HomeMy WebLinkAboutA039 - Letter from 1st National Bank in favor of tax abatement STFIRST CUA
NATIONAL
BANK AMES
Locally owned...working for you since 1903.
December 18, 2000 t� x
Mr. Ted Tedesco I DEC 18 2000 -
Mayor, City of Ames P
Ames, IA 50010
CITY OF AMES, I011A
Dear T ed:
As you know, the village concept is new to Ames and has yet to catch on in the way it
was envisioned. The developers have invested millions of dollars in the project without
attracting the single-family homebuyer in sufficient numbers to deem the project a
success. This is evident by the lack of single family sales as well as low multi family
sales and the low occupancy rate for rental properties in the subdivision.
In reviewing the history of Somerset, Ames' first village concept project, it is evident that
at the current pace of development that some form of incentive is needed. The
developers are proposing a tax abatement plan for a limited period of time, that if
successful, would provide more tax dollars to the City than would be received if the
present rate of construction would continue.
Ames is extremely fortunate to have a group of long time developers who have used their
resources to help make this project a success. They are willing to commit an additional
million dollars to help the project move forward. It is time to give serious consideration
to the tax abatement proposal if Somerset is to become the successful, thriving
community, as was planned by the City.
Sincerely,
Daniel L. Krieger
Chairman
DLK/lh
MAIN OFFICE UNIVERSITY OFFICE CUB FOODS OFFICE NORTH GRAND OFFICE
5th&Burnett PO Box 607 Ames,IA 50010 2330 Lincoln Way Ames,IA 50014 3121 Grand Ames,IA 50010 2406 Grand Ames,IA 50010
515-232-5561 FAX 515-232-5778 515-292-6157 515-233-3363 515-233-2400
www.FNBames.com