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RESOLUTION NO. 01-112
RESOLUTION ADOPTING THE SECOND AMENDMENT
TO 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,by Resolution No. 01-111 the said Urban Revitalization Plan was amended;
and,
WHEREAS, it is now desired to again 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 second 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 further amended so that the"Residential and Retail Commercial Incentive"added to the plan
by amending Resolution No.01-111is hereby amended to state:
RETAIL COMMERCIAL INCENTIVE
Urban revitalization area number 7 is both an urban renewal and an urban revitalization area. During
a period beginning May 1,2001,to and including May 1,2004,all buildings that are constructed for
use as an establishment for retail sale of goods 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. Civic groups are allowed to use the Somerset clubhouse free of charge on a one-time
basis.
7. 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.
8. 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.
9. The Developers and the City share the cost for Zimmerman/Volk to perform a Market
Position Analysis.
"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 27th day of March, 2001.
Diane R. Voss, City Clerk Ted Tedesco, Mayor
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