HomeMy WebLinkAboutA024 - Council Action Form dated January 13, 2009 ITEM # q—Ci
DATE 01/13/09
COUNCIL ACTION FORM
SUBJECT: PUBLIC HEARING FOR PROPOSED URBAN RENEWAL PLAN FOR
URBAN RENEWAL AREA NUMBER FIVE (SOUTH BELL TIF
DISTRICT) AND ACTION ON RESOLUTION ADOPTING THE URBAN
RENEWAL PLAN, RESOLUTION ESTABLISHING AN URBAN
RENEWAL AREA, AND ORDINANCE CREATING A TAX INCREMENT
FINANCING DISTRICT
BACKGROUND:
At the City Council meeting on December 9, 2008, the City Council directed staff to
institute the necessary steps to adopt an urban renewal area for the South Bell TIF
project. These steps included:
December 16
The City held the consultation with the Ames Community School Board of
Education, Story County Board of Supervisors, and DMACC Board of Directors
and set a public hearing for January 13. These Affected Taxing Entities provided
no follow-up written responses as they are allowed to do under state urban
renewal law.
December 17
The Planning and Zoning Commission reviewed the draft urban renewal plan and
forwarded its written recommendation to the City Council. The recommendation
is included as Appendix A of the Plan.
December 31
The City published notice of a public hearing in a newspaper no less than 7 days
and no more than 20 days before the public hearing. Notice was also mailed to
the taxing entities.
The remaining step is to conduct a public hearing on the adoption of the plan. The City
then approves a resolution adopting the plan, approves a resolution establishing an
urban renewal area, and approves an ordinance creating a TIF district. The ordinance,
unless waived by the City Council, requires three readings.
ALTERNATIVES:
1. The City Council, after conducting the public hearing, can approve the resolution
adopting the Urban Renewal Plan, approve a resolution establishing Urban Renewal
Area Number Five, and approve an ordinance creating a tax increment financing
district.
2. The City Council can choose not to approve the three items.
MANAGER'S RECOMMENDED ACTION:
The staff has implemented the direction of the City Council in preparing the Urban
Renewal Plan, holding the consultation with the Affected Taxing Entities, forwarding the
Plan to the Planning and Zoning Commission, and setting January 13, 2009, for the
Public Hearing on the establishment of the Urban Renewal Area. The staff has also
completed negotiations for an acceptable Developers Agreement for the development of
Ames Community Development Park Subdivision, Fourth Addition on South Bell
Avenue with the concurrence of the owner.
Therefore, it is the recommendation of the City Manager that the City Council act in
accordance with Alternative 1, approving the resolution adopting the Urban Renewal
Plan, approving a resolution establishing Urban Renewal Area Number Five, and
approving an ordinance creating a tax increment financing district. The Council may
choose to give the ordinance first reading only or may wish to move to second or final
approval.
If the City Council chooses to adopt the resolutions and ordinance, the preliminary plat
for the proposed subdivision will move forward and be ready for action by the City
Council later this winter. The proposed timeline will bring the preliminary plat and final
plat approval, as well as the contract letting for the installation of the improvements to
the City Council as soon as possible.
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Table of Contents
Urban Renewal Plan Components.................................................................2
Plan Preparation and Adoption .....................................................................2
Industrial Urban Renewal in Ames................................................................3
AgriculturalLand ............................................................................................3
PropertyDescription.......................................................................................4
Urban Renewal Project Description ..............................................................4
Urban Renewal Plan Objectives ....................................................................5
Conformance with Land Use Policy Plan......................................................6
Conformance with Zoning and Current Use...............................................11
City's Debt Obligations.................................................................................11
Map1 Vicinity Map........................................................................................13
Map2 Project Area........................................................................................14
Map 3 Land Use Policy Plan Map ................................................................15
Map4 Zoning.................................................................................................16
Map 5 FEMA Designated Flood Plain ..........................................................17
Appendix A: Recommendation of the Ames Planning and Zoning
Commission.................................................................................... 18
Appendix B: Affected Taxing Entities and their Representatives ............19
Appendix C: Notice of Consultation to Affected Taxing Entities..............20
Appendix D: Notice of public hearing published the Ames Tribune and
mailed to the Affected Taxing Entities .............................................21
Appendix E: Owner's Letter Regarding Ag Use.........................................22
1
Urban Renewal Plan
This Urban Renewal Plan for Urban Renewal Area Number Five (the Plan) was
prepared at the direction of the Ames City Council and in conformance with the
Code of Iowa Chapter 403 Urban Renewal. This Plan comprises the necessary
components as described in Chapter 403.17(24). In addition, it describes and
documents the procedures followed in bringing the Plan forward, in approving the
Plan, and in allowing the division of revenues from taxation (tax increment
financing).
