HomeMy WebLinkAboutA005 - Council Action Form dated November 22, 2005 ITEM # ti
DATE 11/22/05
COUNCIL ACTION FORM
SUBJECT: APPROVAL OF THE URBAN REVITALIZATION PLAN FOR SOMERSET
TOWN CENTER WEST AND FIRST PASSAGE OF AN ORDINANCE ESTABLISHING
THE SOMERSET TOWN CENTER WEST URBAN REVITALIZATION AREA
BACKGROUND:
This proposal to establish the Somerset Town Center West Urban Revitalization Area (see
attached map)and approve the Urban Revitalization Plan (see attached URA Plan)forthat
area, is in response to a request from the developers of Somerset Subdivision 20tn
Addition.
On October 11, 2005, the City Council set November 22, 2005 as the date for a public
hearing, and the first reading of an ordinance establishing the Somerset Town Center West
Urban Revitalization Area, and consideration of a resolution approving the Urban
Revitalization Plan for Somerset Town Center West.
In March 2005, the City Council approved amendments to URA#7 and the Somerset URA
(see attached map) to provide a three-year, 100% tax exemption, both prospectively and
retroactively, to buildings constructed for retail use after May 1, 2001, but prior to July 1,
2008. This is the current tax incentive program for Somerset commercial development.
The proposed Urban Revitalization Plan for the Somerset Town Center West Urban
Revitalization Area would provide the same three-year, 100% tax exemption to buildings
constructed after May 1 , 2001, but prior to July 1, 2008.
ALTERNATIVES:
1. The City Council can approve the request to establish the Somerset Town Center
West Urban Revitalization Area and adoptthe Urban Revitalization Plan for Somerset
Town Center West.
2. The City Council can approve the request to establish the Somerset Town Center
West Urban Revitalization Area and adopt the Somerset Town Center West Urban
Revitalization Plan.
2. Action on this request can be postponed and referred back to City staff and/or the
applicant for additional information.
MANAGER'S RECOMMENDED ACTION:
Adoption of an ordinance establishing the Somerset Town Center West Urban
Revitalization Area, and approval of a resolution adopting the Somerset Town Center West
Urban Revitalization Plan is consistent with the City Council's adopted policies for the other
areas of the Somerset Subdivision designated for Commercial development.
Therefore, it is the recommendation of the City Manager that the City Council
approve Alternative #1. This action will approve the request to establish the Somerset
Town Center West Urban Revitalization Area and adopt the Urban Revitalization Plan for
Somerset Town Center West.
Attachment
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Urban Revitalization Areas in Somerset
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Legend
Town Center West � Somerset URA W E
® URA#7 I - - - Somerset Boundary S
200100 0 200 Feet
Prepared by the Department of Planning and Housing November 16,2005 011��
URBAN REVITALIZATION PLAN
Somerset Town Center West
1. Property Address: N/A
2. Legal Description: Somerset Subdivision, 20`h Addition(entire Addition)
3. Assessed Valuation: Land: $158,600 Buildings: (None)
4. Owners Name &Address:
Erben Hunziker and Margaret Hunziker Development, LLC
105 South 16th Street
Ames, Iowa 50010
D &R Furman, L.L. C.
803 24th Street
Ames, Iowa 50010
R. Friedrich & Sons, Inc.
619 East Lincoln Way
Ames, Iowa 50010
5. Zoning District and Classification: Village Residential District (F-VR).
6. City Services: No enhancements are planned.
7. Applicability of Revitalization: Revitalization shall be applicable only to buildings
constructed for retail sale of goods or services, as defined in Table 29.501(4)-3 of the
Ames Municipal Code, from May 1, 2001 until July 1, 2008.
8. Duration: May 1, 2001 until July 1, 2008
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 or loans.
12. Existing Land Use: Vacant
13. Geocode: 05-28-475-001
14. Tax Exemption Schedule: The exemption period is for three (3) years on 100% of
the assessed value of qualifying improvements.