HomeMy WebLinkAbout~Master - Amend Rezoning Agreement for Somerset Village to Provide Tax Abatement RESOLUTION NO. 00-459
RESOLUTION APPROVING REQUEST OF SOMERSET VILLAGE DEVELOPERS
TO AMEND THE REZONING AGREEMENT TO PROVIDE FOR A THREE-YEAR
100% TAX ABATEMENT TO ALL NEW
RESIDENTIAL AND RETAIL CONSTRUCTION
FOR THE CITY OF AMES,IOWA
WHEREAS, in 1997, the City Council approved the Somerset developers' request for
annexation and rezoning to include both single- and multi-family uses in return for a commitment
to build the City's first"village"; and,
WHEREAS, since no approved regulations were in place to guide this new type of
development, a lengthy and complex zoning agreement was created; and,
WHEREAS,this zoning agreement recognized that this planning concept was an experiment
that was subject to alteration if there appeared to be a lack of acceptance by the consumer; and,
WHEREAS, the developers are indicating that we are reaching a critical time in the
development of the village as infrastructure has been extended to nine phases in the Subdivision and
land is now available to construct all five housing types,but there is an imbalance in the number of
detached single-family units and attached single-family units/apartment buildings; and,
WHEREAS, the developers believe that it will be more difficult to market the remaining
unattached single-family units adjacent to the apartments and attached homes and are concerned that
a slow response by the market for the single-family units will impede the timely build-out of this
project; and,
WHEREAS, the developers are now requesting for further tax incentives beyond those
provided under the current Urban Revitalization Plan for Area#7; and,
WHEREAS, the Land Use Policy Plan adopted by the City Council emphasizes that the
village concept is the preferred development alternative in all undeveloped areas of the City, and,
WHEREAS,the staff believes that some expansion in the tax abatement concept is justified
to ensure that the momentum gained in the initial years of the development is not lost.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames,Iowa,
that an amendment to the existing Rezoning Agreement to allow for a three-year 100% tax
abatement for all residential and retail commercial construction for a three-year window of time,as
identified on the attached map, is hereby approved contingent on the developers:
1. building and making available at least ten single-family detached or attached housing
units at all times;
2. offering special financing terms for all single-family home buyers in the form of
interest write-downs or cash bonuses equaling, at a minimum, $3,000 up to $6,500
depending on the mortgage amount;
3. providing approved house plans that meet the village guidelines free of charge to
prospective home buyers;
4. granting an additional $1,000 bonus to real estate agents who sell property in
Somerset;
5. conducting informational meetings for all real estate agents in town to explain the
village concept and to showcase the completed inventory available for sale;
6. working with a marketing firm that specializes in neo-traditional developments to
implement a marketing strategy in accordance with the suggestions from this firm;
7. allowing civic groups to use the Somerset clubhouse free of charge; and,
8. continuing to develop the entire project as a village as prescribed for in the current
zoning agreement.
ADOPTED THIS 26th day of September, 2000.
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Goodhue
Seconded by: Cross
Voting aye: Campbell, Cross, Goodhue, Hoffman
Voting nay: Quirmbach Absent: Wirth
Resolution declared adopted and signed by the Mayor this 26th day of September, 2000.