This Plan designates the proposed urban renewal area as an economic
development area as defined in Chapter 403.17(10).
Plan Preparation and Adoption
PREPARATION AND COMMISSION ACTION
The City of Ames Department of Planning and Housing (the Department) prepared
this Plan, initially presenting it to the Ames City Council on December 9, 2008. The
City Council directed the Department to submit the Plan to the Planning and
Zoning Commission (the Commission) for their review and to provide a
recommendation as to its conformity with the general plan of the City—the Ames
Land Use Policy Plan.
The Commission met on December 17, 2008 and heard a summary of the report
and a recommendation from the Department. The Commission then formulated
their recommendation for the City Council. The Commission unanimously found
that the proposed plan conforms with the Ames Land Use Policy Plan. The written
recommendation of the Commission is found in the Appendix.
NOTIFICATION AND CONSULTATIONS
During the preparation of this Plan, the City met the notification and consultation
requirements of Code of Iowa Chapter 403.5. Notice was provided to the affected
taxing entities as required when the urban renewal area includes an allowance for
the division of revenues from taxation (tax increment financing). Notice was
provided to the Story County Board of Supervisors, the Ames Community School
District, and the Des Moines Area Community College. The notice of a
consultation and a copy of the Plan were sent by regular mail and hand-delivered
to the taxing entities on December 10, 2008 for a consultation to be held on
December 16, 2008. The taxing entities, their addresses and their designated
representatives are listed in the appendix.
The taxing entities were notified that they had seven days following the
consultation to provide any recommendations for modifications of the Plan. The
affected taxing entities provided no comments.
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CITY COUNCIL ACTION
The Ames City Council held a public hearing on January 13, 2009 to consider the
adoption of the Plan, the resolution to establish the urban renewal area and the
ordinance to allow for the division of revenue from taxation (tax increment
financing). Notification for the public hearing was as prescribed by Code of Iowa
Chapter 403.5(3). Public notice was published in the Ames Tribune on December
31, 2008, a copy of which is included in the appendix. In addition, a copy of the
notice was sent by regular mail to the affected taxing entities.
At the public hearing, the City Manager presented a summary of the report and a
recommendation to the City Council. The City Council was also presented with the
written recommendation of the Planning and Zoning Commission. Following the
public hearing, the City Council acted on the Plan.
Industrial Urban Renewal in Ames
In 1991, the City sought proposals for the development of an industrial area in
Ames. A proposal from Ford Street Development for approximately 40 acres along
Interstate 35 was selected and the City Council established an urban renewal area
(Urban Renewal Area Number 3) creating the Ames Community Industrial Park.
The Park included a tax increment component to finance the necessary public
improvements. The development proceeded with the installation of Alexander
Avenue, Graham Street, and Bell Avenue.
In 1997, the City established another urban renewal area (Urban Renewal Area
Number 4) lying south of the previous area. The City created a tax increment
component and entered into a development agreement, again with Ford Street
Development. This area extended Bell Avenue southward to its current terminus.
The City received a state RISE grant to assist with fifty percent of the street costs.
In 2008, the City Council, following a request from the landowner south of and
adjacent to the previous areas, directed staff to initiate steps to provide tax
increment financing for the construction of infrastructure to serve approximately 37
acres of industrial land along South Bell Avenue. This Plan was prepared at the
direction of the City Council and identifies an urban renewal project for a newly
created Urban Renewal Area Number Five.
Agricultural Land
Code of Iowa Chapter 403.17.10 allows agricultural land (as defined by Code of
Iowa Chapter 403.17.3) to be included in an economic development area only with
the consent of the owner of the land. The proposed urban renewal area comprises
two parcels—both owned by Dayton Park, LLC. One parcel is less than 10 acres
and does not meet the definition of agricultural land. It is classified as commercial
by the City Assessor. The other parcel is 28.3 acres and is classified as
agricultural. However, the property owner has consented to allow the parcel to be
included in the urban renewal area in accordance with Code of Iowa Chapter
403.17.10.
