| | | | | | | | Council Communication
Department: Finance
Case/Project No.:
Submitted by: Richard Wade | Resolution 21-364
ITEM 6.F. | Council Action: 12/13/2021 |
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| | | | | | | | Description
Resolution authorizing and directing the Mayor to execute a Second Amendment to Development Agreement by and between the City of Council Bluffs and developers Questa, LLC and Gable Corporation. |
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| | | | | | | | Background/Discussion
In January of 2009, the City entered a development agreement with Questa LLC and Gable Corporation for the development of what is commonly referred to as the Google Southland Project. In December of 2011, the same parties amended the original agreement with a document entitled First Amendment to Development Agreement. The First Amendment modified the cap on the amount of franchise fee that Questa LLC and Gable Corporation would be required to pay per year and secondly, it provided for a modification in the abatement schedule for the Project under certain conditions. Inadvertently, the modification to the cap was never implemented until the current fiscal year which has led to an inequity between the parties. To address this inequity, the parties have agreed to the terms of a Second Amendment to Development Agreement which will address the provisions regarding the modifications to the abatement schedule so as to eliminate the aforementioned inequities over a period of time.
This modification will have no negative impact upon tax revenues received by any other taxing body.
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| | | | | | | | Recommendation
Approval is recommended. |
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