HomeMy WebLinkAboutA008 - Council Action Form dated July 27, 2021 ITEM # 31
DATE: 07-27-21
COUNCIL ACTION FORM
SUBJECT: PROPOSED DOWNTOWN REINVESTMENT DISTRICT URBAN
RENEWAL AREA AND PLAN
BACKGROUND:
At its February 23, 2021 meeting, City Council voted to proceed with the process
to create an Urban Renewal Area that would have the same boundaries as the area
included in the Iowa Reinvestment District Program Application (See Attachment A).
Urban Renewal Areas (URA) allow for a city to use a variety of powers and authorities to
remove slum and blight and support economic development within an URA, as defined
by Chapter 403 of the Code of Iowa. An Urban Renewal Plan for an Urban Renewal Area
may also establish Tax Increment Financing (TIF) districts to financially support the
objectives and projects of the Urban Renewal Plan.
The proposed URA comprises approximately 75 acres of land in and near downtown
Ames (Attachment 1). The proposed boundaries overlap with the Downtown area as well
as the Lincoln Way Corridor Plan. Downtown is highlighted within the City's Land Use
Policy Plan as an Urban Core and point of emphasis for supporting amenities and high
levels of commercial. The Lincoln Way Corridor Plan along with the Downtown Gateway
Commercial (DGC), zoning district were created and adopted with the intent to foster
redevelopment within this general area and to support reinvestment in Downtown.
The proposed Urban Renewal Plan (URP) is intended to improve blighted areas and
promote economic development for the City of Ames with this urban core areas of the
City. (Attachment 2) This will be done through a combination of public and private
activities within over the life of the Plan. The URP identifies potential projects that include
private redevelopment, construction of new public facilities, land acquisition, and new or
replaced public infrastructure.
The proposed URP contemplates use of General Obligation Bonds and Tax Increment
Financing (TIF) as tools to assist in the construction of public facilities and public
infrastructure such as, but not limited to, an indoor aquatics center, parking, plazas, water,
sewer, stormwater, streets, and pedestrian and bicycle facilities. TIF may also be
approved to support private redevelopment projects as developer property tax rebates,
notably the Lincoln Way Mixed Use project between Clark Avenue and Kellogg Avenue.
It is important to emphasize that approval of the proposed Downtown
Reinvestment District Urban Renewal Plan does not directly commit the City to any
of the projects described in the plan as they will be subsequently and individually
approved by the City Council on a case-by-case basis.
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URBAN RENEWAL AREA:
The creation of an urban renewal area first requires the City Council to adopt a
resolution of necessity to initiate the process of adopting the Urban Renewal Plan
for an area. Approving the resolution of necessity kicks off a number of steps
including public notice for a hearing to adopt the Plan.
Subsequent steps include a referral to the Planning and Zoning Commission for
recommendation on conformance to the Land Use Policy Plan, formal consultation with
affected taxing entities (e.g. Story County and Ames Community School District) and
notice of a public hearing to adopt the Plan. Important dates and steps are outlined below:
July 27th:
Staff presents the URA and draft URP to the City Council. Council adopts a resolution
of necessity to initiate the statutory process for the URA.
August 5th:
City staff meets with interested taxing entities for consultation related to tax increment
financing. The taxing entities have 7 days to make written recommendations for
modifications to the plan.
August 18th:
The Planning and Zoning Commission must make a recommendation as to whether
the Urban Renewal Plan is consistent with the Land Use Policy Plan. No official public
hearing is required, but public input may be gathered.
August 24th:
The City Council conducts a public hearing in order to approve the Plan. The Council
then approves a resolution adopting the URA and URP.
URBAN RENEWAL PLAN:
The proposed Plan includes the necessary components described by the Code of Iowa.
The draft URP identifies its purpose to remove blight within the area and support
economic development. It describes the projects and its objectives. The draft URP
identifies those components of the Land Use Policy Plan that support the proposed URA.