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Property Description
The proposed urban renewal area comprises two parcels. The legal descriptions
are:
Outlot `Z', Four Seasons Park Subdivision
Outlot Z, Four Seasons Park Subdivision, City of Ames, Story County, Iowa, as
shown in Final Plat of record filed June 30, 2006 in Instrument No. 2006-00007849
in the Office of the Story County Recorder, more particularly described as follows:
Commencing at the Northeast Corner of said Outlot Z, said point also being the
Point of Beginning; thence S 89122'19" W, 338.67 feet along the northerly line of
said Outlot Z, thence S 00103'06" W, 1314.28 feet along the westerly line of said
Outlot Z, thence N 89121'50" E, 296.41 feet along the southerly line of said Outlot
Z, thence N 01°53'33' E, 1315.42 feet along the easterly line of said Outlot Z to the
Point of Beginning; said Outlot Z containing 9.58 acres subject to any easements
of record.
and
Parcel 'L', in the SW '/4 of Section 7, T83N, R23W
That part of the Fractional Southwest Quarter of Section 7, Township 83 North,
Range 23 West of the 5th P.M., City of Ames, Story County, Iowa described as
follows: Commencing at the Northwest Corner of said Fractional Southwest
Quarter, said point also being the Northwest Corner of Parcel D as shown and
described in Plat of Survey of record filed December 29, 2005 in Instrument No.
2005-00016107 in the Office of the Story County Recorder; thence N 89' 22' 19"
E, 1685.26 feet (recorded as S 89' 22' 19" W, 1685.26 feet) along the Northerly
line said Parcel D to the Northeast Corner of said Parcel D, said point also being
the Point of Beginning; thence continuing N 891 22' 19" E, 886.37 feet (recorded
as S 890 22' 19" W) along said Northerly line to a point on the Westerly right of
way line of U.S. Interstate Highway No. 35; thence S 001 05' 21" W, 274.33 feet
along said Westerly right of way line; thence S 010 35' 34" E, 800.33 feet along
said Westerly right of way line; thence S 051 32' 51" W, 240.89 feet along said
Westerly right of way line to the Northeast Corner of Outlot W in Dayton Park
Subdivision Fourth Addition in said City of Ames; thence S 890 21' 50" W, 928.35
feet (recorded as N 891 21' 50" E) along said Northerly line to the Southeast
Corner of said Parcel D; thence N 010 53' 33" E, 1315.42 feet (recorded as N 010
53' 33" E, 1315.42 feet) along the Easterly line of said Parcel D to the Point of
Beginning; said Parcel L containing 27.65 acres subject to any easements of
record.
Following its designation as an urban renewal area, a subdivision plat will be
prepared creating lots consistent with this Plan.
Urban Renewal Project Description
The proposed urban renewal area (hereinafter referred to as the "Area") comprises
37 acres of land in the Southwest Quarter of Section 7, Township 83 North, Range
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23 West of the Fifth Principle Meridian. Its eastern boundary abuts the west right-
of-way of Interstate 35. The west right-of-way of Interstate 35 is also the eastern
corporate boundary of the City of Ames. The Area lies immediately south of Ames
Community Development Park, Second Addition and immediately north of Dayton
Park Subdivision, Fifth Addition.
The project connects the two dead-end portions of South Bell Avenue as they
currently lie within the Ames Community Development Park and Dayton Park
Subdivision. The necessary utilities will also be installed and the Area platted for
industrial development. This industrial development will include the uses currently
allowed under the General Industrial (GI) zoning district unless otherwise limited
through restrictive covenants.
A cost estimate has been prepared for the proposed development. The costs
include grading, streets, storm sewer, sanitary sewer, water mains, electric
improvements, construction administration, and an adequate contingency reserve.
The project costs include only the grading necessary for the installation of the
streets and utilities. Grading of the lots themselves will be borne by the property
developer. Also not included are costs for engineering design work or right-of-way
acquisition. The City will not bear these costs.
The project will rely on the use of tax-increment financing to pay for some or all of
the improvements. The potential bond issue would be for no more than $1.152
million.
Urban Renewal Plan Objectives
This urban renewal area is being created to expand the available inventory of fully
serviced industrial land within Ames. The objectives of this plan are consistent with
the Land Use Policy Plan and are listed below.
