HomeMy WebLinkAbout~Master - Airport Improvements Funding Agreement with ISU RESOLUTION NO. 15-079
RESOLUTION APPROVING AIRPORT IMPROVEMENTS FUNDING AGREEMENT
WITH IOWA STATE UNIVERSITY
FOR THE CITY OF AMES,IOWA
WHEREAS, the City's 2015-2020 Capital Improvements Plan (CIP) includes an updated
project to construct a new terminal building, a short-term storage hangar, and related site
improvements at the Municipal Airport; and,
WHEREAS, in the previous year's CIP,the City had hoped that the anticipated local costs
of$2,600,000 could be split three ways amongst the City, the University, and the private sector,
however,Iowa State University(ISU)and the private sector were unable to generate$866,000 each
to fulfill that desire; and,
WHEREAS, as an alternative to the funding model reflected in the previous CIP, a new
funding strategy was introduced by ISU and the private sector, and this strategy reflects three main
components that have been incorporated into the proposed agreement: 1) use of ISU hangar by
Fixed-Base Operator for maintaining private aircraft; 2)ISU's commitment to ensure that the third
parry constructs and donates aircraft storage hangar to the City; and, 3) ISU guarantees to back-fill
debt service obligation; and,
WHEREAS,while the new funding model is different from what was reflected in the original
CIP project,with the guarantee provided by ISU,the City can proceed with the terminal proj ect prior
to the finalization of a new FBO contract with the assurance that the maximum level of property tax
support for this project($867,000)will be as originally planned.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the Airport Improvements Funding Agreement with Iowa State University for the Municipal
Airport is hereby approved.
ADOPTED THIS 10`'h day of February, 2015.
CAA • LiiG 1
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Gartin
Seconded by: Nelson
Voting aye: Betcher, Corrieri, Gartin, Nelson, Orazem
Voting nay: Goodman Absent: None
Resolution declared adopted and signed by the Mayor this 1 oth day of February, 2015.