HomeMy WebLinkAboutA001 - Council Action Form dated April 28, 1992 APPENDIX
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ITEM #:
DATE: 4/28/92
COUNCIL ACTION FORM
SUBJECT:
First Passage of an Ordinance establishing a Tax Increment Financing
District in Urban Renewal District #3.
ACTION FORM SUMMARY: This is an ordinance that will establish a TIF
District after three readings and allow the City of Ames to incur debt
to install infrastructure within the TIF District.
Approval of this ordinance creating a TIF District is recommended by
staff.
BACKGROUND:
The City Council in establishing the Urban Renewal District #3 enables the
establishment of a TIF District within or in the boundaries of the Urban
Renewal District.
To reiterate the reasons for the creation of a TIF District:
- enhance the availability sites of various sizes to accommodate
new industrial and commercial builders.
- reduced price/cost for land and lease rates.
- create speculative space for new or expanding companies.
- encourage economic development within the City of Ames.
The TIF District will be described in the legal descriptions found in the
Urban Renewal Plan. The TIF District and the Urban Renewal District are
the same area. (See attached map)
This will be the first of three readings to enact the ordinance. The
developers at this time are preparing the Conceptual Development Plan and
the platting documents for staff review. By the third reading of this
ordinance, if not before, the required approval process hopefully will take
place if the developers of the TIF District are on schedule. Once the
platting procedure is completed, and a developers agreement is signed, the
TIF ordinance will be enacted enabling the City of Ames to encumber debt
to begin development of the infrastructure improvements.
2
ALTERNATIVES:
1. The City Council can approve the first passage of the ordinance
establishing a Tax Increment Financing District in the Urban Renewal
District #3.
2. The City Council can approve the ordinance establishing a Tax
Increment Financing District in the Urban Renewal District #3 with
modifications.
MANAGER'S RECOMMENDED ACTION:
It is the recommendation of the City Manager that the City Council adopt
Alternative #1. This will be the first reading of the ordinance and in the
time period of the next two readings, the developers should be able to
complete platting requirements and be willing to sign the developers
agreement before the final reading.
COUNCIL ACTION:
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