The Urban Renewal Plan must reflect if, and how, TIF funds will be used. The
identified amount of TIF funds is a cap on the amount of TIF that can be collected
in support of Urban Renewal Projects. Additional projects, or any increase in TIF
that exceeds what is authorized in the Plan, would require an amendment to the
Plan. The Plan identifies up to $30 million dollars for use in facilitating private
development. The Reinvestment District Application identified $25 Million Dollars
for the Lincoln Way Mixed Use Development and $3.5 million for the future Kellogg
Hotel. Based upon escalated costs, staff has increased the potential amount of
TIF that could be applied to private development projects. The Plan also includes
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$2 million dollars for property acquisition to either remediate blight or for economic
development purposes. The total amount of potential TIF is $32 million.
The Plan itself does not define the specific parameters of TIF; subsequent TIF
ordinances will define the location where TIF will be generated and how it will be
used. TIF funds can be generated from a smaller area than the entire URA. As
noted in the Plan, individual evaluation of a proposed redevelopment project and
negotiations would occur prior to authorization of any TIF for a redevelopment
project.
The Iowa Code also requires that the Plan contain a summary of the City's current debt
obligations, the City's limits on issuing debt, and an estimate of the amount of TIF debt
that would be incurred. Any projects that are funded without TIF funds, such as the indoor
aquatics facility, are not part of the cap on funding described with TIF.
The Plan does identify use of GO Bond funds for other public facility and infrastructure.
Specifically the Plan identifies costs for the Indoor Aquatic Center at$31.2 million dollars.
This reflects the full cost of the project with a 15% cost escalation. This figure does not
account for other funding sources, such as the Reinvestment District funding or private
fundraising.
It should be emphasized that the Plan is still in draft form. Some portions of the plan may
change when tentative dates are confirmed and events happen as well as after our Bond
Attorney reviews the document. The appendices will be completed as the process moves
forward. All of these draft items will be finalized prior to the City Council being asked
to adopt the Plan on August 24, 2021.
REPRESENTATIVE TO CONSULTATION:
Since this proposed urban renewal area will also include tax increment financing, the
Code of Iowa requires that the City hold a consultation with the other affected taxing
entities (the School District and the County). Following the consultation, the taxing entities
are allowed to make recommendations for any changes to the Urban Renewal Plan. The
City must then respond to those recommendations for changes.
The City Council may appoint a representative to the consultation and to respond back
regarding any requests by the taxing entities for modifications to the plan. The Planning
and Housing Director, or his designee, can be appointed to fulfill this role as the Council's
representative to the consultation. In this instance, the consultation is tentatively
scheduled for August 5th. Any comments from the taxing entities would then be received
within seven days (August 12th). The City's representative would then respond back to
those comments no later than seven days prior to the public hearing planned for August
24t".
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ALTERNATIVES:
1. Adopt a resolution of necessity that City desires to remediate blight and support
economic development within the described URA boundaries and to initiate the
proceedings for creating the urban renewal area, and
a. Forward the draft Urban Renewal Plan to the Planning and Zoning
Commission for a recommendation, and
b. Appoint the Planning and Housing Director or designee as the City's
representative to the consultation with the affected taxing entities on August
5, and
c. Set the public hearing date for the Urban Renewal Plan on August 24th,
2021.
2. Do not adopt a resolution of necessity and ask for more information or direct
specific changes to the plan before proceeding.
3. Decline to initiate creating an Urban Renewal Area for the Downtown
Redevelopment area and direct the City staff to identify another funding source for
the mixed use development.
CITY MANAGER'S RECOMMENDED ACTION:
This is a unique endeavor for Ames with the State Reinvestment District requirement for
an Urban Renewal Area in order to receive the State's 10-million-dollar incentive in
support of the indoor aquatics facility. The URA and URP are consistent with the City's
LUPP goals supporting Downtown and with goals for reinvestment along the Lincoln Way
Corridor.
