HomeMy WebLinkAboutA020 - Council Action Form dated June 8, 2004 ITEM #
DATE June 8, 2004
COUNCIL ACTION FORM
SUBJECT: RESOLUTION AMENDING THE PLAN FOR URBAN REVITALIZATION
AREA 1305 COCONINO ROAD.
BACKGROUND:
On March 26, 2004, the City of Ames received a request to amend Urban Revitalization
Area 1305 Coconino Road to allow for tax abatement for two (2) three-story 42-unit
apartment buildings of wood and masonry (brick) construction.
Currently, the plan for Urban Revitalization Area 1305 Coconino Road only allows for tax
abatement for an assisted living facility. This action would amend the plan to include tax
abatement for two 42-unit residential multifamily structures. (See attached Urban
Revitalization Plan.) The applicant requesting the amendment has submitted a site plan
(see attached site plan) consistent with the adopted urban revitalization policy outlined in
the Multiple Family Residential Criteria Matrix (see attached matrix).
ANALYSIS:
The total current assessment for the property included in this amendment is
$660,000, with a taxable value of $319,808 (48.4558% rollback).
= 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 added 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 fluctuation of tax rates.
The taxes deferred and collected analyzing the three different tax schedules are listed in
the table 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
Analysis of Tax Schedules
Taxes Exempted Per Taxes Paid
Schedule Schedule Over 10-Year
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).
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.
2
ALTERNATIVES:
1. The City Council can approve amending the Urban Revitalization Area Plan for 1305
Coconino Road to include two 42-unit residential apartment complexes.
2. The City Council can deny amending the Urban Revitalization Area Plan for 1305
Coconino Road to include two 42-unit residential apartment complexes.
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 to amend the plan should be approved.
Therefore, is the recommendation of the City Manager that the City Council adopt
Alternative #1. This action will approve the request to amend the Urban Revitalization
Area Plan for 1305 Coconino Road to include two 42-unit residential apartment complexes
developed in accordance with the Multiple Family Residential Criteria Matrix.
COUNCIL ACTION:
Attachment
3
1305 COCONINO ROAD URBAN REVITALIZATION PLAN AMENDED
1. Property Address:
1305 Coconino Road& 1315 Coconino Road
2. Legal Description of District:
Parcel "D", in Lot Five (5); Cochrane's Second Addition to 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 October 9, 1997 and
recorded as instrument#97-10908 in C&FN Book 15 at Page 59.
District Contains: 205,076 Square Feet or 4.7079 Acres
3. Assessed Valuation of Property within the District:
Land Value: $288,700, $660,000 = $948,700
Building Value: $0
4. Owners within the District:
Rose of Ames, 1257 2nd ST N, Sauk Rapids, MN, 56379
Jensen Development Corporation, 235 Alexander Ave, Ames, IA, 50010
5. Zoning District Classification:
"RH" Residential High Density
6. City Services:
No new municipal infrastructure will be extended to the site.
7. Applicability of Revitalization:
Revitalization shall be applicable the three-story 56 unit assisted living
complex for .low and moderate income individuals located within the
boundaries of Cochrane's 2nd Addition, Lot 5, Parcel "E", Slide 177, Pg. 2,
Story County Recorder's Office, Story County, Iowa; and two 42-unit
residential apartment complexes located with the boundaries of
Cochrane's 2nd Addition, Lot 5, Parcel "F", Slide 177, Pg. 2, Story County
Recorder's Office, Story County, Iowa.
8. Duration of Tax Abatement:
August 12, 2013, Assisted Living Facility(1 0-yearAbatement)
January 1, 2007, Two 42-unit Apartment Complexes (3-year Abatement)
9. Relocation:
This plan does not require the displacement of any persons, and there will
be no relocation benefits provided.
10. Percent Increase in Value Added:
The value-added requirement is a five (5)percent increase in actual value.
11. Federal State or Private Grant/Loan Programs for Residential Improvements:
Low-Income Housing Tax Credit Program, Iowa Finance Authority
12. Existing Land Use:
Single-family, one and one-half story, 2nd level finished, built in 1885
13. Map Identification Number:
09-08-353-020 & 09-08-353-010
a
o
CZ
cQo � a=iacc� o =c3 � � '� 3ca — `4ov� `4 0 � .EO recaa�
O � aac � — cnwa) � y � a� ° ac � a�, a) a�
o f ca ca co w z a) LO L6 �
�0— v3 cca = � o" O0 � o am� ,M?co+ c�a,o°ca'= o >° a` 3 °-ac o \ o
Do cn = Jcao zc
it Q ♦ ♦ QQ � ♦
C �
op
J °
Q � o _0 o
Za, o o
O E fl
O C
CIO (D
aQ QU)
OZ
Hw F a � �
N to m cu a) a) a c a� ZZ � �
J_ Z cn a) i a) — i 4— % ,, > L
co h 4.M _ y m v o o cu
w LL >c O\ o � is v E U �d � ay —
•o Q.CO 0)
ai L
U o � o C w m e W h _ i U)i ( L)
F Q �— t[) H 3 — Z y ns w. c0 — M Y' 4 -p -0 to
Fj-1 J m o �
O Q ♦ ♦ Q J J .0 fiS
A0 0 o (1)
o CL o Z N 0 � .� P_ O cC E
ca
> > > ca ca ro ° oA n on v) ' cc 3
-IZU -p U Q) cd bUD .� O UO bD Q
y. 3 o 'erct
° w o x o °; °�° �'
> y ° o o ¢. � a.
o o o ,y, o °' Cj Ut. = a o o x b
cn a cn
a 'n
a,
D3 ♦ 0 c 3
Effective Date: March 23, 2004
Urban Revitalization Program
Tax Exemption Schedule
All qualified real estate located in the designated revitalization area is eligible to receive a partial
exemption from taxation on the Actual Value added by the improvements as specified by the schedules
below. Any qualified real estate may elect one of the three schedules.