• To make industrial zoned lots available for immediate development.
• To provide these lots at below-market prices as an incentive for
development.
• To ensure high quality development by establishing design criteria through
restrictive covenants.
• To build out further the city's industrial area lying immediately west of
Interstate 35.
• To provide employment opportunities in the industrial sector and increase
the employment base.
• To increase the assessed valuations of the property tax base of the city.
• To install the public improvements necessary to allow for industrial
development.
• To connect a link in the City's transportation network.
• To create a public-private partnership to encourage development in the new
lands.
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Conformance with Land Use Policy Plan
The Land Use Policy Plan, adopted by the City Council in 1997 and subsequently
amended, provides guidance on the adoption of an urban renewal plan.
GROWTH DETERMINANTS (LUPP PP. 6-11)
The target population for the City of Ames and of the unincorporated planning area
is expected to be 65,000 to 67,000 by the year 2030. These population targets
lead to employment projections of 33,700 to 35,050 by 2030. Manufacturing, as an
employment sector, is targeted to rise 48 percent in that time frame. This increase
in employment needs to be accommodated through the development of new
industrial sites or the redevelopment of existing sites. The Land Use Policy Plan
anticipates that this increase in manufacturing-related employment requires an
additional 300 to 375 acres of industrial land.
GOALS FOR A NEW VISION (LUPP PP. 14-23)
Goals for a New Vision of the Land Use Policy Plan describe ten goals in broad
categories, as well as a number of objectives to meet those goals. Those that
more greatly influence the development of an industrial urban renewal area are
quoted below. Some goals are not included as they bear little relationship to this
economic development issue. The text of the LUPP is shown below in serif font.
Emphasis is added to the more pertinent passages.
Goal No. 1. Recognizing that additional population and economic growth is likely, it is
the goal of Ames to plan for and manage growth within the context of the community's
capacity and preferences. It is the further goal of the community to manage its growth so
that it is more sustainable, predictable and assures quality of life.
Objectives. In managing growth, Ames seeks the following objectives.
I.A. Ames seeks to diversify the economy and create a more regional
employment and market base. While continuing to support its existing economic
activities, the community seeks to broaden the range of private and public
investment.
I.B. Ames seeks to integrate its growth with an economic development strategy
for the Central Iowa region.
I.C. Ames seeks to manage a population and employment base that can be
supported by the community's capacity for growth. A population base of 60,000-
62,000 and an employment base of up to 34,000 is targeted within the City.
Additionally, it is estimated that the population in the combined City and
unincorporated Planning Area could be as much as 67,000 and the employment
base could be as much as 38,000 by the year 2030.
Goal No. 2. In preparing for the target population and employment growth, it is the goal
of Ames to assure the adequate provision and availability of developable land. It is
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the further goal of the community to guide the character, location, and compatibility of
growth with the area's natural resources and rural areas.
Objectives. In assuring and guiding areas for growth, Ames seeks the following
objectives.
2.A. Ames seeks to provide-between 3,000 and 3,500 acres of additional
developable land within the present City and Planning Area by the year 2030.
Since the potential demand exceeds the supply within the current corporate
limits, alternate sources shall be sought by the community through limited
intensification of existing areas while concentrating on the annexation and
development of new areas. The use of existing and new areas should be
selective rather than general.
2.13. Ames seeks to assure the availability of sufficient suitable land
resources to accommodate the range of land uses that are planed to meet
growth. Sufficient land resources shall be sought to eliminate market
constraints.
2.C. Ames seeks a development process that achieves greater compatibility
among new and existing development.
2.D. Ames seeks a development process that achieves greater conservation of
natural resources and compatibility between development and the environment.
2.E. Ames seeks to integrate its planning with that of Story County and
surrounding counties in assuring an efficient and compatible development pattern,
and in assuring that there are adequate agricultural resources to serve the region.
Goal No. 4. It is the goal of Ames to create a greater sense of place and connectivity,
physically and psychologically, in building a neighborhood and overall community identity
and spirit. It is the further goal of the community to assure a more healthy, safe, and
attractive environment.
Objectives. In achieving an integrated community and more desirable environment, Ames
seeks the following objectives.
4.A. Ames seeks to establish more integrated and compact living/activity areas
(i.e. neighborhoods, villages) wherein daily living requirements and amenities are
provided in a readily identifiable and accessible area. Greater emphasis is placed
on the pedestrian and related activities.
