HomeMy WebLinkAboutA009 - Portion of minutes from September 26, 2000 q a6 -0-0 tit,+`atc/te-s
Moved by Campbell to adopt a resolution approving an amendment to the existing Rezoning
Agreement to allow for a three-year tax abatement schedule on all residential development in the
existing platted phases,to limit the applications for abatement for a three-year period,and to add
"retail" to the existing commercial abatement.
Motion died for lack of a second.
Council Member Quirmbach feels that the City Council has an obligation to verify that the
conditions in the original Agreement have been satisfied. He would like to see factual evidence
showing that housing sales and rental-unit rental rates have been conspicuously lower than in
other areas in Ames. Chuck Winkleblack clarified that the apartments have been renting,but the
rental rates have had to be reduced to achieve the level of occupancy necessary. Mr. Quirmbach
asked the developers to provide information to the City Council concerning the vacancy rate,the
developers being able to receive comparable rental income for the quality of housing provided,
and how long a house is on the market in Somerset versus in other areas of the City. He also
requested data on home sales in Somerset.Mr. Quirmbach said he also wanted to see an estimate
of how much tax money is going to be involved here. Steve Schainker indicated that those
numbers would be provided to the Council at the time of the public hearing.
Moved by Goodhue, seconded by Cross, to adopt a resolution approving an amendment to the
existing Rezoning Agreement to grant a three-year 100%tax abatement on all residential lots
for a three-year window of time.
Moved by Campbell, seconded by Hoffman,to amend the motion to adopt RESOLUTION NO.
00-459 approving an amendment to the existing Rezoning Agreement to allow for a three-year
100% tax abatement for all residential and retail commercial construction for a three-year
window of time, as identified on the map attached to the resolution, contingent on the
developers:
1. building and making available at least ten single-family detached or attached housing units
at all times;
2. offering special financing terms for all single-family home buyers 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. providing approved house plans that meet the village guidelines free of charge to
prospective home buyers;
4. granting an additional $1,000 bonus to real estate agents who sell property in Somerset;
5. conducting informational meetings for all real estate agents in town to explain the village
concept and to showcase the completed inventory available for sale;
6. working with a marketing firm that specializes in neo-traditional developments to
implement a marketing strategy in accordance with the suggestions from this firm;
7. allowing civic groups to use the Somerset clubhouse free of charge; and,
8. continuing to develop the entire project as a village as prescribed for in the current zoning
agreement.
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