HomeMy WebLinkAbout~Master - Agreement with Armstrong Family Trust for RISE grant application RESOLUTION NO. 02-467
RESOLUTION APPROVING ECONOMIC DEVELOPMENT AGREEMENT
WITH ARMSTRONG FAMILY TRUST AND
RISE GRANT APPLICATION
FOR THE CITY OF AMES
WHEREAS, the Armstrong Family Trust is pursuing development of a parcel of property on South
Dayton Avenue just east and north of the intersection of South Dayton Avenue an Southeast Fifth Street; and,
WHEREAS,the development proposal involves construction of streets and utilities to serve 13 lots that
vary in size; and,
WHEREAS,as part of the development,the Armstrong Family Trust is requesting that the City submit
a local development RISE grant application to the Iowa Department of Transportation (IDOT) for the street
construction within the project; and,
WHEREAS,the grant program involves 50-50 funding and requires that the City apply for the grant;and,
WHEREAS,the proposed project cost is estimated at $338,308 with the local match being$169,154;
and,
WHEREAS, staff and the developers have negotiated an agreement that provides from the Armstrong
Family Trust to pay for the local match,which is the City's obligation to the IDOT; and,
WHEREAS,in order to secure the obligation,the City has required the developers to file a letter of credit
that will remain in place until the IDOT releases the City from repayment.
WHEREAS,three outstanding issues that could later challenge the successful completion of the project
are: 1)the ability to acquire the south one-half of the Southeast Fifth Street right-of-way;2)the Council granting
the sidewalk waiver request; and, 3)the City agreeing to pay the costs of enclosing the drainage way.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the
Economic Development agreement with the Armstrong Family Trust is hereby approved, and staff is directed
to submit the RISE grant application to the Iowa Department of Transportation and to deal with the subdivision
stipulations at the time that the plat is submitted.
ADOPTED THIS 27"'day of August, 2002.
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Cross
Seconded by: Goodhue
Voting aye: Cross, Goodhue,Hoffman, Quirmbach,Vegge,Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 27"'of August, 2002.