HomeMy WebLinkAboutA076 - Resolution No. 05-102 adopted February 22, 2005 RESOLUTION NO. 05-102
RESOLUTION ADOPTING ANOTHER AMENDMENT TO
THE PLAN FOR THE SOMERSET URBAN
REVITALIZATION AREA
WHEREAS, by Resolution No. 01-109 adopted March 27, 2001, a three year 100% tax
abatement for buildings constructed for residential occupancy or as an establishment for retail sale
of goods and services between January 1, 2001 and February 2, 2004 was established; and,
WHEREAS, by Resolution No. 01-110 also adopted on March 27, 2001, the plan just
adopted was amended to eliminate the tax exemption for retail buildings and instead restricted the
three year 100% tax abatement to buildings for single family detached residential occupancy
constructed between May 1, 2001 and May 2, 2004; and
WHEREAS, it is now desired to provide the said three year 100% tax exemption in the
Somerset Urban Revitalization Area,both prospectively and retroactively,to buildings for retail use
constructed after May 1, 2001, but prior to July 1, 2008; and,
WHEREAS, the required notice of public hearing has occurred pursuant to subsection
404.2(6) Code of Iowa.
NOW, THEREFORE, BE IT RESOLVED, by the City Council for the City of Ames,
Iowa, that:
Section One. The economic development of Somerset Urban Revitalization Area is
necessary in the interest of the welfare of the residents of the City.
Section Two. Somerset Urban Revitalization Area has been declared to be and is again
declared to be both an urban renewal area and an urban revitalization area.
Section Three. All buildings that have been constructed after May 1,2001,bur prior to July
1,2008,in the said Somerset Urban Revitalization Area for use as an establishment for the retail sale
of goods or services shall be eligible to receive,for a period of three years, a 100%exemption from
tax of the actual value added to the taxed real estate by such b ilding.
Diane R. Voss, City Clerk Ted Tedesco, Mayor
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