The proposed Plan includes a diverse set of activities that may be needed to support
remediation of blight and economic development goals for the area. The Plan also
authorizes future use of Tax Increment Financing (TIF) that will be decided on case-by-
case evaluation of funding needs for redevelopment projects and property acquisition.
Therefore, it is the recommendation of the City Manager that the City Council adopt
Alternative No. 1, as described above.
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ATTACHMENT 1: PROPOSED DOWNTOWN URBAN RENEWAL AREA
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Attachment 2
URBAN RENEWAL PLAN
DOWNTOWN REINVESTMENT DISTRICT URBAN RENEWAL AREA
CITY OF AMES, IOWA
July 27, 2021
I. INTRODUCTION
Chapter 403 of the Code of Iowa authorizes cities to establish areas within their
boundaries known as "urban renewal areas," and to exercise special powers within
these areas. The City of Ames (the "City") recently applied to the state for a
Reinvestment District designation for which the state program requires an Urban
Renewal Area as a prerequisite for awarding funding to the City. The purposes of
Reinvestment District overlaps with the intent of Urban Renewal Areas in support of
city actions for removal of slum and blight and for economic development purposes.
The process by which an urban renewal area may be created begins with the
preparation of an urban renewal plan for a proposed geographic area. Due to
regulations of the Reinvestment District program, the proposed URA matches the
boundaries of the proposed Reinvestment District and is approximately 75 acres in
size. In addition to defining an area, Iowa Code requires preparation of a Plan
identifying the purpose of the URA and the types of projects and activities that will
occur within the URA. A City's Planning and Zoning Commission must review the draft
plan and inform the City Council if it is consistent with the City's general plan, for
Ames this is the Land Use Policy Plan (LUPP). Additionally, all affected taxing
e n t i t i e s, s u c h a s counties and school districts, m ust be notified and given an
opportunity to comment on the proposed plan. The City Council must hold a public
hearing on the urban renewal plan, following which, the Council may approve the plan
and designate an area.
This document is intended to serve as the Urban Renewal Plan for an urban renewal
area to be known as the Downtown Reinvestment District Urban Renewal Area
(the "Urban Renewal Area"). It is intended that this Urban Renewal Plan will guide
the City in promoting economic development and the for the construction of public
improvements and facilities. This document is an Urban Renewal Plan within the
meaning of Chapter 403 of the Code of Iowa, and it sets out proposed projects to be
undertaken within the Urban Renewal Area.
II. DESCRIPTION OF URBAN RENEWAL AREA
The Downtown Urban Renewal Area would include approximately 75 acres of land located
in the downtown area of Ames and parts of Lincoln Way as depicted in Attachment A. A
legal description of the property is attached hereto as Exhibit B.
M. AREA DESIGNATION
The Urban Renewal Area is being designated with a mixed designation. The URA is
designated as both an economic development area appropriate for the promotion of
commercial development and as an area in which blighted conditions exist and is suitable
for remediation activities.
Appropriateness for commercial development is based upon the City's Land Use Policy Plan
and zoning designations that support commercial and mixed-use development.
Blight conditions apply to a subset of properties within the overall area that meet the Code
of Iowa definition of blight. Properties located between Oak Street and Grand Avenue and
Lincoln Way and the railroad tracks consist of outdated, deteriorated, and nonconforming
buildings and site improvements. Properties between Clark Avenue and Kellogg Avenue
north of Lincoln Way and south of the railroad tracks that are primarily vacant land and
include lot layouts that are not conducive on their own to development allowed by zoning.
Properties between Kellogg Avenue and Commerce Avenue are a mix of outdated,
deteriorated, and nonconforming buildings and site improvements as well as properties with
limited street access or substandard alley access for purposes permitted in the zoning
district.
iv. BASE VALUE
If the Urban Renewal Area is legally established, and a Tax Increment Financing (TIF)
ordinance is adopted, then the "base value" of the Area will be the assessed value of the
taxable property within the TIF Ordinance area as of January 1 of the calendar year
preceding the calendar year in which the City first certifies the amount of any debt o the Area
pursuant to Iowa Code Section 403.19.
