HomeMy WebLinkAbout~Master - Agreement with ISU Research Park for Public Improvements and Other work RESOLUTION NO. 18-572
RESOLUTION APPROVING AN AGREEMENT WITH THE IOWA STATE
UNIVERSITY RESEARCH PARK FOR PUBLIC IMPROVEMENTS PERTAINING TO
THE IOWA STATE UNIVERSITY RESEARCH PARK PHASE IV TO CONSTRUCT
SPECIFIC INFRASTRUCTURE IMPROVEMENTS THAT WILL BE PAID BACK
THROUGH A TAX INCREMENT FINANCING STRATEGY FOR THE CITY OF
AMES, IOWA
WHEREAS, staff has been working with ISU Research Park staff to assist in development
of Phase IV of the ISU Research Park; and,
WHEREAS, John Deere Company desires to increase its presence at the Research Park in
two ways:
a. construction of a new approximately 37,000 square foot building on five acres
b. lease of additional space for their new innovation center;
and,
WHEREAS, John Deere and Research Park officials have agreed on a site on the west side
of South Riverside Avenue approximately 1/4 mile south of the currently paved section of South
Riverside Drive; and,
WHEREAS, the agreed upon site will require a new investment in street and utility
improvements; and,
WHEREAS, the City of Ames has been a partner in the first three phases of the Research
Park by financing the majority of the needed infrastructure in return for a commitment for the
Research Park property to remain on the tax rolls; and,
WHEREAS, the City will be able to secure $1,742,558 in grant funding from the U.S.
Economic Development Administration, and another $1,294,354 from the State of Iowa RISE
program,allowing the City to offer the industrial tax abatement incentive to John Deere for the Phase
IV addition; and,
WHEREAS,the benefits of new high paying jobs,an increase in the City's tax base, and an
expanding market justifies our continued partnership in this next phase of the Iowa State University
Research Park.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the Public Improvements Agreement with Iowa State University Research Park is approved.
ADOPTED THIS 9`' day of October, 2018.
Diane R. Voss, City Clerk John . aila, Mayor H
Introduced by: Beatty-Hansen
Seconded by: Betcher
Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Martin,Nelson
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 9t' day of October, 2018.