding the construction of a single residential tower on Block 1 of River’s Edge Subdivision, in the amended Playland Park Urban Renewal Area.  A development agreement has been drafted that describes the roles and responsibilities of the City and Developer.  Although the agreement contains numerous provisions, the primary commitments contained in the agreement include:

• Developer acquires Block 1 of River’s Edge Subdivision (75,118 sq. ft.) for $751,180, which is approximately $10.00 psf.
• The building will include a single tower with parking on lower levels and approximately 13 floors of residential.  The mix of residential units will include up to 210 apartments in the range of 700-1,300 sq. ft. and 24 condominium units averaging approximately 1,000 sq. ft.  An outdoor amenity deck will be included for residents.
• The company expects to initiate construction by July 1, 2020 and be completed by February 1, 2022.
• The project will include a minimum assessment agreement of $45,000,000.
• An 18 year tax increment financing rebate equal to 75% of captured property taxes is proposed to be provided to the Developer.  The Development Agreement sets maximum rebates over the 18 year term at $23,000,000.