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HomeMy WebLinkAboutA005 - Council Action Summary from September 12, 2000 meeting COUNCIL ACTION SUMMARY Meeting Date: 9112100 Agenda Item #: Comments SUBJECT: Letter from the Developers of Somerset Village dated September 8, 2000 ACTION TAKEN: Referred to staff. MOTION BY: Wirth SECOND BY: Goodhue VOTING AYE: Campbell, Cross, Goodhue, Hoffman, Quirmbach, Wirth VOTING NAY: None ABSENT: None By: Diane Voss, City Cleric Copy to: Steven L. Schainlcer i OMERSET A M IA . E S T . 1 9 9 7 2400 Aspen Dr. • Ames, Iowa 50010 . 515-292-0183 • FAX 515-292-0184 September 8, 2000 Mayor Tedesco and City Council of Ames 515 Clark Ave. Ames, IA 50010 Dear Sirs: The Developers of Somerset Village are launching a new campaign to promote and market the village concept. The Developers have announced several new incentives for both the consumers and the real estate agents. Somerset Village also needs support from the City Council. Listed below are a number of the things that the Developers are doing to jump start Somerset. 1) The Developers will make sure that there is always completed inventory to sell. There will be at least ten single family detached or attached housing units at all times. 2) The Developers will offer special financing terms for all single family buyers. The Developers are offering an interest buy down to lower the buyers payments. Depending on the purchase price and the amount financed,the buy down can lower the buyers payments by a couple hundred dollars per month. If they, the buyers elect not to use the financing option they will receive a cash bonus. This will cost the developers between $3,000 and $5,500 per unit depending on the mortgage amount. 3) Allow civic organizations to hold meetings at the Somerset clubhouse free of charge. 4) Provided approved house plans to prospective home builders free of charge. 5) Offer an additional $1,000 cash bonus to the real estate agents that sell a property in Somerset. This incentive is above and beyond the normal commission. 6) Hold informational meetings for all of the real estate agents in town to explain the village concept and to showcase the completed inventory available for sale. 7) Work with a marketing firm that specializes in neo traditional developments. The Developers agree to make reasonable resources available to implement the ideas and suggestions of the marketing firm. SomERSET DEVELOPERS Friedrich/Iowa Realty 232-6175 • Furman Realty 232-8884 • Hunziker & Associates, Realtors 233-4450 The Developers are requesting from the City Council the following: 1) Tax abatement on unoccupied new construction. We are requesting abatement similar to the urban revitalization program used by the City. The abatement would start when approved by the City Council and continue until the project is complete. I have attached a map outlining the proposed abatement area. The abatement would not apply to structures that are already occupied. 2) Grant tax exempt status on the park and open space areas (see attached map). Grant tax abatement for the common areas (see attached map) for a period of three years. 3) If legally possible, keep the undeveloped lots at the undeveloped tax rate until they are transferred from the Developer to a builder or homeowner. The Developers think that it is imperative to make an all out effort by both the Developers and the Council. The Developers have already implemented the items above and are hopeful that the Council will get behind this project as well. Please call if you have any questions, Sincerely, 0X&La C%� Chuck Winkleblack Somerset Developers R. Friedrich& Sons Furman Corporation Hunziker& Associates =0MESz SOMERSET SUBDIVISION ` »�`R � _� , DRIVE| ` , � §\ , j§/ ƒ » § ©/� ! +% / (/{ \ § ! h° } «\� -\ )/\ ! ) a § §6 m. 3DNVIS . ) - _ /\� §\ m» H368< ___ 30803D \ , 313 _mm$| �, __G. - � � Abatement Reference # Assessed Value Taxable Value 2 05-33-219-020 1,900 0 3 05-33-223-160 300 0 4 05-33-211-010 300 165 5 05-33-223-060 1,200 0 7 05-33-238-000 300 165 8 05-33-242-000 300 165 11 05-33-230-030 196,200 0 12 05-33-230-020 200 0 13 05-33-207-250 300 165 14 05-33-207-380 400 219 15 05-33-211-010 1,000 549 18 05-33-223-200 400 0 202,800 1,428 Permanent Exemption Reference # Assessed Value Taxable Value 17 05-33-205-140 46,000 25,232 6 05-33-234-010 10,400 5,705 9 05-33-248-000 15,300 8,392 10 05-33-103-040 4,300 2,359 16 05-33-476-010 900 494 1 05-33-205-150 20,500 11,245 97,400 53,427 The values shown above are partial assessments and do not reflect the actual tax liability the parcels will have when they are completed and on the tax rolls at 100%. 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