HomeMy WebLinkAbout~Master - Option Agreement for Sale of Lot 27 Baker Subdivision to Townhomes at Creekside LLLP RESOLUTION NO. 24-221
RESOLUTION APPROVING OPTION AGREEMENT FOR THE SALE OF LOT 27,IN
THE BAKER SUBDIVISION, 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,
3216 Tripp Street (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, the option agreement allows for acquisition of the property at no cost and
spells out the terms for the acquisition of Lot 27, in the Baker Subdivision, if Hatch Development
Group is successful in obtaining 9%tax credits through the Iowa Finance Authority; and,
WHEREAS, the City Council set April 23, 2024, as the date of public hearing for the
approval of an option agreement for the sale of Lot 27 within the Baker Subdivision to Townhomes
at Creekside, LLLP.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the Option Agreement and subsequent sale and transfer of Lot 27, in the Baker Subdivision to
Townhomes at Creekside, LLLP, in conjunction with a Low-Income Tax Credit application for
Multi-Family Housing Development is hereby approved.
ADOPTED THIS 23rd day of April, 2024.
Renee kall, City Clerk John A. Haila, Mayor
Introduced by: Betcher
Seconded by: Beatty-Hansen
Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Junck, Rollins
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 23rd day of April, 2024.