HomeMy WebLinkAbout~Master - Setting the Date of Public Hearing to Approve an Ordinance Extending the Availability of the Industrial Tax Exemption Incentive RESOLUTION NO.20-196
RESOLUTION SETTING THE DATE OF THE PUBLIC HEARING TO APPROVE AN
ORDINANCE EXTENDING THE AVAILABILITY OF
THE INDUSTRIAL TAX EXEMPTION INCENTIVE
FOR THE CITY OF AMES,IOWA
WHEREAS,Iowa Code Chapter 427B authorizes municipalities to provide for five-year declining scale
property tax abatement as in incentive for new construction related to manufacturing,research,warehousing,
and distribution uses;and,
WHEREAS,the City of Ames first enacted an Ordinance providing for this Industrial Tax Exemption
in 1985 for an initial period of five years; and,
WHEREAS,the Ordinance was subsequently amended to make the exemption available until 2010,and
in 2010,further extended it through July 1,2020; and,
WHEREAS, State law provides the following partial property tax exemption schedule for the
incremental value of improvements for qualifying uses determined by the City Assessor:
- Year 1 =75%Property Tax Exemption
- Year 2=60%Property Tax Exemption
- Year 3 =45%Property Tax Exemption
- Year 4=30%Property Tax Exemption
- Year 5= 15%Property Tax Exemption
WHEREAS,nearly every City in Iowa has adopted an ordinance to provide abatement under Chapter
427B as a method to attract new construction that will also improve employment opportunities; and,
WHEREAS,cities have been allowed to use the abated taxes as a local match to various other economic
development incentive programs managed by the state; and,
WHEREAS,the City of Ames would be at an competitive disadvantage with other Iowa communities
if the Ordinance offering this property tax abatement incentive were not extended beyond 2020.
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Ames,Iowa,that setting
the date of the public hearing on May 12, 2020, to approve an Ordinance extending the availability of the
Industrial Tax Exemption incentive for another 10 years through June 30,2030,is hereby approved.
ADOPTED THIS 28`h day of April,2020.
c,A • Uka&
Diane R.Voss,City Clerk o n A.Haila,Mayor
Introduced by: Betcher
Seconded by: Martin
Voting aye: Beatty-Hansen,Betcher,Corrieri,Gartin,Junck,Martin
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 28 day of April,2020.