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Waukee council approves development agreement, TIF rebate and site plan for downtown 420–430 Sixth Street project
Summary
The council approved a development agreement with SJC Properties LLC for a two-story, mixed-use downtown project at 420–430 Sixth Street including a 10-year, 70% tax-increment rebate capped at $475,000 and a $30,000 design grant to be deducted from the rebate.
The Waukee City Council voted to approve a development agreement with SJC Properties LLC and related plat and site plan approvals for a proposed downtown project at 420 and 430 Sixth Street. Director Brown presented the project and staff recommended holding the public hearing and approving the agreement; the developer was not present.
Under the agreement, staff said the minimum required investment for the project is $3,000,000 and the property’s taxable valuation is expected to increase from approximately $151,000 to roughly $2,500,000. The proposed incentives include a 10-year annual property tax rebate equal to 70% of the tax increment generated, with a maximum total rebate not to exceed $475,000. The package also includes a $30,000 design and engineering grant that will be deducted from the rebate in years 1 and 2. Staff described additional terms intended to prioritize locally owned businesses and stable lease rates: at least 40% of leasable space must be allocated with priority given to independently owned businesses (the policy could apply to independently owned franchise operators), and at least 75% of leasable space must remain at or below Waukee’s current average retail lease rate.
The project proposes a roughly 6,250-square-foot, two-story building with ground-floor retail and upper-floor service/office space in the downtown village district; the site would combine three lots into one 0.23-acre lot with limited on-site parking and alley access. Staff stated the project would create new taxable valuation and could be transformational for downtown. Planning staff and council members voted to approve the development agreement, preliminary and final plats, and the site plan.
The council record shows no written correspondence received by the clerk’s office before the hearing and that the developer expressed gratitude for council consideration in a written note but did not attend the meeting. The agreement and site plan approvals will proceed to implementation steps, including execution of the development agreement and any building and permitting approvals required by the city.
