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HomeMy WebLinkAbout~Master - Amendment to agreement for Ames Community Industrial Park RESOLUTION NO. 05-226 RESOLUTION APPROVING AMENDMENTS BETWEEN THE CITY AND PROPERTY OWNERS IN THE AMES COMMUNITY INDUSTRIAL PARK AMENDING DEVELOPMENT AGREEMENTS TO REMOVE THE COVENANT PROHIBITING APPLICATION FOR PROPERTY TAX EXEMPTION FOR THE CITY OF AMES WHEREAS, in 1992, the City Council established a Tax Increment Financing (TIF) District and Urban Renewal Plan for the Ames Community Industrial Park; and, WHEREAS,a second TIF District was established in 1997 for the development of the second phase of the industrial park; and, WHEREAS,the Development Agreements for the Ames Community Industrial Park Tax Increment Financing Districts contained several provisions for development of the Park, including requirements for speculative buildings,a ceiling on land prices,and a prohibiting against application for tax exemption;and, WHEREAS,those provisions were recorded as restrictive covenants with the land and will remain in place until released or amended; and, WHEREAS, the City received a request to amend the Development Agreements to remove the prohibition against application for tax exemption; and, WHEREAS,prohibiting tax exemption was needed when debt was outstanding to ensure that tax revenues would be collected to repay the debt issued to fund infrastructure in the TIF Districts; and, WHEREAS,with adequate TIF revenues collected to repay all debt, there is no longer a financial need for the City to restrict application for property tax exemption. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that agreements between the City of Ames and property owners in the Ames Community Industrial Park amending the Development Agreements to remove the covenant prohibiting application for property tax exemption are hereby approved. ADOPTED THIS 24th day of May, 2005. /TJ �.�1 Uo�d& Diane R.Voss, City Clerk Ted Tedesco,Mayor Introduced by: Goodhue Seconded by: Mahayni Voting aye: Goodhue, Goodman, Mahayni,Vegge,Wirth Voting nay: None Absent: Cross Resolution declared adopted and signed by the Mayor this 24t'day of May,2005.