4.13. Ames seeks to physically connect existing and new residential and
commercial areas through the association of related land uses and provision of an
intermodal transportation system.
4.C. Ames seeks to psychologically connect the various living/activity areas
through closer proximity of residential areas and supporting commercial uses,
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common design elements, and inclusion of community amenities such as parks and
schools. The connections should promote community identity.
Goal No. 5. It is the goal of Ames to establish a cost-effective and efficient growth
pattern for development in new areas and in a limited number of existing areas for
intensification. It is a further goal of the community to link the timing of
development with the installation of public infrastructure including utilities, multi-
modal transportation system, parks and open space.
Objectives. In defining the growth pattern and timing of development, Ames seeks the
following objectives.
S.A. Ames seeks to establish priority areas for growth in which there are
adequate and available land resources and infrastructure to meet the major
development requirements through the year 2030.
5.13. Ames seeks to attract public and private capital investment in the
priority areas for growth on a concurrency basis (i.e. having infrastructure
available at the time of development approval). Public capital improvements
(e.g. trunk lines and a major street system) could be used to leverage the
location of development and the availability of land.
S.C. Ames seeks the continuance of development in emerging and infill
areas where there is existing public infrastructure and where capacity permits.
S.D. Ames seeks to have the real costs of development borne by the initiating
agent when it occurs outside of priority areas for growth and areas served by
existing infrastructure.
S.E. Ames seeks to integrate its planning with that of Story County and regional
planning agencies.
Goal No. 7. It is the goal of Ames to provide greater mobility through more efficient use
of personal automobiles and enhanced availability of an integrated system including
alternative modes of transportation.
Objectives. In achieving a more mobile community, Ames seeks the following objectives.
7.A. Ames seeks to establish a comprehensive and integrated transportation
system that includes automotive, public transit, pedestrian, bicycle and ride-sharing
modes.
7.13. Ames seeks a transportation system that is linked with the desired
development pattern of the overall community and areas therein.
7.C. Ames seeks to establish new transportation corridors that have been
planned, in part, to minimize impacts on significant natural resources.
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7.1). Ames seeks to increase the efficiency of existing traffic movement in
reducing air pollutants from automobiles (e.g. improving intersection
movements to minimize delays and conserve energy).
7.E. Ames seeks a development pattern that protects and supports the airport and
its flight approach zones.
Goal No. 9. It is the goal of Ames to promote expansion and diversification of the
economy in creating a base that is more self-sufficient and that is more sustainable
with regard to the environment.
Objectives. In creating an economic base that is more self-sufficient and environmentally
sustainable, Ames seeks the following objectives.
9.A. Ames seeks more diversified regional employment opportunities
involving technology-related services and production, office centers and retail
centers.
9.13. Ames seeks to attract and support a small- and medium-size business
center that utilizes the skills and products of the area's trained workforce.
9.C. Ames seeks to expand its research and technology development through
greater private, public and university coordination and cooperation.
9.1). Ames seeks economic activities that are compatible and sustainable with its
environment.
FUTURE LAND USE ALLOCATIONS (LUPP P.29)
"An additional 300-375 acres are allotted for future industrial uses. Included are
approximately 225-275 acres for planned industrial involving industrial park-type settings,
plus 75-100 acres for general industrial involving non-park settings."
FUTURE LAND USE POLICY PLAN MAP (LUPP FOLLOWING P. 36)
The area of the proposed urban renewal area is identified on the Land Use Policy
Plan Map as General Industrial.
NEW LANDS POLICY OPTIONS (LUPP PP. 59-60)
The area of the proposed urban renewal is described as New Lands Area. The
New Lands Area proposes the following information relating to industrial land.
"Industrial Expansion Areas. In further supporting the community's goal for economic
expansion, additional industrial uses are needed. Expansion areas are recommended for
both private sector activities and ISU-research park activities. It is recommended that the
New Lands area provide the base for the community's industrial expansion...."
"General Industrial. It is recommended that general industrial activities be limited in
their scale and location. The intent is to minimize their impact on the community's current
land resources and infrastructure."
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"Uses. All future general industrial should involve mostly smaller scale activities. Light
assembly and other low impact uses are recommended."
