HomeMy WebLinkAbout~Master - Amendment to RISE Grant Agreement for Iowa State University Research Park Phase III Roadway Improvements RESOLUTION NO. 24-055
RESOLUTION APPROVING AMENDMENT TO RISE GRANT AGREEMENT
FOR IOWA STATE UNIVERSITY RESEARCH PARK
PHASE III ROADWAY IMPROVEMENTS
FOR THE CITY OF AMES,IOWA
WHEREAS, on October 14, 2014, the City approved a Revitalize Iowa's Sound Economy
(RISE) grant of $4,010,728 from Iowa Department of Transportation (IDOT) to assist with
roadway improvements for Iowa State University Research Park (ISURP) Phase III. These
improvements included the reconstruction of University Boulevard from Airport Road
approximately 2,500 feet to the south,North Drive, and Plaza Loop. This grant was contingent on
the creation of 365 new jobs within three years after completion of the roadway and associated
capital investment within ISURP being a minimum of$26,350,299; and,
WHEREAS, on June 24, 2016, the roadway improvements opened to traffic. As of July
2021, it was determined that the job creation criteria had not been met, with only 137 jobs being
created, so the maximum grant reverted to 50% State funding, and the difference, up to the 80%
of the State award, had to be refunded by the recipient; and,
WHEREAS, in July 2018, the IDOT Commission adopted a new program specifically for
Research Parks that provides 70% state funding without any job creation requirements. In August
2021, the IDOT Commission agreed to apply the new 70% Research Park policy retroactively as
the baseline for repayment rather than the 50% from the original agreement; and,
WHEREAS, the method of calculation and amount of proposed settlement of $280,313
was provided to the City and is being paid back to IDOT over five years (2021-2025). In
accordance with the development agreement with ISURP, that amount of repayment is split
equally between the City and ISURP. Additionally, ISURP is required to monitor job creation and
capital investment for a period of ten years and report annually to IDOT. The addendum proposed
with this action formally amends utilizing the 70% repayment credit and the ten-year
monitoring/reporting requirement into the original RISE agreement.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that amendment to RISE grant agreement for Iowa State University Research Park Phase III
roadway improvements that incorporates 70% payment credit and the ten-year
monitoring/reporting requirement is hereby approved.
ADOPTED THIS 131h day of February, 2024.
e4 W- 4�Ior
Renee kall, City Clerk John A. Haila, Mayor
Introduced by: Betcher
Seconded by: Junck
Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Junck, Rollins
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 13th day of February, 2024.