HomeMy WebLinkAboutA055 - Council Action Summary from February 27, 2001 meeting, hearing on URA COUNCIL ACTION SUMMARY
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Meeting Date: February 27, 2001
Agenda Item #: 20a-c
SUBJECT: Hearing on Urban Revitalization Plan/Amendment to URA #7 Plan for Somerset Village
(continued from 1/09/01)
ACTION TAKEN: Approved the concept of granting a tax abatement incentive for a portion of the
Somerset Subdivision for only the single-family, detached units and the commercial structures used for retail
businesses with the following stipulations:
1. No fewer than 10 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;
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 shall grant an additional $1,000 bonus per sale to the selling agent who sells any newly-
constructed (and never occupied) home listed for sale in Somerset;
5. Informational meetings for all real estate agents in the City of Ames should be held periodically to explain
the village concept and to showcase the completed inventory available for sale in Somerset;
6. Civic groups shall be allowed to use the Somerset clubhouse free of charge on a one-time basis;
7. 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 the agents follow all the rules and
procedures of Somerset;
8. The developers continue 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 or hereinafter
amended for the Somerset Village; and,
9. The developers and the City share the cost for Zimmerman/Volk to perform a Market Position Analysis.
AND, continued the public hearing to March 27 2001 for approval of the Urban Revitalization Plan
for Somerset Village and then amendment of the Plan.
MOTION BY: Campbell
SECOND BY: Goodhue
VOTING AYE: Campbell, Cross, Goodhue, Hoffman, Quirmbach, Wirth
VOTING NAY: None
ABSENT: None
By: XI '
Jill Ripperger, OlVuty dity Clerk
copy to: Brian O'Connell
John Klaus