HomeMy WebLinkAboutA044 - Resolution No. 15-739 adopted December 8, 2015 (tax abatement for 2320 Lincoln Way) RESOLUTION NO. 15-739
RESOLUTION APPROVING FINAL TAX ABATEMENT FOR
2320 LINCOLN WAY
FOR THE CITY OF AMES
WHEREAS, in accordance with Chapter 404 of the Code of Iowa, the City Council has
established Urban Revitalization Areas (URAs) with Plans specifying standards for types and
elements of physical improvements that provide public benefits; and,
WHEREAS, when property within one of these URAs is developed, redeveloped,
rehabilitated, or remodeled, the property owner is eligible for abatement of property taxes on the
incremental increase in property value after the improvements are completed,and this abatement can
extend for three, five, or ten years,based on the individual Urban Revitalization Plan approved by
Council; and,
WHEREAS, property owners within an approved URA may apply for tax exemption for a
complete project or preapproval for a project that is planned to be built; and,
WHEREAS, the City must determine if the completed improvements meet the standards in
the Urban Revitalization Plan in order to grant tax abatement and forward the determination to the
Assessor; and,
WHEREAS, if the project complies with the criteria, it must be approved for tax abatement;
and,
WHEREAS,the Gilbane Development Company is seeking final approval of its mixed-use
project with the fulfillment of the fixed window requirement along Lincoln Way; and,
WHEREAS, the overall project consists of approximately 5,300 square feet of commercial
space, 96 apartment units totaling 320 beds, and structured and surface parking; and,
WHEREAS, Gilbane estimates cost of the project at$12,470,000, and the estimate is based
on construction cost or sales price provided by the property owner and may not be the same as the
added property value upon which the abatement is based; and,
WHEREAS, the applicant indicates it will choose the 10-year abatement option.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the request for approval of tax exemption for the mixed-use project located at 2320 Lincoln Way
is hereby approved.
ADOPTED THIS 81h day of December, 2015.
:� 4.
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Gartin
Seconded by: Nelson
Voting aye: Betcher, Corrieri, Gartin,Nelson, Orazem
Voting nay: None
Abstaining: Goodman Absent: None
Resolution declared adopted and signed by the Mayor this 8`h day of December, 2015.