"Location. An expansion area adjacent to the City's current industrial area is
recommended for general industrial. A site of 75 to 100 acres is available. As the only
general industrial site remaining, the location is important in meeting the community's
near-term needs. Development of the planned industrial site to the east of Interstate 35 is
probably a long-term option. Extension of utilities to the proposed planned industrial
location will be costly due to the barrier presented by Interstate 35."
OTHER LUPP ISSUES
The Land Use Policy Plan presents no contradiction in the use of this land as
industrial. There are no issues associated with the proposed industrial land use
that are contradicted by the Natural Resources Inventory or Natural Resources
Suitability Analysis (pp.77-78). Neither is this Area within an indentified Flood-
Prone Area (p. 80) nor have issues with Soil Analysis that would preclude
development (p.83). Water, waste water and storm water capacities are adequate
for the proposed industrial uses.
SUMMARY
The urban renewal plan and the proposed urban renewal project within the
proposed urban renewal area are consistent with and supported by the goals of
the Ames Land Use Policy Plan. This is demonstrated by:
• The Area will support an increased employment base moving the City
closer to its 2030 employment projections.
• The Area provides 32 acres of land moving the City closer to its anticipated
increase of 300 to 375 acres of new industrial land.
• Development of the Area assures the immediate availability of industrial
developable land.
• The Project provides a vital connection in the City's transportation network.
• The Project provides intensification of development in the new lands.
• The Project leverages private development with its investment of public
resources.
• The Project supports and the Area is within an industrial infill area where
public infrastructure is immediately adjacent.
• The Project will allow for the expansion and diversification of the industrial
base by providing below-market rate lots to accommodate a variety of uses.
• The Area lies within a general industrial designation of the Land Use Policy
Plan Map.
• The scale of the Project is consistent with the Land Use Policy Plan's
description of general industrial as for "mostly smaller scale activities" and
"low impact uses."
• The Area lies within the new lands, which is identified for the community's
industrial expansion.
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• There are no identified issues that make the development of the Project
within this Area inconsistent with the Land Use Policy Plan.
Conformance with Zoning and Current Use
The Area is currently zoned GI General Industrial. This zoning designation is
consistent with the Land Use Policy Plan Map. It is also consistent with the uses
proposed for the Area—no change of zone is proposed for this Area.
A portion of the Area also lies within the Southeast Entryway Gateway overlay
district. This district establishes design and landscaping standards necessary to
maintain the district as a distinct entryway into Ames.
The land has been used for agricultural purposes but now lies fallow.
City's Debt Obligations
This urban renewal area will include a provision for tax increment financing. In
accordance with Code of Iowa Chapter 403.17(24)(c), the following financial
information is provided.
CURRENT GENERAL OBLIGATION AND REVENUE BOND DEBT
As of 6/30/08
Amount
Date of Interest Originally Maturity Outstanding
Issue Rates Issued Date June 30, 2008
General obligation
bonds:
Corporate purpose 6/1998 4.13 -4.25% $ 5,130,000 6/2010 $ 850,000
Corporate purpose 6/1999 3.60 -4.45% $4,045,000 6/2011 $ 1,190,000
Corporate & Ice Arena 7/2000 4.75 - 5.15% $ 5,870,000 6/2012 $ 2,355,000
Corporate purpose 8/2001 4.00 -4.70% $ 10,080,000 6/2013 $4,495,000
Fire station 12/2001 2.50 - 4.10% $ 1,310,000 6/2013 $ 590,000
Ames Quarry 5/2002 4.00 - 5.13% $ 3,475,000 6/2021 $ 2,655,000
Corporate purpose 2002B 10/2002 2.25 - 3.60% $ 5,885,000 6/2014 $ 3,170,000
Resource Recovery GO
refunding 2002C 10/2002 2.50 - 3.50% $ 3,976,194 6/2010 $ 860,000
Corp &Ada Hayden Park 09/2003 1.10 - 3.70% $ 6,555,000 6/2015 $ 3,815,000
Corp, Fire &Ada Hayden 10/2004 2.75 - 3.25% $ 6,030,000 6/2014 $ 3,790,000
Corp, Fire & GO refunding 09/2005 3.50 - 3.65% $ 5,495,000 6/2017 $ 3,395,000
Corporate purpose 2006 10/2006 4.00% $ 5,285,000 6/2018 $4,645,000
Corporate, Pool &Water 11/2007 3.75 -4.15% $ 9,630,000 6/2019 $ 9,385,000
Total general obligation bonds $ 41,195,000 (a)
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Project Area
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Revenue bonds:
Mary Greeley Medical
Center 2003 Refunding 6/2003 3.00 - 5.00% $ 29,385,000 6/2022 $ 22,555,000
Total Mary Greeley Medical Center revenue bonds $ 22,555,000 (b)
TOTAL ALL BONDS $63,750,000
(a) Excludes unamortized premiums of$33,295 and unamortized charges arising from refunding of$7,614.
