HomeMy WebLinkAboutA007 - Council Action Form dated May 8, 2001 ITEM # ` �
DATE 05/08/01
COUNCIL ACTION FORM
SUBJECT: RESOLUTION APPROVING THE URBAN REVITALIZATION PLAN FOR 511
SOUTH FOURTH STREET AND FIRST PASSAGE OF AN ORDINANCE ESTABLISHING
THE URBAN REVITALIZATION AREA.
BACKGROUND:
On March 27, 2001 the City Council determined that the request for designation of an
Urban Revitalization Area for 511 South Fourth Street met the Criteria for Eligibility. The
required Condition the project meets is that it is Slum and Blighted. Under the Optional
Conditions the project meets the requirements of Brick Construction or Similar Masonry
Material and Landscaping Beyond Required.
City Council directed staff to prepare an Urban Revitalization Plan for 511 South Fourth
Street and to set a date of public hearing for May 8, 2001 to establish the Urban
Revitalization Area.
City staff has prepared an Urban Revitalization Plan for 511 South Fourth Street. The
following items are included in the Urban Revitalization Plan:
The area includes 511 South Fourth Street and 325 South Walnut Avenue, as the
State of Iowa Urban Revitalization Program regulations require two buildings to be
in each Urban Revitalization Area, a neighboring property was chosen. The new
development will be addressed 511 South Fourth Street.
The total current assessed valuation of land and buildings on the properties is:
511 South Fourth Street Land - $28,900 Improvements - $79,000
325 South Walnut Avenue Land - $21,500 Improvements - $51,500
It is expected that the value added will exceed the 5% increase required in actual
value.
The owners of the properties in the district are:
511 South Fourth Street — Kent and Joan Cooper
325 South Walnut Avenue — Gregory Cooper
The zoning is RH, which is Residential High Density Zone.
There are no enhancements to City services needed because of this project.
The project consists of the construction of a 16-unit, 3-story apartment building at 511
South Fourth Street.
There will be no displacement of any persons and thus no relocation benefits
provided.
For further detail on the Urban Revitalization Plan for 511 South Fourth Street see the
attached plan.
City staff is recommending approval of this action.
ALTERNATIVES:
1. The City Council can approve the Urban Revitalization Plan for 511 South Fourth Street
and the hearing for the establishment of the Urban Revitalization Area.
2. The City Council can deny the Urban Revitalization Plan for 511 South Fourth Street
and the hearing for the establishment of the Urban Revitalization Area.
3. The City Council can direct staff to revise the Urban Revitalization Plan for 511 South
Fourth Street.
MANAGER'S RECOMMENDED ACTION:
It is the recommendation of the City Manager that the City Council adopt Alternative #1.
This action will approve the Urban Revitalization Plan for 511 South Fourth Street and allow
tax abatement for a 16-unit, 3-story apartment building.
COUNCIL ACTION:
2