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HomeMy WebLinkAboutA018 - Council Action Form dated April 27, 2004 Item #: Date: 04/27/04 COUNCIL ACTION FORM SUBJECT: RESOLUTION APPROVING A REQUEST FOR DESIGNATION OF URBAN REVITALIZATION AREA FOR PROPERTY LOCATED AT 1305-1307 COCONINO ROAD, DIRECTING STAFF TO PREPARE AN URBAN REVITALIZATION PLAN,AND SETTING A DATE OF PUBLIC HEARING FOR JUNE 8, 2004. BACKGROUND: On March 26, 2004, the City of Ames received a Request for Designation of Urban Revitalization Area for property located at 1305-1307 Coconino Road. Submitted with this application is a site plan for two (2) three-story 42-unit apartment buildings of wood and masonry (brick) construction with 172 parking spaces being provided. These buildings would be constructed on a lot that currently has a farmhouse and several outbuildings in poor condition. The action to be taken by the City Council is to determine if the request meets the conditions for eligibility under the Urban Revitalization Multiple Family Residential Criteria Matrix. If the City Council determines that it does, a date of public hearing needs to be set for approval of the request and staff should be directed to prepare an Urban Revitalization Plan. ANALYSIS: The applicants have submitted a Request for Designation of Urban Revitalization Area for 1305-1307 Coconino Road under the Multiple Family Residential Criteria Matrix (see attached request). Staff has determined that the request is complete and the information submitted is correct. The applicant indicates that there is a farmhouse and several outbuildings in poor condition that were once part of an agricultural operation that will be removed as a result of the apartment construction. The total current assessment for the property is$660,000,with a taxable value of$319,808 (48.4558% rollback), and the total tax revenue is currently $9,639 (30.14 tax rate). The estimated cost of the new multi-family (condo regime) building is approximately $6,500,000, with an estimated taxable value of $3,149,627. The estimated future tax revenue without abatement would be $94,930. The following analysis is from the building value estimated by the property owner and the established land value by the Ames City Assessor. The projected tax rate on the remaining taxable value is the current tax rate, with no change being taken into consideration over a 10-year analysis period on the value of the property, time value of money, and the rate of taxes. The taxes deferred and collected analyzing the three different tax schedules are listed below based on the following valuation: Estimated Value $660,000 Tax rate/$1 ,000 Valuation = $30.14 Yearly tax revenue on improvements, existing value = $94,930 No tax exemption over a 10-year period = $949,300 Taxes Exempted Per Taxes Paid Over 10-Year Schedule Period 3-Year: $284,790* $664,510 5-Year: $284,790 $664,510 10-Year: $417,692 $531,608 *The applicant is proposing a 3-year, 100% abatement. Required Conditions. The conditions for eligibility under the Multiple Family Residential Criteria Matrix mandate that the property must display one of two required conditions before it can be determined that the property is eligible to be considered further. These two threshold conditions are: - Slum and Blighted - Underutilized The applicant has indicated that the site is underutilized in its present condition. To meet the underutilized condition of the matrix, the property has to meet the following: - Properties that are vacant in an in-fill area and were previously developed and have had the principal structure removed; or - Properties that are non-conforming with respect to the base zone must be brought into compliance; or - Properties that are non-conforming with respect to the flood way fringe must be brought into conformance with applicable flood plain regulations. It is staff's belief that the applicant's request meets the underutilized requirement in that the current farmstead and outbuildings are non-conforming with respect to the base zoning of Residential High Density (RH). 2 The applicant has submitted a site plan and elevation drawing showing conformance to the optional required conditions in the matrix (see attached documents). Staff believes the applicant meets the required conditions as follows: • 100% street face and 50% of all sides of the structure shall be faced with brick or a similar masonry material, and • Landscaping improvements installed at 150% of the required landscaping standard or greater. ALTERNATIVES: 1. The City Council can determine that the Request for Designation of Urban Revitalization Area for 1305-1307 Coconino Road meets the conditions for eligibility and set a date of public hearing for approval of the request. City Council can also direct staff to prepare the Urban Revitalization Plan. 2. The City Council can determine that the Request for Designation of Urban Revitalization Area for 1305-1307 Coconino Road does not meet the conditions for eligibility. 3. The City Council can refer this request back to staff for additional information. CITY MANAGER'S RECOMMENDED ACTION: City staff has determined that the applicant has met the required underutilized condition from the Multiple Family Residential Criteria Matrix. Staff has also determined that the proposed project meets the optional condition of the matrix for brick materials and landscaping. It is staff's belief that this request should be approved. Further, the proposal should be allowed to proceed to the next step in the process, which is for City Council to set a date of public hearing for approval of the request. Therefore, is the recommendation of the City Manager that the City Council adopt Alternative#1 . This action will approve the Request for Designation of Urban Revitalization Area for 1305-1307 Coconino Road, direct staff to prepare an Urban Revitalization Plan, and set a date for public hearing of June 8, 2004. COUNCIL ACTION: Attachment 3 STEINBECK+.ST a�t4 0 V, O 4� c Q � MORTENSEN RD z � c o �. c a Z' m p, V Subject Area US HIGHyy,4Y 30.R,gMP S yc vsh►�Gyh� y�9 RICOPA DR �A vsI y�Gywq Y s 3p- Location Map Type of Application: Urban Revitalization Plan MapID: 09 - 08 - 353 - 010 Address: 1305-1307 COCONINO Owner: JENSEN DEVELOPMENT CORP. Prepared by the Department of Planning and Housing 0 500 1 OFeet Map Prepared: 04/20/2004 I CEIV D MAR 2 6 2004 Request for Designate n dTY OF AMES, IOWA Urban Revitalization pEPT OF PLANNING & HOUSING ea Application Form (This form must be filled out completely before your application will be accepted.) 1. Property Address: 13(D S I o1 fl 2. Property Identification Number (Geocode): C--)9 - 53 - of o 3. Legal Description (attach if lengthy): `�Ny_ }= ' t-� t n oa ,iJ C_l-r. . Uv-- 4. Street Address of Property to be Included in the Urban Revitalization Area: (3e.:,5 I 01 Go 3. Property Owner: Address: Z3 5 "qN11• Sow► o (Street) (City) (State) (Zip) Telephone: 5ts_z3-z._ Z!'Z b z—(-2­6 (Home) (Business) (Fax) 5. Contact Person: Address: L o (Street) (City) (State) (Zip) Telephone: SiS= Z3_t- Z( SIB=23Z--(o2,-(� (Home) (Business) (Fax) E-mail address: (&-� 1(We)certify that I()ve)have submitted all the required infonnation to apply for approval of the Request.for Designation of Urban Revitalization Area and that the information is factual. Signed by: WDate: Zco f0i (Pr perty O ner) (Note: No other signature may be substituted for the Property Owner's Signature.) 3 Request for Designation of Urban Revitalization Area Criteria for Eligibility Please describe how the property meets the required and optional criteria in the "Commercial Criteria Matrix" or in the "Multiple Family Residential Matrix" (see attached). Please attach additional sheets if necessary. St�' �wP^rosr �R4. 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