HomeMy WebLinkAboutA049 - Resolution No. 15-532 adopted August 25, 2015 RESOLUTION NO. 15-532
RESOLUTION APPROVING URBAN REVITALIZATION TAX ABATEMENT FOR
2300 LINCOLN WAY
FOR THE CITY OF AMES
WHEREAS, in accordance with Chapter 404 of the Code of Iowa, the City Council has
established Urban Revitalization Areas (URAs) with Plans specifying standards for types and
elements of physical improvements that provide public benefits; and,
WHEREAS, when property within one of these URAs is developed, redeveloped,
rehabilitated, or remodeled, the property owner is eligible for abatement of property taxes on the
incremental increase in property value after the improvements are completed,and this abatement can
extend for three, five, or ten years, based on the individual Urban Revitalization Plan approved by
Council; and,
WHEREAS, property owners within an approved URA may apply for tax exemption for a
complete project or preapproval for project that is planned to be built; and,
WHEREAS,the City must determine if the completed improvements meet the standards in
the Urban Revitalization Plan in order to grant tax abatement and forward the determination to the
Assessor, and if the project complies with the criteria, it must be approved for tax abatement; and,
WHEREAS, Opus Development Company, LLC, Minnetonka, Minnesota, is requesting
approval of tax abatement for the property located at 2300 Lincoln Way, on which a
residential/commercial mixed use project has been constructed in the Campustown Urban
Revitalization Area; and,
WHEREAS,the new development(known as"The Foundry"),includes 53 apartments(144
beds), 53 parking spaces within the footprint of the building, and 7,466 gross square feet of
commercial floor area; and,
WHEREAS,the estimated cost for this project totals$10,500,000,and the estimate is based
on construction cost or sales price provided by the property owner and may not be the same as the
added property value upon which the abatement is based; and,
WHEREAS, the applicant indicates they will choose the 10-year abatement option; and,
WHEREAS,staff has completed an on-site inspection of the improvements constructed,and
finds that the work completed conforms to the Campustown Urban Revitalization Area Criteria.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the tax exemption for the mixed-use project located at 2300 Lincoln Way is hereby approved.
ADOPTED THIS 25`h day of August, 2015.
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Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Corrieri
Seconded by: Nelson
Voting aye: Betcher, Corrieri, Gartin, Goodman,Nelson, Orazem
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 25`h day of August, 2015.