V. URBAN RENEWAL OBJECTIVES
The primary objectives for development within the Urban Renewal Area are:
1. To protect the health, safety, and general welfare of City residents through the
removal or elimination of substandard conditions that exist in the Area.
2. To contribute to a diversified, well-balanced local economy by retaining and
creating job opportunities and strengthening the property tax base, sales tax base,
and hotel/motel tax base.
3. To stimulate private investment in Downtown and the Lincoln Way Corridor through
public action and potential use of various incentives.
4. To help finance the cost of constructing public facilities and infrastructure and
improvements in support of commercial development.
5. To provide tax increment financing incentives in the form of economic
development payments or other methods authorized by state law.
6. To improve recreational, tourism, and cultural opportunities.
7. To promote development utilizing any other objectives allowed by Chapter 403 of
the Code of Iowa.
V1. RENEWAL PROJECTS AND ACTIVITES
The purpose of this Urban Renewal Plan is to facilitate and complement redevelopment
in the Urban Core of Ames related to the Iowa Reinvestment District Grant application and
other future redevelopment and infill projects consistent with City plans and zoning. To this
end the City may engage in planning and design studies, acquire property, provide private
development incentives, apply or implement building and property maintenance programs
for remediation of or prevention of blight, and finance and construct improvements. Nothing
in this section should be construed as limiting the range or types of activities or powers
granted to the City under Chapter 403 or any other provisions of the Code of Iowa in
furtherance of the Urban Renewal Plan.
Within the Urban Renewal Area, the Plan includes a publicly owned indoor aquatics center;
improvements to public gathering space and a downtown plaza; construction or
replacement of public parking, public infrastructure improvements for pedestrians and
bicyclists; construction of or replacement of facilities for water, sewer, stormwater,
streetscapes, and roads; Lincoln Way Mixed Use Development, removal of or
enhancement of blighted building conditions, and other possible future private
redevelopment projects.
The City's Land Use Policy Plan identifies the Urban Core, of which Downtown is a
part of, as an area where unique development, community facilities and design, among
other things, should be prioritized. (Page 36). The LUPP includes several Urban Core
policy options that support the proposed Urban Renewal Plan that will support
redevelopment that is in alignment with the vision proposed in the LUPP. It envisions
a mix of uses that creates a downtown that is a 24-hour commercial center, a public
space that provides the opportunity for organized activities and informal, organic
gatherings, and a Downtown Gateway Focus Area. All of which was presented in the
City's application to the Iowa Economic Development Authority for the Reinvestment
District.
Additionally, the LUPP includes ten goals in broad categories, as well as a number of
objectives to meet those goals. Two that more greatly influence the development
of the Downtown area are quoted below.
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.
Goal No. 8. It is the goal of Ames to enhance the role of Downtown as a
community focal point.
To support these goals and objectives the City land use policy calls to create a strong
central place in Downtown that will become a 24-hour center with a mix of uses that
includes commercial uses, cultural amenities, dining and entertainment, and a public
space. Within the Urban Core are smaller sub-areas identified as areas for change
(i.e., public space, Downtown Gateway Focus Area).
The Downtown Gateway Focus Area is part of the 2018 Lincoln Way Corridor Plan and
the primary area planned for new development, including the Lincoln Way Mixed Use
Development project. This area is intended to foster redevelopment with a commercial
focus that may include residential development. It has been identified as a priority
redevelopment area. The Corridor Plan also identifies the area between Oak Avenue
and Grand Avenue, the planned location of the Indoor Aquatics Center as focus area
for encouraging redevelopment.
