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HomeMy WebLinkAbout~Master - Release of Development Agreement for the Propety at 238 Alexander DO NOT WRITE IN THE SPACE ABOVE THIS LINE,RESERVED FOR RECORDER Prepared by:Diane Voss,City Clerk's Office,515 Clark Avenue,Ames,IA 50010 Return to:Ames City Clerk,P.O.Box 811,Ames,IA 50010 Phone:515-239-5105 RESOLUTION NO. 21-559 RESOLUTION APPROVING RELEASE OF DEVELOPMENT AGREEMENT FOR PROPERTY AT 238 ALEXANDER FOR THE CITY OF AMES,IOWA WHEREAS,the City of Ames(the"City"),Ford Street Development Company,Erben Hunziker, and Dean Hunziker entered into the Development Agreement for the establishment of the Ames Community Industrial Park Tax Increment Finance (TIF) District on June 1, 1992, as amended (the "Agreement"); and, WHEREAS, the Agreement specified a time frame by which the developer had to construct speculative buildings, and the Agreement also established minimum assessed valuations in order to finance the public improvements within the Subdivision; and, WHEREAS,the property located at 238 Alexander Avenue,Ames,IA 50010,legally described as Lot 2,Ames Community Industrial Park Subdivision,Ames,Iowa(the"Property")was included in the TIF District created by the Agreement; and, WHEREAS, City staff has reviewed the terms of the Agreement and found that there is no indebtedness outstanding under the Agreement with respect to the property; and, WHEREAS,the City's Finance Department has verified there is no outstanding TIF debt for this District; and, WHEREAS, Circo Enterprises, L.L.C., as the former owner of the property, and B Squared, LLC, as the new owner of the property, have asked the City Council to approve a resolution to release the property from the terms of the Agreement since the terms of the Agreement have been satisfied as they apply to the property. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,that satisfaction of the terms of the Agreement, as they apply to the property, is hereby accepted, and the property is released from the terms of the Agreement. ADOPTED THIS 9`'day of November, 2021. iagL— Dia—n-e-I;C Voss, City Clerk John A. Haila, Mayor Introduced by: Corrieri 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 9th day of November, 2021.