HomeMy WebLinkAbout~Master - Pre-approval of tax abatement for 217 Welch Avenue RESOLUTION NO. 05-346
RESOLUTION GRANTING PREAPPROVAL OF
URBAN REVITALIZATION TAX ABATEMENT FOR
217 WELCH AVENUE UNDER THE
CAMPUSTOWN URBAN REVITALIZATION PLAN
FOR THE CITY OF AMES
WHEREAS,each year,property owners who have developed,redeveloped,rehabilitated,or
remodeled property within the Urban Revitalization Areas of the City claim tax exemption for work
that has been done as provided for in Chamber 404 of the Code of Iowa; and,
WHEREAS, the property owner of 217 Welch Avenue in the existing Campustown Urban
Revitalization Area is requesting prior approval for a three-year, 100%tax exemption on increased
value by reconstruction for the 2006, 2007, and 2008 assessments years with respect to work
underway and yet to be completed; and,
WHEREAS,the project involves developing a four-story,46,000 square-foot building with
commercial space on the first floor, and residential units on the upper three floors; and,
WHEREAS, the reported construction value increase for the completed project from the
value when the previous building existed is estimated to total $3,484,000; and,
WHEREAS, the Council is being asked to give prior approval to this project to assure the
developer that the work will receive the tax abatement if the project is completed as indicated.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the request to grant preapproval of Urban Revitalization Tax Abatement for property at
217 Welch Avenue under the Campustown Urban Revitalization Plan is hereby approved.
ADOPTED THIS 9t'day of August, 2005.
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Goodhue
Seconded by: Cross
Voting aye: Cross, Goodhue, Goodman, Mahayni, Vegge, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 91'day of August, 2005.