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Home My WebLink About~Master - Amendment to Option Agreement for Sale of Lot 27 to Townhomes at Creekside LLLP and Development Agreement LIHTC Application Multi-family Housing Baker Subdivision RESOLUTION NO. 24-154 RESOLUTION APPROVING AMENDMENT TO OPTION AGREEMENT FOR SALE OF LOT 27 TO TOWNHOMES AT CREEKSIDE,LLP IN CONJUNCTION WITH A DEVELOPMENT AGREEMENT FOR LIHTC APPLICATION FOR MULTIFAMILY HOUSING IN BAKER SUBDIVISION FOR THE CITY OF AMES,IOWA WHEREAS, on March 28, 2023, the City Council approved the option agreement for the sale of Lot 27 to Townhomes at Creekside, LLLP (affiliated with the Hatch Development Group), in conjunction with a development agreement for a low-income housing tax credit (LIHTC) application for multi-family housing development within the Baker Subdivision. Within that agreement, the City committed to provide $1.8 million of its HOME Entitlement funding (not including administration), towards the cost of construction of the multi-family units; and, WHEREAS, on July 1, 2023, Townhomes at Creekside,LLLP was notified that its LIHTC application was awarded. The application is to construct 38 multi-family units on Lot 27 in the Baker Subdivision. Staff has been working to finalize the site plan, geothermal design, and other details. The final review resulted in requests to amend the agreement. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the amendment to the option agreement for the sale of Lot 27 to Townhomes at Creekside, LLLP (affiliated with the Hatch Development Group), in conjunction with a development agreement for a low-income housing tax credit (LIHTC) application for multi-family housing development within the Baker Subdivision(formerly 321 State Avenue) is hereby approved. ADOPTED THIS 26th day of March, 2024. W- 4/0�' Renee kall, City Clerk John A. Haila, Mayor Introduced by: Gartin Seconded by: Betcher Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Rollins Voting nay: None Absent: Junck Resolution declared adopted and signed by the Mayor this 26th day of March, 2024.