HomeMy WebLinkAbout~Master - Approving the Developer's Agreement between the City of Ames, Prairie Fire Development, and Builder's Development Corporation RESOLUTION NO. 20-668
RESOLUTION APPROVING THE DEVELOPER'S AGREEMENT
BETWEEN THE CITY OF AMES, PRAIRIE FIRE DEVELOPMENT,
AND BUILDER'S DEVELOPMENT CORPORATION
FOR THE CITY OF AMES,IOWA
WHEREAS,at the October 27,2020,City Council meeting,the Council selected Prairie Fire
Development Corporation as the preferred developer to partner with the City to prepare and submit
a Low-Income Housing Tax Credit (LIHTC) application for multi-family housing in the Baker
Subdivision, 321 State Avenue to the Iowa Finance Authority(IFA) in March 2021; and,
WHEREAS, Prairie Fire Development was chosen based upon their housing development
experience(including LIHTC projects),their unique proposed building design and layout,two rental
housing types(apartments and townhouses)of which 87%would be made affordable to households
at 60%or less of the Ames Area Median Income Limits, and the ability of their proposed project to
receive the highest LIHTC points possible (155 pts) for a project; and,
WHEREAS, as part of the proposal, Prairie Fire Development offered to purchase the site
for $2,500, contingent on receiving tax credit approval; and,
WHEREAS, Prairie Fire Development must demonstrate site control of the property at the
time of submitting the LIHTC application to IFA and this requires that Prairie Fire and the City enter
into an Option Agreement to transfer the property to Prairie Fire Development prior to submitting
its LIHTC application; and,
WHEREAS, with the Option Agreement the City is committed to transferring the property
to Prairie Fire Development, subject to its terms (one of which is the approval of the LIHTC
incentive), for a period of nine months from the time of the application submittal; and,
WHEREAS, in addition to the Option Agreement the City, Prairie Development, and
Builder's Development Corporation will be entering into a Development Agreement; and,
WHEREAS, the Developer's Agreement lays out the terms and conditions of both parties
for meeting the application requirements set forth by IFA; and,
WHEREAS, subsequent to approving the Development Agreement with Prairie Fire, the
developer will work on updates to the Concept Plan based upon the discussion by City Council on
October 27 and staff s preliminary review addressing site layout,units, and appearance.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the Developer's Agreement between the City of Ames,Prairie Fire Development,and Builder's
Development Corporation is hereby approved.
ADOPTED THIS 22nd day of December, 2020.
Diane R. Voss, City Clerk John A. Haila, Mayor
Introduced by: Martin
Seconded by: Betcher
Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Junck, Martin
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 22nd day of December, 2020.