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HomeMy WebLinkAbout~Master - Approval of Development Agreement with ISU Research Park Corporation RESOLUTION NO. 14-517 RESOLUTION APPROVING DEVELOPMENT AGREEMENT WITH ISU RESEARCH PARK CORPORATION FOR THE CITY OF AMES,IOWA WHEREAS, many of the recent economic development successes we have experienced in the City of Ames are attributable to the presence of the Iowa State University Research Park within our city limits; and, WHEREAS, in years past, the City of Ames played a major role in the development of the initial two phases of the Research Park; and, WHEREAS,because of specific covenants contained in past development agreements,not only does the City reap the benefits of the increase in high quality job opportunities from businesses locating in the Research Park,the City has also benefitted because 1)the improvements continue to generate property tax revenues to help fund City operations, and 2) fully developed land can be offered to attract prospective companies as an incentive at a below market rate; and, WHEREAS, with Phase II of the Research Park nearly full, it is now time to begin development of the next phase; and, WHEREAS, to assist with this new venture, the Research Park Corporation is once again seeking substantial financial assistance from the City; and, WHEREAS,the agreement is basically patterned after the previous agreements for the initial two phases of the Research Park and anticipates that City funding will come from a Tax Increment Financing (TIF) incentive; and, WHEREAS, after this development agreement is signed, the City Council must take a number of additional actions in order to facilitate Phase III; and, WHEREAS, these steps are time sensitive, since construction on the HUB building must begin early next spring in order for it to be completed and occupied by June 2016; and, WHEREAS,with annexation already completed,the following subsequent steps must also take place: establish Urban Renewal Area(URA); establish Tax Increment Financing District;hire engineering firm to design streets, water and sewer infrastructure; award contract for construction of infrastructure;rezone one existing parcel to Planned Industrial to facilitate Hub building;approve minor site development plan (administrative action); issue building permit for Hub building (administrative action); develop zoning text amendment to create new Research Park zone; and, rezone entire Research Park to new zoning designation. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the Development Agreement with the Iowa State University Research Park Corporation for Phase III is hereby approved. ADOPTED THIS 14" day of October, 2014. A. tom• Diane R. Voss, City Clerk Ann H. Campbell, Mayor Introduced by: Orazem Seconded by: Corrieri Voting aye: Betcher, Corrieri, Gartin, Goodman,Nelson, Orazem Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 141h day of October, 2014.