HomeMy WebLinkAboutA032 - Council Action Form dated November 9, 1993 ITEM
DATE: 11/09/93
COUNCIL ACTION FORM
SUBJECT:
A Resolution to Approve a Release of Liens on Lot 6 of the Ames
Community Industrial Park Subdivision.
ACTION FORM SUMMARY: This is a request from the purchasers of Lot 6 of
the Ames Community Industrial Park Subdivision to have the City of Ames
execute a Release of Liens on said property.
Staff is recommending approval with the condition of proof of payment of
any liens.
BACKGROUND:
The purchasers of the recently created Lot 6 of the Ames Community
Industrial Park Subdivision have asked the City to execute a certificate to
release liens against that property. The assessments against that lot have
been paid or are in the process of being paid. (See attached letter. )
The release will not be signed until verification of payment is received
from the City of Ames Finance Department.
The market value of the property remaining subject to the City mortgage
is in excess of the amount required by the Developer's agreement to
secure the developer's building obligation.
It is staff's recommendation that the Mayor should be authorized to execute
the certificate on behalf of the City as requested, with the condition that
payment has been received.
ALTERNATIVES:
1. The City Council can approve the resolution to execute a Release of
Liens Certificate once payment has been received for Lot 6 of the
Ames Community Industrial Park Subdivision.
2. The City Council can deny approval of the resolution to execute a
Release of Liens Certificate once payment has been received for Lot 6
of the Ames Community Industrial Park Subdivision.
MANAGER'S RECOMMENDED ACTION:
It is the recommendation of the City Manager that the City Council adopt
Alternative #1. This will allow further development in the Tax Increment
Finance District.
COUNCIL ACTION:
TAX INCREMENT DEBT CERTIFICATE
Pursuant to the requirement contained in paragraph 5 of Section 403.19 of the
Code of Iowa, I hereby certify that the City named below has outstanding loans,
advances, indebtedness or bonds in the amounts and with respect to the Urban
Renewal Tax Increment districts listed below, which qualify for payment from the
special fund referred to in paragraph 2 of Section 403.19 and in the ordinance of
the City providing for the division of taxes within said district(s):
Amount of Debt
$749,008
Name of District
Ames Community Industrial Park
Urban Renewal Area #3
For the fiscal year beginning July 1, 1994, the City requests that taxes be
allocated and paid to the special fund to the full extent permitted by Section
403.19 and said ordinance.
Dated this 4th day of January, 1994.
Ames, Iowa
Name of City
L�
Signature of Clerk