HomeMy WebLinkAbout~Master - Release of 300 South Bell Avenue from Development Agreement DO NOT WRITEIN THE SPACE ABOVE THIS LINE;RESERVE[)FOR RECORDER
Prepared by: Mark Lambert,Interim City Attorney,City of Ames,515 Clark Ave.,Ames,IA 50010;515-239-5146
Return to: Ames City Clerk,P.O.Box 811,Ames,IA 50010
RESOLUTION NO. 17-584
RESOLUTION APPROVING RELEASE OF DEVELOPMENT AGREEMENT FOR
PROPERTY AT 300 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 June 1, 1992, (and subsequently amended) with the establishment of
the Ames Corrl umity 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, Story Construction, owner of the property, has 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, 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 the
property at 300 South Bell Avenue, is hereby accepted, and the property is released from the
terms of the Agreement.
ADOPTED THIS 26" day of September, 2017.
A.
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Corrieri
Seconded by: Gartin
Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin,Nelson, Orazem
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 261h day of September, 2017.