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RESOLUTION NO. 07-367
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AMES IOWA,
APPROVING THE APPLICATION OF BECKER-UNDERWOOD FOR THE PURPOSE
OF RECEIVING BENEFITS UNDER 2007 IOWA CODE SECTIONS 15.326-15.337
FOR IMPROVEMENTS IN THE CITY OF AMES, STORY COUNTY, IOWA
WHEREAS, the City of Ames, Iowa has received a request by Becker-Underwood to
approve and submit an application to the State of Iowa under 2007 Code of Iowa
Sections 15.326-15.337, the New Jobs and Income Program Act, hereafter referred to
as the "Act"; and
WHEREAS, 2007 Code of Iowa Sections 15.326-15.337, the New Jobs and Income
Program Act was established to promote economic development in the State of Iowa;
and
WHEREAS, The City Council supports activities which promote and facilitate economic
development within the City; and
WHEREAS, one of the benefits provided under the Act is the commitment by a city to
exempt from taxation all or a portion of the actual value added by improvement to real
property directly related to new jobs created by the location or expansion of an eligible
business; and
WHEREAS, contingent upon approval by the Iowa Department of Economic
Development, Becker-Underwood as an eligible business, and entry into an agreement
with Iowa Department of Economic Development pursuant to Code of Iowa Section
15.332, and acquisition of property, the City of Ames will allow for a ten (10) year
schedule of exemption from taxation on the value added by the construction of
manufacturing facilities as follows:
Year 1 80% Year 6 40%
Year 2 70% Year 7 30%
Year 3 60% Year 8 30%
Year 4 50% Year 9 20%
Year 5 40% Year 10 20%
of tax exemption on the value added by the construction of the manufacturing facility by
Becker-Underwood; and
WHEREAS, Becker-Underwood estimates that this project will involve a capital
investment as specified under the Act of at least $10,000,000, to be made over the next
five (5) years; and
WHEREAS, the City of Ames desires to declare the following location as eligible for
property tax exemption subject to approval of the project by the Iowa Department of
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Economic Development for incentives under the High Quality Job Creation Act pursuant
to 2007 Code of Iowa Section 15.326-15.337.
THE legal description for the planned Becker-Underwood facility in Ames is:
The Northeast Quarter of the Southeast Quarter of Section 36, Township 84
North, Range 24 West of the 5t�' P.M., Story County, Iowa containing 39.89 acres
and being subject to public road right-of-way across the Easterly 40.00 feet
thereof and also being subject to any other easements recorded or unrecorded.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa:
a. The City of Ames approves the expansion of Becker-Underwood in Story
County for purposes of receiving the benefits of the Act authorizing the New
Jobs and Income Program.
b. The following described real estate is declared to be eligible for incentives
under the Act:
The Northeast Quarter of the Southeast Quarter of Section 36, Township
84 North, Range 24 West of the 5t" P.M., Story County, Iowa containing
39.89 acres and being subject to public road right-of-way across the
Easterly 40.00 feet thereof and also being subject to any other easements
recorded or unrecorded.
c. Contingent upon approval by the Iowa Department of Economic
Development of Becker-Underwood as an eligible business, and entry into an
agreement with the Iowa Department of Economic Development pursuant to
Code of Iowa Section 15.332, the City of Ames will allow for a ten (10) year
schedule of exemption from taxation on the value added by improvements to
the manufacturing facilities as follows:
Year 1 80% Year 6 40%
Year 2 70% Year 7 30%
Year 3 60% Year 8 30%
Year 4 50% Year 9 20%
Year 5 40% Year 10 20%
d. The City Clerk shall provide a copy of this Resolution to the Iowa Department
of Economic Development and shall file a copy of this resolution with the
Story County Assessor.
e. Officers of the City are hereby authorized to take such further actions as are
deemed necessary in order to carry into effect the provision of this resolution.
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f. All Resolutions and parts thereof in conflict herewith are hereby repealed to
the extent of such conflict.
g. That the provisions of this Resolution are hereby declared to be separable
and if any section, phrase or provision shall for any reason be declared to be
invalid, such declaration shall not affect the validity of the remainder of the
sections, phrases and provisions hereof.
h. This Resolution shall become effective immediately upon its passage and
approval.
PASSED, APPROVED, AND ADOPTED this 14th day of August, 2007.
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Ann H. Campbell, Mayor
ATTEST:
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