The character and vision of Downtown Gateway area should be complimentary to the
existing downtown character. The Downtown Gateway Area includes opportunity for
collective parking, reduced parking, increased design scrutiny in order to create
appealing massing and height through building materials, architectural features, etc.,
minimizing automotive service-oriented uses, wide sidewalks and improved
streetscape along Lincoln Way. This would include uses like, but not limited to, boutique
hotel, entertainment and retail, outdoor open space for events and commercial uses,
office and employment. Kellogg Avenue is to be the focal point providing a strong
connection to the heart of Downtown at Main Street.
The combination of projects and consistency with the City's Comprehensive Plan will
address the objectives and purposes or the URA and Plan. The objectives and
proposed projects outlined in this Urban Renewal Plan are consistent with the above
goals and policies identified and adopted as part of the City's planning process and
identified below:
Public Improvement Proiects:
Project Estimated Costs* (does Rationale
not include financing
costs)
Two-story Indoor Aquatics Center $31.2 million,note that the The Indoor Aquatics center is a
with other recreational amenities financing of the project recreational amenity and attraction
anticipates multiple sources that is a foundational project for the
state's Reinvestment District program
of funding,including funding. The facility will attract
Reinvestment District funds users from not just Ames but the
from the state. surrounding area in support of
making the area an attractive area for
visitors and commercial activities.
Reconstruction or construction of Undetermined The City is anticipating the need to
roadways and public parking, improve the access and function of
including adjacent landscaping and roadways for vehicular traffic routes
public sidewalks. with reconfiguration of intersections,
on-street parking,and streetscapes
throughout the Area.This includes
improvements to public parking lots
located both to the south of the
railroad tracks and north of the
railroad tracks.
Downtown Plazas—Construct new Undetermined Public space downtown was
I-acre plaza located at 5th Street and contemplated in the LUPP to attract
Clark Avenue,and other smaller users to Downtown. Spaces are for
plazas or public spaces within the organized multi-purpose public
Area. activities geared toward pedestrian
traffic.A main plaza is proposed to
be in the heart of downtown with
water features and ice skating to
attract visitors. Other smaller plaza
spaces,i.e.Tom Evans,may be
expanded and improved over the life
of the plan as future redevelopment
occurs.
Pedestrian and bicycle facility Undetermined Improved connectivity is needed for
enhancements the area and it is goal of the City to
support enhanced multi-modal
transportation options.Improved
connections will facilitate commerce
at the street level between retailers.
A pedestrian bridge over the existing
railroad will provide a pedestrian
connection from the Downtown
Gateway area to Main Street
allowing pedestrians to bypass and
directly cross an active railroad.
These improvements may be built in
conjunction with a development
project or as a standalone project.
Other Proiects and Development A reements:
Project Rationale
Estimated Incentive
The City expects to enter a
A full service hotel and
Development Agreement(s)for
private redevelopment projects. conference space t
e
Notably the site between Clark and Incentives will be negotiated on an desirable to promote
tourism and visitors
Kellogg on Lincoln is planned to individual basis with a developer
downtown and to meet
have a Master Developer,which the based upon a financial need analysis
City would provide economic and consistency with development existing needs
development using tax increment goals for the area. The actual amount business community. Office
of the
financing for up to 20 years.The is unknown at this time as the and mixed use development
Lincoln Way Mixed Use project will specific project has not been are needed provide a
consist of offices,retail,restaurants, proposed,for planning purposes the urban live and work
apartments,hotel,and conference amount of TIF could be up to opportunity not presently in
space.This development is expected $30,000,000 depending on the size Ames to retain workforce.
to start construction in FY 22-23 and and scale of a final proposal. Additional office space is
is a financial generator of needed for new and existing
Reinvestment District funding for the businesses to grow or
City.
relocate.
