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HomeMy WebLinkAbout~Master - RISE Grant Agreement with ISU Research Park Phase IV Improvements RESOLUTION NO. 19-007 RESOLUTION APPROVING RISE GRANT AGREEMENT FOR IOWA STATE UNIVERSITY(ISU)RESEARCH PARK PHASE IV IMPROVEMENTS FOR THE CITY OF AMES WHEREAS, in the summer of 2018, work began on the development of an Iowa State University Research Park lot located at 3525 South Riverside Drive for John Deere;and, WHEREAS,the next phase of the ISU Research Park(Phase IV)includes the lot at 3525 South Riverside Drive and development of the surrounding area; and, WHEREAS,the associated public improvements include the paving of approximately 1,570 feet of South Riverside Drive(with shared use path), 1,860 feet of Collaboration Place(with on-street bike lanes),the extension of sanitary sewer and water main, and the installation of electric service improvements(street lighting); and, WHEREAS,the total estimated cost for these improvements is$3,487,116;and, WHEREAS, the funding for these improvements will be provided in part through the Economic Development Administration(EDA)grant that was awarded in September 2018;this grant will reimburse 50% of the estimated project costs,or up to$1,743,558;and, WHEREAS,in addition to the Economic Development Administration grant funds,a Revitalize Iowa's Sound Economy(RISE)Grant application has also been prepared and is a requesting 70%reimbursement of all street paving,associated storm sewer improvements, and shared use path; and, WHEREAS,the total estimated cost for the RISE grant-eligible improvements is$2,588,708,therefore, the RISE Grant application is requesting reimbursement of up to$1,812,095 or 70%of those costs;and, WHEREAS, the remaining local match of approximately$314,204 is proposed from a tax increment financing(TIF)incentive from the City to pay for the remaining utility costs not covered by the EDA or RISE Grants. NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Ames,Iowa,that the RISE Grant application for ISU Research Park Phase IV improvements(Collaboration Place and South Riverside Drive) is hereby approved. ADOPTED THIS 8'day of January,2019. Diane R.Voss,City Clerk John A. Haila,Mayor Introduced by: Nelson Seconded by: Beatty-Hansen Voting aye: Beatty-Hansen,Betcher,Corrieri,Gartin,Martin,Nelson Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 8`h day of January,2019.