All qualified real estate located in a designated revitalization area is eligible to receive a partial exemption
from taxation on the Actual Value added by the improvements as specified by the schedules below. Any
qualified real estate may elect one of the three schedules.
The exemption period for ten (10) years. The amount of the partial exemption is equal to a percent of
the Actual Value added by the improvements, determined as follows:
For the first year, 80%
second 70%
third 60%
fourth 50%
fifth 40%
sixth 40%
seventh 30%
eighth 30%
ninth 20%
tenth 20%
The exemption period for five (5) years.
For the first year, 100%
second 80%
third 60%
fourth 40%
fifth 20%
The exemption period for three (3) years. All qualified real estate is eligible to receive a 100%
exemption on the Actual Value added by the improvements for each of the three years.
Carefully examine the exemption schedules before making a selection. Once the selection of the
schedule is made and the exemption is granted the owner is not permitted to change the method
of exemption.
5
i '' wr �ipmmzinnmi,^V`I wimul €--I€IIIIIII
zmumuuuom i unnnnl i unnim
oil
Im IIIIIVIIIIIIIII
ftila�l€r�;„,
S'
p ;`shrsw lrl' I I III
l,��ir',+i:e nl��ll@I„<, E�I� ;u•:r
hMzl
�w,�I I- s�losw+.trlu'�'+Mnw'�Y9
€I7"w3F"Is�,",{I I' y I I£F�� Illmll� i gtl�q .I IIO�c
Ilih}illli � �IIIryIIINIII'' IIImIIIIIIIINI'
IRuugImNIIIIIIIIIIIII..iIIIIIIIIII�IIIIIIIIIII�I�
F i�d$e�AhES= r`+i si+I i„Igk=r��¢ ��E�edf ^t IIIIIIIIII�I
��'�I�I��� � { r� Illlloiml INmildil _ IIIININi
119�"ri Yu3 I�IIWmu„
¢ x IN
INIIItlNIl�tl0tllll��
}a �z`� 'fI. i I ss�"+ii IIIINpIIIIIIN��II�I�mIIIiIIIII�I�I�IININIIIN
U 'I'1` 11111111 IIIIIIII�II�gIII III IIIIII I�
s'€i$ f y 7 6 ti nupmin nhnnn I wm
u@€.i Y f i rye. muniumnom } umm� z lullllll�l
74}q';k 1�';y'tiRl}'^s;%F1Gf#+" ssa'EI r,i,r+Fl �Ff?+s,'6?,99i'�hagi��;;ris:;;+"•s{Ik;.pfi'�;;:p@I�
Js3;�„§ta,. E�'s, rf,tl,y 3,n •iot'{ ii;€i
nE:gppIIIII
s'ty,yisvr4ah ,.rfynI�+,�j+�d�€-;Siy'��-iL'Glft�l',,II�II�IIIII
• /1��F[F}'/f fi C'y'{ i „Jfii'i t II
y'[tll�}Ill��iu s�yt Fs hsr�l >'tl�§) •, , IIIIII Il lil III" I., l I
————— Ji --—— --
r—s a—r
� I•
I a-1
I
•�I � I
I I...
I
J
I
I , I
- - I • I
I S I
I
� r
I I•..
1
T6 J
I
i p
1 1 I
i
3
111- IL �G
II � 11
11 11
It
u n
u u
u � n
u u
li n
II II
II II
II II
II
II � II
11 I I
II II
IL I
II it
u N u
W II {�-
I I
n m H- fl
z En I1
o� II m 11
z < 11 a < II
° n N ' n
y II
u � u
n u
N n an N
u o u
o n
o n o
u v 11
d II
w m Ir
C d
In
m 10.3 7/8" 10-3 7/9' 9'1 1/9' m 1"1/9' 16-3 7/9' 9'1 I/a.
In
a
a
d $
m
n d o a
o $ a _
o ag 3� 3
0
rnaec*r oou
T � (1(��(�(1r,7�n JENSENDESIGNBUILD,INC.
D� =Ames,IA
XeS on Cocon'tl0 rIJIILa�Wy`�[I\JIL��W 235 ALEXANDER AVENUE '
Sno Road AMES,IA 50010
N L6'o o C®w 6 d G 0 dl TEL:515.232.2128 FAX:515.232.6206
s
III ■' !�„% 'Or _ ;� '`? �� ' `.�. <� ( P
ME
mono
Tot-"
•=p�iL1�i'.� r � � '��b ���Ilu/_! 1{tti+��il��it�{: �
-� •a o
CC�E�C06�NEREID