Loading...
HomeMy WebLinkAbout~Master - Authorizing Staff to Submit the Final Application to the Iowa Economic Development Authority for the Reinvestment District RESOLUTION NO. 22-092 RESOLUTION AUTHORIZING STAFF TO SUBMIT THE FINAL APPLICATION TO THE IOWA ECONOMIC DEVELOPMENT AUTHORITY FOR THE REINVESTMENT DISTRICT FOR THE CITY OF AMES,IOWA WHEREAS, the Iowa Economic Development Authority (IEDA) Reinvestment District Program is designed to assist communities in developing transformative projects that will improve the quality of life,create and enhance unique opportunities,and substantially benefit the community, region, and state; and, WHEREAS, participating communities establish a Reinvestment District in which development projects occur to generate funding for improvements within the District; and, WHEREAS,when the primary district project is complete,the State of Iowa will rebate back to the City$0.04 of the$0.05 of the State's portion(not the City's portion)of their sales tax and the $0.05 of its Hotel/Motel lodging tax generated within the Reinvestment District for a 20-year period, up to the maximum amount of the award; and, WHEREAS, the current round of the Program provides a pool of$100 million in new state hotel/motel tax and sales tax revenues to be redirected from the state to the awarded communities in a competitive process; and, WHEREAS, in February 2021, the City submitted a pre-application for funding from the Reinvestment District Program, and in June 2021, the IEDA made a provisional award of $10 million in Reinvestment District funding to the City of Ames; and, WHEREAS,the final Reinvestment District application must now be submitted to the IEDA for a final award; and, WHEREAS,the Final Reinvestment District Application is for an area of approximately 73.5 acres and is coterminous with the Downtown Reinvestment District Urban Renewal Area; and, WHEREAS, the initial application included five components: three private development projects and two public projects; however, the final application has been altered to include two public projects(Indoor Aquatic Facility and the Downtown Plaza)and one private project(Lincoln Way Mixed Use site)with two phases of development; and, WHEREAS, even with these changes, the City's economic consultants project the Reinvestment District receipts at$15.4 million, which exceeds the State's provisional $10 million award. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, intends to create the Downtown Reinvestment District and approves the final Application for staff to submit to the Iowa Economic Development Authority (IEDA) for the Reinvestment District is hereby approved. ADOPTED THIS 22nd day of February, 2022. Diane R. Voss, City Clerk John A. Haila, Mayor Introduced by: Corrieri Seconded by: Gartin Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Junck, Rollins Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 22nd day of February, 2022.