HomeMy WebLinkAbout~Master - Minimum Assessment Agreement for Ames Community Development Park, 4th Addition RESOLUTION NO. 11-456
RESOLUTION APPROVING MINIMUM ASSESSMENT AGREEMENT FOR
AMES COMMUNITY DEVELOPMENT PARK, 4TH ADDITION
FOR THE CITY OF AMES,IOWA
WHEREAS,in 2009,the City established an urban renewal area and created a tax increment
finance (TIF) district for an urban renewal project on South Bell Avenue; and,
WHEREAS,the City then entered into a Development Agreement with Dayton Park,LLC,
to facilitate the developer's project to construct and market industrial buildings at below-market cost;
and,
WHEREAS,the project is located in the Ames Community Development Park Subdivision,
4t'Addition; and,
WHEREAS, under the terms of the 2009 Agreement with Dayton Park, the cost of
constructing and financing the public improvements was to be abated by the increment in property
taxes based on the progress in the project, and the developer agreed to build speculative buildings
of at least 10,000 square feet and with a taxable value of at least$350,000 on lots that are 1.5 acres
or less; and,
WHEREAS, the Development Agreement also provided that the parties would enter into a
Minimum Assessment Agreement for the larger lots, and the minimum assessment would place a
taxable value for buildings of at least $266,000 for each acre of each lot greater than 1.5 acres in
size; and,
WHEREAS, the Minimum Assessment Agreement incorporates the terms provided for in
the Development Agreement between the City of Ames and Dayton Park, and, additionally, the
Minimum Assessment Agreement includes a certification by the City Assessor that the actual value
assigned to building improvements, exclusive of land,will not be less than$266,000 per acre;and,
WHEREAS, the Minimum Assessment Agreement will terminate once the debt issued by
the City to pay for the construction of the public improvements at the project site is paid off.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the Minimum Assessment Agreement for the Ames Community Development Park, 4t'
Addition, is hereby approved.
ADOPTED THIS 27`'' day of September, 2011.
oe�g
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Mahayni
Seconded by: Goodman
Voting aye: Goodman, Larson, Mahayni, Orazem, Wacha
Voting nay: None Absent: Davis
Resolution declared adopted and signed by the Mayor this 27"' day of September, 2011.