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HomeMy WebLinkAboutA011 - Council Action Form dated November 28, 2000 ITEM # y DATE 11/28/00 COUNCIL ACTION FORWttVTd_ c,Uritj, )U SUBJECT: RESOLUTION AMENDING THPLAN FOR URBAN REVITALIZATION AREA NUMBER 7. ACTION FORM SUMMARY: This action would allow the amendment of the Urban Revitalization Area No. 7 to include a 3-year, 100% tax abatement that would be available for future residential and retail commercial construction over a 3-year period with the following conditions. Approval is recommended. BACKGROUND: On September 26, 2000 the City Council moved to amend the Urban Revitalization Plan No. 7 to allow a 3-year, 100% tax abatement that would be available for future residential and retail commercial construction over a 3-year period with the following conditions- 1. Not less than ten single-family detached or attached housing units shall either be under construction or complete and offered for sale at all times. 2. With respect to the aforesaid housing units, special financing terms shall be offered to persons purchasing such units for their own occupancy, in the form of interest write downs or cash bonuses equaling, at a minimum, $3,000 up to $6,500 depending on the mortgage amount. 3. Purchasers of lots from the Developers will be eligible to receive house plans that have been approved to meet the architectural guidelines in Somerset. These plans will be provided to the lot purchaser free of charge. 4. Developers, with respect to newly constructed and never occupied homes for sale in the Somerset subdivisions grant an additional $1,000 bonus (per sale) to the selling real estate agent that sells such a property in the Somerset Subdivisions. 5. Informational meetings are held for all real estate agents in the City of Ames to explain the village concept and to showcase the completed inventory available for sale in the Somerset Subdivisions. 6. The Developers will work continuously from January 1, 2001 to February 2, 2004 with a marketing firm that specializes in neo-traditional developments to implement a marketing strategy in accordance with the suggestions of that firm. 7. Civic groups are allowed to use the Somerset clubhouse free of charge on a one- time basis. 8. The Developers are continuing to develop the entire Somerset project as shown by the City approved preliminary plat of Somerset as a village in accordance with the zoning change agreement adopted for the Somerset subdivisions. 9. The selling of new homes constructed in the Somerset Subdivision is, at all times while this plan is in effect, open to all real estate agents of the local real estate market, provided that the agents follow all the rules and procedures for Somerset. Currently Urban Revitalization Area No. 7 allows for tax abatement for three specific uses: a neighborhood scale grocery, a neighborhood scale sit-down restaurant, and any retail use that has a residential dwelling unit(s) on the second floor that are rented to a tenant of low to moderate income, as established by the Department of Housing and Urban Development for Story County. Urban Revitalization Area No. 7 currently has no established end date. This amendment for the area has a three-year limit on the newly proposed tax benefits. ALTERNATIVES: 1. The City Council can approve amending the Plan for Urban Revitalization Area No. 7. 2. The City Council can deny amending the Plan for Urban Revitalization Area No. 7. 3. The City Council can refer this request back to staff for additional information. RECOMMENDED ACTION: If the City Council takes action in the previous agenda item to approve the new Urban Revitalization Plan to provide a three year, 100% tax abatement for residential and retail uses in a portion of the §.omerset Subdivision, then it is the recommendation of the City Manager that the City Council adopt Alternative #1 and approve the amendment to the Urban Revitalization Area No. 7 Plan with the following nine conditions: 1. Not less than ten single-family detached or attached housing units shall either be under construction or-complete and offered for sale at all times. 2. With respect to the aforesaid housing units, special financing terms shall be offered to persons purchasing such units for their own occupancy, in the form of interest write downs or cash bonuses equaling, at a minimum, $3,000 up to $6,500 depending on the mortgage amount. 3. Purchasers of lots from the Developers will be eligible to receive house plans that 2 have been approved to meet the architectural guidelines in Somerset. These plans will be provided to the lot purchaser free of charge. 4. Developers, with respect to newly constructed and never occupied homes for sale in the Somerset subdivisions grant an additional $1,000 bonus (per sale) to the selling real estate agent that sells such a property in the Somerset Subdivisions. 5. Informational meetings are held for all real estate agents in the City of Ames to explain the village concept and to showcase the completed inventory available for sale in the Somerset Subdivisions. 6. The Developers will work continuously from January 1, 2001 to February 2, 2004 with a marketing firm that specializes in neo-traditional developments to implement a marketing strategy in accordance with the suggestions of that firm. 7. Civic groups are allowed to use the Somerset clubhouse free of charge on a one- time basis. 8. The Developers are continuing to develop the entire Somerset project as shown by the City approved preliminary plat of Somerset as a village in accordance with the zoning change agreement adopted for the Somerset subdivisions. 9. The selling of new homes constructed in the Somerset Subdivision is, at all times while this plan is in effect, open to all real estate agents of the local real estate market, provided that the agents follow all the rules and procedures for Somerset. This action will add this new three year, 100% tax abatement opportunity in the existing Area No. 7 (see attached map). When the three-year tax incentive expires, the possibility for abatement will remain in the Area No. 7 for the three specific uses approved prior to this action (a neighborhood grocery, a neighborhood scale sit-down restaurant, and any retail use with second floor "affordable" rental units). COUNCIL ACTION: 3 t Somerset Subdivisi Somerset Subdivision --- ------ -- ' o E P©rtion lVot Included in Pt�rlican Tlot IncludedAP Urban R:rrlevite Area ` Urban Revue Area l Q. ,3e3331i 3 4 0 g , 2 5 '> 7 B 9 10 11 Q 15 72 14 13 ............. 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