(b) Excludes unamortized premiums of$568,710 and unamortized charges arising from refunding of$449,400.
CURRENT CONSTITUTIONAL DEBT LIMIT AND CAPACITY
As of 10/31/08
Total Actual Valuation $ 3,215,637,638
State Mandated Debt Limit* $ 160,781,882
City Reserve (25% of Limit)t $40,195,471
Un-Reserved Debt Capacity $ 120,586,411
Outstanding Debt $49,550,000
Proposed Issues
Balance of Proposed Issues
Total Debt Subject to Limit $49,550,000
Available Un-Reserved Debt
Capacity ($) $ 71,036,411
Available Un-Reserved Debt
Capacity (%) 58.91%
Total Debt Capacity Available ($) $ 111,231,882
Total Debt Capacity Available (%) 69.18%
Notes:
*Iowa statutory debt limit is 5 percent of total city valuation
CCity policy reserves 25 percent of available debt capacity
PROPOSED AMOUNT OF INDEBTEDNESS
The City intends to issue bonds in an amount not to exceed $1.152 million. The
final bond amount will be determined by the chosen scenario and any possible
phasing. The bonds may be sold in multiple issues.
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17
Appendix A
Recommendation of the Planning and Zoning Commission of December 17, 2008.
Ail
DEPARTMENT QF PLANNING& HOUSING
515 Clark A►•emue,P.D.Rox 811,Ames,IA 50010
Phone:.515--3.39-5400♦rax:515-239-5404
FwrptWn„f S.rvK.
December 17,2008
Nincs Mayor and City Council
5 l 5 Clark Avenue
Ames, IA 50010
Dear Mayor and City Council:
The Ames Planning and'Zoning Contnussion received and reviewed the draft Urban Renewal Plan
for Urban Renewal Area Number Five. At its regular meeting on December 17, the Commission
found that the proposed Plan conforms with the Ames Laud Use Policy Plan by noting that:
• The Area will support an inercasud tanployment base moving the City closer to its 2030
employment projections.
• The Area provides 32 acres of land moving the City closer to its anticipated increase 01'300
to:375 acres of new industrial land.
• Developtncrit of the Area assures the immediate availability of industrial developable land.
• The Project provides a vital connection is the C.ity's transportation network.
• The Project provides intensification of development in the new laicals.
• The Project leverages private development with its investment of public resources.
• The Project supports and the Area is within an industrial infill area where public
infrastructure is immediately adjacent.
• The Prnject will allow 1•or the expansion and diversification of the industrial base by
providing below-market rate lots to accommodate a variety of uses.
• The Area lies within a 1,Uncral industrial designation of the Land Use Policy Plan Map_
• The scale orthe Project is consistent with the Land Use Policy Plan's description of general
industrial as for"mostly smaller scale activities"and"low impact uses,"
• The Area lies within the new lands, which is identified for tltc eornrnunity's industrial
cxpaubion•
• There are no identified issues that ntakc lhv development of Project within this Area
inconsistent with the Land Use Policy Plan.
1
Sincerely,,,`
Keith Barnes,Chairperson
Planning&.Zoning C:onunission
1g
Appendix B
Affected Taxing Entities, their addresses, and representatives to the consultation.
Affected Taxing Entity Mailing Address Representative to
Consultation
City of Ames PO Box 811 Steve Schainker, City
Ames, IA 50010 Manager
Ames Community School 415 Stanton Avenue Mary Jurenka, Board of
District Ames, IA 50014 Education
Dan Woodin, Board of
Education
Karen Shimp, Chief Financial
Officer
Story County 900 6th Street Jane Halliburton, Chairperson,
Nevada, IA 50201 Board of Supervisors
Wayne Clinton, Board of
Supervisors
Des Moines Area Community 2006 South Ankeny Boulevard Douglas Williams, Vice
College Ankeny, IA 50023 President of Business
Services
19
Appendix C
Notice of consultation to Affected Taxing Entities [Notice to Supervisors shown.].
