HomeMy WebLinkAbout~Master - Option Agreement for Sale of Lot 27 to Townhomes at Creekside LLLP RESOLUTION NO. 23-192
RESOLUTION APPROVING OPTION AGREEMENT FOR THE SALE OF LOT 27 TO
TOWNHOMES AT CREEKSIDE,LLLP, IN CONJUNCTION WITH A LOW-INCOME
TAX CREDIT APPLICATION FOR MULTI-FAMILY HOUSING DEVELOPMENT
FOR THE CITY OF AMES,IOWA
WHEREAS, on February 28, 2023, City Council selected the Hatch Development Group
as its partner to develop affordable multi-family rental housing on Lot 27 in the Baker Subdivision
(formerly known as 321 State Avenue). The City Council directed staff to prepare agreements to
partner on a Low-Income Housing Tax Credit (LIHTC) application for this project; and,
WHEREAS, in order to meet the LIHTC submittal deadline of April 19, 2023, and adhere
to the transfer of land requirements,the City Council set March 28, 2023, as the date for the public
hearing for the approval of an option for the sale of Lot 27 within the Baker Subdivision to
Townhomes at Creekside,LLLP(an Iowa Limited Liability Limited Partnership affiliated with the
Hatch Development Group); and,
WHEREAS, the option agreement allows for acquisition of the property at no cost and
spells out the terms for the acquisition of Lot 27 if Hatch Development Group is successful in
obtaining 9% tax credits through the Iowa Finance Authority. Notification of award is anticipated
to occur in August or September 2023; and,
WHEREAS, the developer must demonstrate control of the site as part of the application
process for LIHTC. The City Council's approval of the option agreement and development
agreement will allow time for Hatch Development Group to finalize its LIHTC application before
the Iowa Finance Authority's April 19, 2023, deadline. Granting of the property to the developer
is consistent with the proposed incentive that was part of the REP for a partner developer.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that resolution approving Option Agreement for the sale of Lot 27 to Townhomes at Creekside,
LLLP, in conjunction with a Low-Income Tax Credit application for Multi-Family Housing
Development is hereby approved.
ADOPTED THIS 28th day of March, 2023.
e4w- / Ze em
Renee kall, City Clerk John A. Haila, Mayor
Introduced by: Betcher
Seconded by: Rollins
Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Junck, Rollins
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 28th day of March, 2023.