HomeMy WebLinkAbout~Master - Amendment to Plan for Urban Revitalization Area No. 7 r y'
RESOLUTION NO.01-111
RESOLUTION AMENDING THE PLAN FOR
URBAN REVITALIZATION AREA NO. 7
WHEREAS, by Resolution No. 97-498 the Ames City Council enacted an Urban.
Revitalization Plan for Urban Revitalization Area No. Seven; and,
WHEREAS, it is now desired to amend the said plan; and,
WHEREAS, the required notice and public hearing has occurred pursuant to Subsection
404.2(6)with respect to the proposed amendment;
NOW, THEREFORE, BE IT RESOLVED, by the City Council for the City of Ames,
Iowa, that the said urban revitalization plan for Urban Revitalization Area Seven shall be and is
hereby amended by adding the following to that plan:
RESIDENTIAL AND RETAIL COMMERCIAL INCENTIVE
Resolution No. 97-498 is amended retroactively and prospectively to designate urban
revitalization area number 7 as both an urban renewal and an urban revitalization area. Any and all
buildings that are constructed for residential occupancy during a period beginning May 1, 2001,to
and including May 1, 2004; and, any and all buildings that are constructed for use as an
establishment for retail sale of goods and or services during that same period; shall be eligible to
receive, for a period of three tax years, a 100% exemption from tax of the actual value added to the
taxed real estate by the said buildings,but on condition that,during the period from May 1,2001 to
May 1, 2004, there shall occur with respect to the Somerset subdivisions:
1. Not less than ten single-family detached or attached housing units shall either be
under construction or complete and offered for sale at all times.
2. With respect to the aforesaid housing units, special financing terms shall be offered
to persons purchasing such units for their own occupancy,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. Purchasers of lots from the Developers will be eligible to receive house plans that
have been approved to meet the architectural guidelines in Somerset. These plans will be provided
to the lot purchaser free of charge.
4. Developers,with respect to newly constructed and never occupied homes for sale in
the Somerset subdivisions grant an additional$1,000 bonus(per sale)to the selling real estate agent
that sells such a property in the Somerset Subdivisions.
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5. Informational meetings are held for all real estate agents in the City of Ames to
explain the village concept and to showcase the completed inventory available for sale in the
Somerset subdivisions.
6. The Developers will work continuously from May 1, 2001 to May 1, 2004 with a
marketing firm that specializes in neo-traditional developments to implement a marketing strategy
in accordance with the suggestions of that firm.
7. Civic groups are allowed to use the Somerset clubhouse free of charge on a one-time
basis.
8. The Developers are continuing to develop the entire Somerset project as shown by
the City approved preliminary plat of Somerset as a village in accordance with the zoning change
agreement adopted for the Somerset subdivisions.
9. The selling of new homes constructed in the Somerset Subdivision is, at all times
while this plan is in effect,open to all real estate agents of the local real estate market,provided that
the agents follow all the rules and procedures for Somerset.
"Developer"means:Friedrich IA Realty,R.Friedrich&Sons,Furman Realty,The Furman
Corporation,Hunziker&Associates Realtors,HCS Construction,Jon Hunziker Construction,or any
of its subsidiary companies.
The tax exemption schedule adopted by the unamended Resolution No. 97-498 shall remain
in effect for the commercial and residential that is within the"Statement of applicability" adopted
by that resolution.
ADOPTED THIS 27t' day of March, 2001.
Diane R. Voss, City Clerk Ted"Tedesco, Mayor
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