HomeMy WebLinkAboutA006 - Council Action Form dated May 27, 2003 ITEM # 35446
DATE: May 27, 2003
COUNCIL ACTION FORM
SUBJECT: APPROVAL OF THE URBAN REVITALIZATION PLAN FOR 218-300
STANTON AVENUE AND FIRST PASSAGE OF AN ORDINANCE ESTABLISHING THE
URBAN REVITALIZATION AREA.
BACKGROUND:
On April 22, 2003 the City Council directed staff to prepare an Urban Revitalization Plan
and staff set a date of public hearing for May 27, 2003 to establish an Urban Revitalization
Area for 218-300 Stanton Avenue.
At that meeting, the City Council determined that the request for the Urban Revitalization
Tax Exemption met the eligibility criteria and that the estimated value of the improvement
was approximately $2,200,000. The range of the tax abatement would be between
$203,676 and $301,125 depending on the abatement schedule selected.
City staff has prepared an Urban Revitalization Plan for 218-300 Stanton Avenue. The
following items are included in the Urban Revitalization Plan:
The area includes 1 property with the total current valuation of land at $1,184,700
and improvements of $5,130,300.
The total current assessed valuation of land and buildings on the properties are
$6,315,000.
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 owner of the property in the district is listed in the attached Urban Revitalization
Plan.
The zoning classification is Residential High Density Zone, University Impacted
Overlay District.
There are no enhancements of city services planned with this project.
The tax abatement will be given only for the construction of a 3-story, elevated
parking facility with 293 parking spaces provided above ground level.
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 218-300
Stanton Avenue.
2. The City Council can decide not to approve the Urban Revitalization Plan for 218-
300 Stanton 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 22, 2003 staff has prepared the
attached Urban Revitalization Plan for 218-300 Stanton Avenue. The approval of the
Urban Revitalization Plan for 218-300 Stanton Avenue will assist the developers in their
building activities. It is the recommendation of the City Manager that the City Council adopt
Alternative # 1 , thereby approving the attached Urban Revitalization Plan for 218-300
Stanton Avenue.
COUNCIL ACTION:
-2-
URBAN REVITALIZATION PLAN
218 - 300 Stanton Avenue
1. Property Addresses:
218 - 300 Stanton Ave.
2. Legal Description:
"Parcel "C"; Lots Thirteen (13), Twelve (12) and the North 75 feet of Lot Eleven (11);
Parker's Addition, in the City of Ames, Story County, Iowa; as shown on the "Plat of Survey"
filed in the office of the Recorder of Story County, Iowa, on September 24, 1993 and
recorded in Book 11 at Page 230."
3. Assessed Valuation: Land: $1,184,700
Buildings: $5,130,300
4. Owners:
Stanton I, LLC, Terra Firma, L.P., 200 Stanton Ave., Box 1099, Ames, IA 50014
5. Zoning District and Classification:
RH - (Residential High Density Zone), "O-UI-University-Impacted Overlay District
6. City Services:
No 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 elevated parking facility with 293 parking spaces
provided above ground level.
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 Required:
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/or loans
12. Existing Land Use:
City Assessors code = Commercial, apartments
13. Geocode:
09-09-201-245