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HomeMy WebLinkAbout~Master - Final Tax Abatement for 2311 Chamberlain Street RESOLUTION NO. 16-609 RESOLUTION APPROVING URBAN REVITALIZATION FINAL TAX ABATEMENT FOR 2311 CHAMBERLAIN STREET (THE EDGE) FOR THE CITY OF AMES WHEREAS, in accordance with Chapter 404 of the Code of Iowa, the City Council has established Urban Revitalization Areas (URAs) with plans specifying standards for types and elements of physical improvements that provide public benefits; and, WHEREAS, when property within one of these URAs is developed, redeveloped, rehabilitated,or remodeled in accordance with the URA standards,the property owner is eligible for abatement of property taxes on the incremental increase in property value after the improvements are completed; and, WHEREAS, this abatement can extend for three, five or ten years, based on the individual Urban Revitalization Plan approved by Council; and, WHEREAS, property owners within an approved URA may apply for tax exemption for a complete project or preapproval for a project that is planned to be built; and, WHEREAS,the City must determine if the completed improvements meet the standards in the Urban Revitalization Plan in order to grant tax abatement and forward the determination to the City Assessor; and, WHEREAS, in this instance, the project was begun under the prior set of criteria for Campustown that were amended in January 2016;the proj ect must comply with the current criteria; and, WHEREAS, the most significant changes for this project was the inclusion of design guidelines for building design and to have a sign program approved by the Planning Director prior to tax abatement approval;the other criteria for public safety measures,mixed use and parking,clay brick, all remained the same from the time the project was initiated; and, WHEREAS,the Gilbane Development Company is seeking final approval of its mixed-use project at 2311 Chamberlain earlier than the City's customary annual approval cycle in February; and, WHEREAS, the developer desires final approval in advance of February 2017 to assist in setting up the long-term financing of the project this fall; and, WHEREAS, Gilbane estimates the cost of the project at$12,526,000;the estimate is based on construction cost or sales price provided by the property owner and may not be the same as the added property value upon which the abatement is based; and, WHEREAS, the applicant indicates that it will choose the 10-year abatement option; and, WHEREAS, Planning and Police Department staff met with Gilbane representatives and walked the site in August 2016 to determine compliance with all of the criteria for eligibility; and, WHEREAS, the site has been cleared for compliance with all of the criteria by Police and Planning staff. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the request to approve a 10-year tax exemption for the mixed-use project at 2311 Chamberlain Street,which substantially conforms to the Campustown Urban Revitalization Area Criteria adopted by the City Council in January 2016, is hereby approved. ADOPTED THIS 111h day of October, 2016. _ 14JA Diane R. Voss, City Clerk Ann H. Campbell, Mayor Introduced by: Gartin Seconded by: Corrieri Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin,Nelson, Orazem Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 1 Ith day of October, 2016.