t'�rc d't.�tlta �tr t fIlice
+.a.a t,�svp�s l"11ct',51 -:�..1l Ut
o(K)`1lxtlt Stwd
Ni,M t.1 t, W502 1
Orr A111:cacd Taxing Entity
r. AV Of Ames i-ftraparing,art VrWis Miar)owal Plan mid wtvWaing llttt cstabli t ment oran
I trl>,,II !li•,w w,'11 At :t that wig provide for die divislOn af rVv"enlie from Oxation(lax-tlWMtWnt
1 r,ti .Enf;► t� I1`atj cti ist t -a luw haptu W1M i xdon will Impact Story Cotalty A
d+s1 +til 1ltr l axiaag 3uitics, €i-2 Copy O fli litpp lb;41t k rvkV31 Nall is 4:11clus d f'ur your
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t`a°i+?t ,�rtxl��ti•°?s�a�ltcn,t, 1 a,arc 3�n .�£ rx�y ��-effi1�s a4��ta�,'a l�iL�t��uri�°it lit�1t�1u1 u�1��: ���t�ld�u• Eb clt
tli" (`II tat1; .11 s`hG:atu'r-,,ri of A etit ili Hall, SI'� (laik Avcimc In 10)4ti)Iice
Sitozy culliity'i�f €fatal"restmt iti%v will have seven c ays,followitte
a?t1111t rtioil r.ts sLib it written recom meta n si r to oditiolstl I's ro 1110 ptopr;vi.]dIV"c lwj,l'
r;:4=kw Clio t°OMTne tts ad Provide Nvntt n ri:5polvle no later,Ilmn ievtm
dad`_; rit r to tltL!!-€;:1^1sd heainE nn tlutx1op fan ofthe Urban Itvllimd Pt-a. You VA)a!,,a lay,
J `.otice of ubli::i1W, -int,.
°rat:!; Iti jhI;tt3,:; Halt'.1lz_,> t1w C ivi,of Sinai W3atteLY€IliMI TO€11`1197 trlw+-a1Iti:T{1C1V'IL�$t111i1f"laL Stil t
;Ei i s:t� ;�i sft 1cati uas t�.i:"sa' p ct W itnpletvmwi! ffe'�ittl:ttg 1az titims,Nvv Nvill nuke evlMv
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20
Appendix D
Notice of public hearing published in the Ames Tribune on December 31, 2008
and mailed to the Affected Taxing Entities.
LEGAL NOTICE
NOTICE IS HEREBY GIVEN
that the Ames City Council will hold
a public hearing in the Council
Chambers at Ames City Hall, 515
Clark Avenue, Ames, Iowa at 7:00
p.m. on January 13, 2009, regarding
proposed adoption of an urban
renewal plan for Urban Renewal
Area Number Five, pursuant to Iowa
Code Section 403.5.
The proposed urban renewal area
comprises 37 acres of land including
Parcel L in the Southwest Quarter of
Section 7, Township 83 North,
Range 23 West of the Fifth Principle
Meridian, and Outlot Z, Four
Seasons Park Subdivision. Its eastern
boundary abuts the west right-of-way
of Interstate 35. The west right-of-
way of Interstate 35 is also the
eastern corporate boundary of the
City of Ames. The Area lies
immediately south of Ames
Community Development Park,
Second Addition and immediately
north of Dayton Park Subdivision,
Fifth Addition.
The project connects the two
dead-end portions of South Bell
Avenue as they currently lie within
the Ames Community Development
Park and Dayton Park Subdivision.
The necessary utilities will also be
installed and the Area platted for
industrial development.
Diane Voss, City Clerk
21
Appendix E
Owner's letter regarding Ag Use of the property.
January 5, 2009
Dear sirs:
Dayton Park LLC is the owner of two parcels of land addressed as 798 S Bell Avenue in Ames,
assigned the Parcel Identification Number of 10-07-325-000, and 799 S Bell Avenue, assigned
the Parcel Identification Number 10-07-300-040.These parcels are not"agricultural land"as
defined by the Code of Iowa Chapter 403.17.3. Dayton Park LLC consents to these parcels being
included in the proposed urban renewal area under consideration by the City of Ames.
Sincerely,
a 1`
Erben A. Nunziker, Manager,
Dayton Park Development, LLC
22