HomeMy WebLinkAbout~Master - Set date of Public Hearing for TIF Development Agreement for Kingland Redevelopment Project Ames4193 70-3 I/SetHrngRebateKingland
RESOLUTION NO. 13-522
To fix a date of meeting at which it is proposed to hold a public hearing on a Tax
Increment Rebate Development Agreement with Kingland Systems, including
annual appropriation tax increment payments in an amount not to exceed
$2,064,530
WHEREAS, the City of Ames, Iowa (the "City"), pursuant to and in strict compliance
with all laws applicable to the City, and in particular the provisions of Chapter 403 of the Code
of Iowa, has adopted an Urban Renewal Plan for the Campustown Urban Renewal Area (the
"Urban Renewal Area"); and
WHEREAS, this Council has adopted an ordinance providing for the division of taxes
levied on taxable property in the Urban Renewal Area pursuant to Section 403.19 of the Code of
Iowa and establishing the fund referred to in Subsection 2 of Section 403.19 of the Code of Iowa,
which fund and the portion of taxes referred to in that subsection may be irrevocably pledged by
the City for the payment of the principal and interest on indebtedness incurred under the
authority of Section 403.9 of the Code of Iowa to finance or refinance in whole or in part
projects in the Urban Renewal Area; and
WHEREAS, the City proposes to enter into an agreement (the "Tax Increment Rebate
Development Agreement") with Kingland Systems (the "Developer") in connection with the
construction of a commercial facility for retail and office uses; and
WHEREAS, the Tax Increment Rebate Development Agreement would provide property
tax incentives to the Developer in the form of annual appropriation incremental property tax
payments in an amount not to exceed $2,064,530 under the authority of Section 403.9(1) of the
Code of Iowa; and
WHEREAS, it is necessary to set a date for a public hearing on the Tax Increment Rebate
Development Agreement, pursuant to Section 403.9 of the Code of Iowa;
NOW THEREFORE, IT IS RESOLVED by the City Council of the City of Ames, Iowa,
as follows:
Section 1. This Council shall meet on the 10 h day of December, 2013, at 7:00
o'clock p.m., at the City Hall Council Chambers, in the City, at which time and place
proceedings will be instituted and action taken to approve the Tax Increment Rebate
Development Agreement and to authorize the annual appropriation incremental property tax
payments.
Section 2. The City Clerk is hereby directed to give notice of the proposed action, the
time when and place where said meeting will be held, by publication at least once not less than
four days and not more than twenty days before said meeting in a legal newspaper of general
circulation in the City. Said notice shall be in substantially the following form:
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames4193 70-31/SetHrngRebateKingland
NOTICE OF PUBLIC HEARING ON TAX INCREMENT REBATE DEVELOPMENT
AGREEMENT WITH KINGLAND SYSTEMS AND AUTHORIZATION OF ANNUAL
APPROPRIATION TAX INCREMENT PAYMENTS
The City Council of the City of Ames, Iowa, will meet at the City Hall Council
Chambers, on the loth day of December, 2013, at 7:00 o'clock p.m., at which time and place a
public hearing will be held and action will be taken to approve a Tax Increment Rebate
Development Agreement between the City and Kingland Systems, in connection with
construction of a commercial facility for retail and office uses, which provides for certain
property tax incentives in the form of annual appropriation incremental property tax payments in
a total amount not exceeding $2,064,530, as authorized by Section 403.9 of the Code of Iowa.
The Agreement to make annual appropriation incremental property tax payments will not
be a general obligation of the City, but will be payable solely and only from incremental property
tax revenues generated within the Campustown Urban Renewal Area. All payments under the
Development Agreement will be subject to annual appropriation by the City Council.
At the meeting, the Council will receive oral or written objections from any resident or
property owner of the City. Thereafter, the Council may, at the meeting or at an adjournment
thereof, take additional action to approve the Development Agreement or may abandon the
proposal.
This notice is given by order of the City Council of Ames, Iowa, in accordance with
Section 403.9 of the Code of Iowa.
Diane Voss
City Clerk
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DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA
Ames419370-31/SetHrngRebateKingland
Section 3. All resolutions or parts of resolutions in conflict herewith are hereby
repealed.
Passed and approved November 12, 2013.
Mayor
Attest:
City Clerk
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