HomeMy WebLinkAbout~Master - Adopt a Resolution of Necessity that City Desires to Support Economic Development within the described URA Boundaries for Creating the Urban Renewal Area RESOLUTION NO. 22-586
RESOLUTION DIRECTING STAFF TO BEGIN THE REQUIRED
PROCESS OF ESTABLISHING AN URBAN RENEWAL AREA
FOR THE CITY OF AMES
WHEREAS, a proposal has been made which shows the desirability of designating certain
property in the City of Ames as the North Dayton Industrial Park Urban Renewal Area, pursuant to
the provisions of Chapter 403, Code of Iowa; and,
WHEREAS, the proposed URA comprises approximately 73 acres of land along Dayton
Avenue on land containing a recently approved Preliminary Plat known as the North Dayton Industrial
Park Subdivision at 2105 & 2421 Dayton Avenue. The proposed boundaries match the external
boundary of the North Dayton Industrial Park Subdivision Preliminary Plat. The land is currently
zoned General Industrial (GI) with a masterplan which was approved this past summer; and,
WHEREAS, the City Council approved a Development Agreement with Dayton Avenue
Development LLC at its October 5th City Council meeting. That agreement described the terms and
conditions as well as the maximum amount of financial assistance to be rebated via incremental
property taxes to the developer for development of this industrial subdivision. The agreement and its
obligations are predicated on the fact that the City approved an Urban Renewal Area and Plan for this
site; and,
WHEREAS, the proposed Urban Renewal Plan (URP) is intended to promote economic
development for the City of Ames by supporting the development of small-scale industrial lots and
speculative buildings for small businesses. The proposed URP contemplates use of Tax Increment
Financing(TIF)in the form of property tax rebates to the developer. The value of the incentive is based
upon estimated costs of public improvements needed to support the subdivision and is capped at
$2,968,264. Note that the development agreement caps the TIF at either 10 years of rebates or
$2,968,264, whichever occurs first; and,
WHEREAS, the creation of an urban renewal area first requires the City Council to adopt a
resolution of necessity to initiate the process of adopting the Urban Renewal Plan for an area.
NOW, THEREFORE,BE IT RESOLVED by the City Council of the City of Ames, Iowa,that
the development of this area is necessary in the interest of the economic development within the
described URA boundaries, and Staff is hereby directed to initiate the proceedings for creating the
North Dayton Industrial Park Urban Renewal Area.
ADOPTED THIS 8th day of November, 2022.
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Renee kall, City Clerk John A. Haila, Mayor
Introduced by: Betcher
Seconded by: Corrieri
Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Junck, Rollins
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 8th day of November, 2022.