The City may acquire property to To spur property
address conditions of blight. The improvements and remove
City may also acquire property for blight,the City may need to
Property Acquisition economic development purposes.
acquire properties.The City
Specific properties and costs are in some cases may acquire
unknown,but not to exceed facilitate land assemblage
unkno nkno,000. for economic development
$2,000purposes.
The City may also determine to use tax increment financing to provide other incentives
such as tax rebates to developers in connection with blight remediation and/or
commercial development or other urban renewal projects. The City may determine to
use tax increment financing to reimburse the City for any obligation or advances.
Nothing herein shall be construed as a limitation on the power of the city to exercise
any lawful power granted to the City under Chapter 403.
V11. TYPES OF RENEWAL ACTIVITIES
A. Tax Increment Financing
Under the Iowa Urban Renewal Law, in order to assist in the development of new
private enterprises, the City may be requested to provide a property tax incentive in
the form of an agreement that returns certain incremental property tax revenues to a
developer as economic development payments. As part of the establishment of an
urban renewal area, the City may adopt an ordinance to create a tax increment district
(the "TIF District"), within which the property taxes eventually paid by new private
development will be used to pay costs of urban renewal projects, including economic
development agreements. The use of these tax revenues in this manner is known as
tax increment financing ("TIF").
Depending on the date on which a TIF District is legally established and the date on
which debt is initially certified within a TIF District, an original taxable valuation is
established for the property within a TIF District, which is known as the "base
valuation." The "base valuation" is the assessed value of the taxable property in a TIF
District as of January 1 of the calendar year preceding the calendar year in which a
City first certifies the amount of any obligations payable from TIF revenues to be
generated within that TIF District. When the value of the property inside a TIF District
increases by virtue of new construction or any other reason, the difference between
the base valuation and the new property value is the "tax increment" or "incremental
value."
Procedurally, after tax increment debt has been incurred within a TIF District, property
taxes levied by the city, the county, the school district and the area college against the
incremental value, with the exception of taxes levied to repay debt incurred by those
jurisdictions and the school district physical plant and equipment and instructional
support levies, are allocated by state law to the City's tax increment fund rather than
to each jurisdiction. These new tax dollars are then used to repay any tax increment
obligations incurred in the Urban Renewal Area.
Review of the proposed projects by City has resulted in a determination that financial
assistance is likely required in order to make the projects finically viable through the
use of Tax Increment Financing outlined in Chapter 403 of the Code of Iowa for public
improvements and private development.
The City intends to enter into a Tax Increment Financing (TIF) rebate agreement with
private developers for projects that meet the objectives of the plan. This may include a
rebate of up to 100 percent of eligible incremental property taxes for a period of 20
years or an amount not to exceed $32,000,000, whichever comes first. A TIF
agreement will be structured such that the amount of the TIF rebate will not be included
as debt subject to the state mandated debt limitation.
B. General Obligation Bonds
The Iowa Urban Renewal Law also allows a municipality the authority to issue and sell
general obligation bonds for specified essential and general corporate purposes,
including the acquisition and construction of certain public improvements and facilities
within the Area, including but not limited to the indoor aquatics facility.
Review of the proposed projects by City has resulted in a determination that financial
assistance is required in order to make the projects economically viable through the
issuance of General Obligation Bonds for the indoor aquatic center or other public
improvements and other powers available through the use of Tax Increment Financing
outlined in Chapter 403 of the Code of Iowa for public improvements and private
development.
Vlll. PROPERTY ACQUISTION/DISPOSITION
The City may acquire property within the area for purposes and objectives consistent
with this Plan, which may include the use of eminent domain, as allowed under Chapter
403 and 6A. The City will follow any applicable requirements for the acquisition and
disposition of property within the Urban Renewal Area.
ix. EFFECTIVE PERIOD
This Urban Renewal Plan will become effective upon its adoption by the City Council
and will remain in effect until it is repealed by the City Council. State law allows the
collection of incremental property taxes generated within the Urban Renewal Area
to continue with no statutory sunset when an Urban Renewal Area's purpose is to
address slum and blighted areas along with promoting economic development for
commercial development. Each project or activity to which incremental property tax
revenues will be devoted will be subject to such restrictions as may be deemed
necessary and appropriate by the City Council.
