HomeMy WebLinkAbout~Master - Completion of requirements of Developer's Agreement for Renewable Energy Group property RESOLUTION NO. 14-381
RESOLUTION APPROVING RELEASE OF DEVELOPMENT AGREEMENT FOR
RENEWABLE ENERGY GROUP PROPERTY AT 416 SOUTH BELL AVENUE
FOR THE CITY OF AMES,IOWA
WHEREAS, the City of Ames and Ford Street Development Co., LC, entered into
development agreement on August 26, 1997 for establishment of the Ames Community Industrial
Park, Phase 11 Tax Increment Finance (TIF)District; and,
WHEREAS,the development agreement specified a time frame by which the developer had
to construct speculative buildings,and the agreement also established minimum assessed valuations
in order to finance the public improvements within the subdivision; and,
WHEREAS,Renewable Energy Group(REG)jointly owns,with Hunziker,the property at
416 South Bell Avenue, and REG has occupied the building for a number of years and is seeking to
purchase the property outright; and,
WHEREAS, its attorney reviewed the abstract and found that the property is still bound by
the terms of the 1997 development agreement, and in order to clear this entry, the attorney has
requested that a statement expressing that the terms of the agreement have been satisfied be approved
by the City Council; and,
WHEREAS,the City's finance director has indicated that the G.O.Bond debt associated with
this property was issued for this Phase Il of the Ames Community Industrial Park; and,
WHEREAS,in FY 2004/05,sufficient revenue was collected from the incremental property
taxes to pay off all outstanding debt regarding this TIF incentive.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that satisfaction of the terms of the 1997 Development Agreement, as they apply to Renewable
Energy Group property at 416 South Bell Avenue, is hereby accepted, and the property is released
from the terms of the Agreement.
ADOPTED THIS 8t'day of July, 2014.
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Nelson
Seconded by: Goodman
Voting aye: Betcher, Corrieri, Gartin, Goodman,Nelson, Orazem
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 8t'day of July, 2014.