HomeMy WebLinkAbout~Master - Resolution Approving Tax Increment Financing (TIF) Development Agreement with Dayton Avenue Development LLC RESOLUTION NO. 22-547
RESOLUTION APPROVING TAX INCREMENT FINANCING (TIF)
DEVELOPMENT AGREEMENT WITH
DAYTON AVENUE DEVELOPMENT LLC
(2105 & 2421 DAYTON AVENUE)
FOR THE CITY OF AMES,IOWA
WHEREAS, the Tax Increment Financing (TIF) agreement is to rebate the developer for
the costs of installing public infrastructure to provide for a subdivision that will have half of its
lots designed for small industrial businesses on lots less than three acres in size and a commitment
to build speculative industrial buildings; and,
WHEREAS, the Developer has agreed to install all water, sanitary sewer, public storm
sewer, street paving and associated improvements to City standards within the next year along
with obtaining approval of a final plat. The Developer will provide five small lots and Eve large
lots and agrees to the design standards for all buildings in the subdivision included with the TIF
Development Agreement; and,
WHEREAS, the public improvements to be financed with the TIF rebate do not include
any costs related to potential connection fees for the existing 12-inch water main.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that Tax Increment Financing (TIF) Development Agreement with Dayton Avenue Development
LLC for 2105 and 2421 Dayton Avenue is hereby approved.
ADOPTED THIS 1 Ith day of October, 2022.
Renee kall, City Clerk John A. Haila, Mayor
Introduced by: Gartin
Seconded by: Corrieri
Voting aye: Beatty-Hansen, Corrieri, Gartin, Junck, Rollins
Voting nay: None Absent: Betcher
Resolution declared adopted and signed by the Mayor this 1 lth day of October, 2022.