X. PLAN AMENDMENTS
This Urban Renewal Plan may be amended in accordance with the procedures set
forth in Chapter 403 of the Code of Iowa in order to carry out any purposes consistent
with state law.
XI. CITY DEBT INFORMATION
Chapter 403 of the Code of Iowa requires that any urban renewal plan include
certain information with respect to City general obligation debt, ability to incur
additional debt and the amount of proposed tax increment debt to be incurred.:
1. FY 2021-22 Constitutional Debt Limit $184,211,468*
2. Current Outstanding General Obligation Debt: $74,585,000
3. Proposed amount of indebtedness to be incurred: A specific
amount of debt to be incurred for all of the Eligible Urban
Renewal Projects has not yet been determined. This document is
merely for planning purposes. The estimated project costs in this
Plan are estimates only and will be incurred and spent over a
number of years. In no event will the City's constitutional debt
limit be exceeded. The City Council will consider each project
proposal on a case-by-case basis to determine if it is in the City's
best interest to participate before approving an urban renewal
project or expense. It is further expected that such indebtedness,
including interest on the same, may be financed in whole or in
part with tax increment revenues from the Urban Renewal Area
or the issuance of General Obligation Bonds through
referendum. Subject to the foregoing, it is estimated that the cost
of the Eligible Urban Renewal Projects as described above will
be approximately $32,000,000 of TIF. (This total does not
include financing costs related to debt issuance, which will be
incurred over the life of the Area).
*Preliminary; subject to change
EXHIBIT A: DOWNTOWN URBAN RENEWAL AREA
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EXHIBIT B: LEGAL DESCRIPTION
Beginning at the southwest corner of 6tn Street and Clark Avenue, point being the Northeast corner
of Lot 1, Block 20, Blair's Addition;thence east on the south Right-of-Way of 6thStreet to the
southwest corner of 6thStreet and Kellogg Avenue, point being the Northeast corner of Lot 1, Block
9, Original Town of Ames;thence southerly on the west Right-of Way of Kellogg Avenue to the
north Right-of-Way of the formally known C.R.& M.R. Railroad;thence westerly on the north Right-
of-Way of said Railroad to the east Right-of-Way of Clark Avenue;thence southerly on the said
east Right-of-Way of Clark Avenue to the south Right-of-Way of said Railroad, point being the
northwest corner of Parcel "E", Part of the South Half of the Southwest Quarter of Section 2,
Township 83 North, Range 24 West of the 5tn P.M.;thence easterly on the said south Right-of-Way
of Railroad to the west Right-of-Way of Duff Avenue, point being the northeast corner of Duff
Centre Subdivision;thence southerly on west Right-of-Way of Duff Avenue to the southeast corner
of Lot 1, Block 1, Isaac Black's Addition; thence westerly on the south line of Blocks 1 and 2 of said
Isaac Black's Addition to the southwest corner of Lot 6, Block 2 of said Addition, point being on the
east Right-of-Way of South Kellogg Avenue;thence southwesterly to the southeast corner of Lot 6,
Block 3, Isaac Black's Addition, point being on the west Right-of-Way Line of South Kellogg Avenue;
thence westerly on the south line of said Block 3 to the southwest corner of Lot 4 of said Block 3,
point being on the east Right-of-Way of Washington Avenue;thence northwesterly to the
southeast corner of Lot 1, Block 4, Isaac Black's Addition, point being on the west Right-of-Way of
Washington Avenue; thence westerly on the south line of said Block 4 to the southwest corner of
Lot 6, Block 4, of said Isaac Black's Addition, point being on the east Right-of-Way of South Walnut
Avenue;thence southwesterly to the northeast corner of Lot 8, Block A, of Black's 3rd Addition,
point being a corner of Parcel "AM", point also being on the west Right-of-Way of South Walnut
