HomeMy WebLinkAboutA005 - Council Aciton Form dated May 13, 2003 ITEM #: 35
DATE: May 13, 2003
COUNCIL ACTION FORM
SUBJECT: APPROVAL OF THE URBAN REVITALIZATION PLAN FOR 121 BEACH
AVENUE AND FIRST PASSAGE OF AN ORDINANCE ESTABLISHING THE URBAN
REVITALIZATION AREA.
BACKGROUND:
On April 8, 2003 the City Council directed staff to prepare an Urban Revitalization Plan and
set a date of public hearing for May 13, 2003 to establish an Urban Revitalization Area for
121 Beach Avenue.
City staff has prepared an Urban Revitalization Plan for 121 Beach Avenue. The following
items are included in the Urban Revitalization Plan:
The area includes 3 properties with the total current valuation of land at $960,300
and improvements of $870,900
The total current assessed valuation of land and buildings on the properties are
$1,831,200.
It is expected that the value added will exceed the 5% increase required in actual
value on the vacant properties to be eligible for the tax abatement.
The owners of the properties in the district are listed in the attached Urban
Revitalization Plan.
The zoning classification is Residential High Density Zone
There is a relocation of an electric line that is associated with this project.
The tax abatement will be given only for the construction of a 3-story, 20-unit
condominium building with masonry construction facing Beach Avenue and Sunset
Drive at 121 Beach Avenue.
The district will be in place for ten years.
There will be no displacement of any persons and thus no relocation benefits
provided.
ALTERNATIVES:
1. The City Council can approve the attached Urban Revitalization Plan for 121 Beach
Avenue.
2. The City Council can decide not to approve the Urban Revitalization Plan for 121
Beach Avenue.
3. City Council can direct staff to work with the developer to revise the Urban
Revitalization Plan in accordance with alternatives set forth by the City Council.
MANAGER'S RECOMMENDED ACTION:
In accordance with The City Council's directive on April 8, 2003 staff has prepared the
attached Urban Revitalization Plan for 121 Beach Avenue. The approval of the Urban
Revitalization Plan for 121 Beach Avenue will assist the developers in their building
activities.
COUNCIL ACTION:
2
URBAN REVITALIZATION PLAN
121 Beach Avenue
1. Property Addresses:
(A)* 121 Beach Avenue (B) 2035 Sunset Drive (C) 138 Gray Avenue
2. Legal Description:
A) Lot 1, College Heights Third Addition, a Subdivision in Story County, Ames, IA, 5th P.M.;
and,
B) Lots 1,2, & 3, College Heights Addition, Block 1 and Lot 4, College Heights 2nd Addition,
Block 1, a Subdivision in Story County, Ames, Iowa, 5th P.M.; and,
C) Lots 4 & 5, College Heights Addition, Block 1, a Subdivision in Story County, Ames,
Iowa, 5th P.M.
3. Assessed Valuation: A) Land: $376,300 Buildings: None
B) Land: $357,600 Buildings: $574,000
C) Land: $226,400 Buildings: $296,900
4. Owners:
A) 121 Beach LLC B) Iowa Gamma Phi Delta Theta C)The Acacians
54643 282nd St. 2035 Sunset LLC 138 Gray Ave.
Ames, IA 50010-9128 5576 Peachtree Dr. Ames, IA 50014-7040
W.Des Moines, IA 50266-6914
5. Zoning District and Classification.
"RH" - (Residential High Density Zone)
6. City Services:
Relocation of electric lines are required. No other enhancements are planned
7. Applicability of Revitalization:
Revitalization shall be applicable only to that subset of eligible property within the residential
classification that takes the form of a 3-story, 20-unit condiminium building of masonry
construction along Beach Ave. and Sunset Dr. at 121 Beach Ave.
8. Duration:
May 31, 2013
9. Relocation:
The plan does not require the displacement of any persons, and there will be no relocation
benefits provided.
10. Percent Increase in Value RegWred:
The value-added requirement is a five (5) percent increase in actual value.
11. Federal State or Private Grant/Loan Programs for Residential Improvements:
There are no grants and loans being utilized
12. Existing Land Use:
A)** Vacant B) Fraternity/Sorority C) Fraternity/Sorority
13. Geocode:
A) 09-09-226-075 B) 09-09-226-125 C) 09-09-226-140
'Letters(A), (8),etc.refer to that specific property throughout the document
*'(c010, r070,etc)refer to the City Assessor's land use codes.