HomeMy WebLinkAbout~Master - Release of Developer's Agreement for Renewable Energy Group RESOLUTION NO. 14-626
RESOLUTION APPROVING RELEASE OF DEVELOPMENT AGREEMENT FOR
RENEWABLE ENERGY GROUP PROPERTY AT 215 ALEXANDER AVENUE
FOR THE CITY OF AMES,IOWA
WHEREAS, the City of Ames and Ford Street Development Co., LC, entered into
development agreement on June 1, 1992,(and subsequently amended)with the establishment of the
Ames Community Industrial Park 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)is located at 416 South Bell Avenue,and prior
to its closing on that building, it asked the Council to approve a resolution that the development
agreement regarding that property was satisfied and that there were no further obligations due the
City; and,
WHEREAS, the City Council approved that resolution on July 8, 2014; and,
WHEREAS, REG is now expanding its operations into a building it wishes to purchase at
215 Alexander Avenue; and,
WHEREAS, that building is also subject to a development agreement and REG is seeking
a resolution expressing that the terms of the agreement have been satisfied; and,
WHEREAS,City staff has reviewed the terms of the agreement and find that they have been
satisfied in regards to this property; and,
WHEREAS,the City's finance director has verified there is no outstanding TIF debt for this
district.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that satisfaction of the terms of the 1992 Development Agreement, as they apply to Renewable
Energy Group property at 215 Alexander Avenue, is hereby accepted, and the property is released
from the terms of the Agreement.
ADOPTED THIS 9t1i day of December, 2014.
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Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Goodman
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 9'day of December, 2014.