Ave;thence westerly to the northwest corner of Lot 7 of said Block A of said Black's 3rd Addition,
point being a corner of said Parcel 'AM';thence northerly on the west side of said Block A to the
northwest corner of Lot 6 of said Block A, point being on the south Right-of-Way of Lincoln Way,
point also being a corner of said Parcel "AM";thence westerly on the south Right-of-Way of
Lincoln Way to the extended east Right-of-Way of North Oak Avenue;thence northerly on the
extended said east Right-of-Way to the northeast corner of Lincoln Way and North Oak Avenue,
point being the southwest corner of Lot 7, Block 3, College Park Addition, point also being on the
east Right-of-Way of North Oak Avenue;thence northerly to the southeast corner North Oak
Avenue and North 4tnStreet, point being the northwest corner of Lot 6, Block 4, of said College
Park Addition, point also being on the south Right-of-Way of North 4tn Street;thence southeasterly
to the southwest corner of North 4tn Street and North Elm Avenue, point being the northeast
corner of Lot 1, of said Block 4, of said College Park Addition, point also being on the west Right-of-
Way of North Elm Avenue; thence southerly to the southwest corner of North Elm Avenue and
North 2ndStreet, point being the northeast corner of Lot 1, said Block 3,of said College Park
Addition, point also being on the south Right-of-Way of North 2nd Street;thence easterly to the
northeast corner of Lot Two-A(2A),Addition to Block 2, in said College Park Addition, point being
on the south Right-of-Way of North 2nd Street;thence southerly to the southwest corner of Lot 8,
Block 2, in said College Park Addition, point being on the north Right-of-Way of Lincoln Way;
thence easterly on the north Right-of-Way line of Lincoln Way and an extended north Right-of-Way
line of Lincoln Way to a point that is 97.70 feet east and 33.00 feet north of the southwest corner
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of Section 2,Township 83 North, Range 24 West,of the 5tn P.M., point being on the south line of
Grand Junction Subdivision Second Addition;thence northerly on the east Right-of-Way of Grand
Avenue to the northwest corner of said Grand Junction Subdivision Second Addition, point being
on the south Right-of-Way of said Railroad;thence easterly on the south Right-of-Way of said
Railroad to the northeast corner of Parcel "B" in the Southwest Quarter of the Southwest Quarter
of Section 2,Township 83 North, Range 24 West of the 5tn P.M., point being on the west Right-of-
Way of Clark Avenue; thence northerly to the north Right-of-Way of said Railroad on said west
Right-of-Way of Clark Avenue; thence westerly on said north Railroad Right-of-Way to the
southwest corner of Parcel "A", point being on the east Right-of-Way of Grand Avenue;thence
northerly to the northwest corner of said Parcel "A", point being on the south Right-of-Way of
Main Street;thence easterly to the extended west line of the east 53 feet of Lot 3, Block 45, Blair's
3rdAddition, point being on the said south Right-of-Way of Main Street;thence northerly to
southwest corner of the east 53 feet of said Lot 3, point being on the north Right-of-Way of Main
Street; thence westerly to the northeast corner of Grand Avenue and Main Street, point being the
southeast corner of west 25 feet of said lot 3, point also being on the east Right-of-Way of Grand
Avenue; thence northerly to the southeast corner of Grand Avenue and 5tnStreet, point being the
northeast corner of the west 25 feet of said Lot 3, point also being on the south Right-of-Way of 5tn
Avenue; thence easterly to the southwest corner of Clark Avenue and 5tn Street, point being the
northeast corner of Lot 1, Block 17, Blair's Addition, point also being the on the west Right-of-Way
of Clark Avenue;thence northerly on said west Right-of-Way to the point of beginning, containing
73.2 acres
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