The Urbandale City Council approved a development agreement Tuesday with Anderson Holdings for a $3.4 million, 46,000-square-foot flex building at 4401 N.W. Urbandale Drive. Under the agreement, Anderson will receive a five-year declining percentage property tax rebate that begins at 75 percent and drops to 15 percent, the standard tax increment finance package for the city’s Northwest Market Center Urban Renewal Plan. The company must meet certain criteria, such as maintaining employment at the property, to qualify for the TIF package, which has an estimated value of $226,000.