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HomeMy WebLinkAbout~Master - Setting date of Public Hearing to approve Partnership Agreements withPrairie Fire Corporation and Builder's Development Corporation in conjunction with Baker Subdivision (321 State Avenue) RESOLUTION NO. 20-622 RESOLUTION SETTING THE DATE OF PUBLIC HEARING TO APPROVE PARTNERSHIP AGREEMENTS WITH PRAIRIE FIRE CORPORATION AND BUILDER'S DEVELOPMENT CORPORATION IN CONJUNCTION WITH BAKER SUBDIVISION (321 STATE AVENUE) FOR THE CITY OF AMES,IOWA WHEREAS, City Council provided direction to staff to prepare and solicit a Request for Proposals (RFP) for a Low-Income Housing Tax Credit (LIHTC) housing project located at 321 State Avenue; and, WHEREAS, on September 11, 2020, the City received seven proposals and the Council selected Prairie Fire Development Corporation as the preferred developer for its proposed 36-unit project with a request for a minimum of$250,000 of HOME funds and the acquisition of the City's property for $2,500; and, WHEREAS, City Council directed staff to negotiate a Developer's Agreement with Prairie Fire Development Corporation to pursue submittal of a LIHTC application to the Iowa Finance Authority(IFA) in March 2021; and, WHEREAS, Prairie Fire Development Corporation will be creating a joint venture with Builder's Development Corporation, a non-profit entity that will be responsible for the on-site management of the units, to develop the project; and, WHEREAS, as part of the proposal, Prairie Fire offered to purchase the site for $2,500, contingent on receiving tax credit approval;additionally,Prairie Fire must demonstrate site control of the property at the time of submitting the LIHTC application to IFA; and, WHEREAS, this requires that Prairie Fire and the City enter into an Option Agreement to transfer the property to Prairie Fire prior to submitting its LIHTC application; and, WHEREAS,with the Option Agreement,the City is committed to transferring the property to Prairie Fire, subject to its terms, for a period of nine months from the time of the application submittal; and, WHEREAS, in order to comply with the state law concerning the transfer of sale of public property, a public hearing must be held before entering into the Option Agreement; and, WHEREAS, although staff,Prairie Fire, and Builder's Development Corporation are close to having all the Agreement items complete, the final documents are not ready for City Council to review and approve; and, WHEREAS, in order to stay on track for the LIHTC submittal deadline of March 10, 2021, and adhere to the transfer of land requirements, staff is recommending to proceed with setting the date of the Option Agreement public hearing for December 22, 2020. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the date of public hearing for approval of the Partnership Agreements with Prairie Fire Corporation and Builder's Development Corporation in conjunction with the Baker Subdivision(321 State Avenue) is hereby set for December 22, 2020. ADOPTED THIS 8`' day of December, 2020. Diane R. Voss, City Clerk John A. Haila, Mayor Introduced by: Gartin Seconded by: Corrieri Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Junck, Martin Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 8t'day of December, 2020.