HomeMy WebLinkAbout~Master - Amended Development Agreement for Ames Community Development Park Subdiv. RESOLUTION NO. 02-206
RESOLUTION APPROVING AMENDMENT
TO DEVELOPMENT AGREEMENT BETWEEN
FORD STREET DEVELOPMENT CO., L.C.,
AND THE CITY OF AMES
WHEREAS, a Development Agreement was executed in 1997 for tax increment financing
of public improvements for the second phase of the Ames Community Industrial Park; and,
WHEREAS,by virtue of that Agreement,there is a covenant running with the land that states
the obligations ofthe developers relative to construction of speculative buildings and a sale price cap
for land; and,
WHEREAS, the purchaser of Lot 4 has now asked to be released from all of the developer
obligations, except the prohibition on tax exemption.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the Amendment to the Development Agreement between Ford Street Development Co., L.C.,
and the City of Ames,as attached hereto,releasing Lot 4 from certain provisions is hereby approved.
ADOPTED THIS 9thday of April, 2002.
C�Awa.
Diane R. Voss, City Clerk Ted Tedesco,Mayor
Introduced by: Goodhue
Seconded by: Cross
Voting aye: Cross, Goodhue, Hoffman, Quirmbach, Vegge, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 9"day of April, 2002.