HomeMy WebLinkAbout~Master - Amendments to North Dayton Industrial Park Tax Increment Financing (TIF) Agreement RESOLUTION NO. 24-381
RESOLUTION APPROVING NORTH DAYTON INDUSTRIAL PARK
TAX INCREMENT FINANCING(TIF) AGREEMENT AMENDMENTS
FOR THE CITY OF AMES,IOWA
WHEREAS, At the May 28th City Council meeting, staff was directed to prepare an
amendment to the Development Agreement with Dayton Avenue Development LLC for the North
Dayton Industrial Subdivision for three issues in response to requests by the developer; and,
WHEREAS, those items include:
• Amend the maximum reimbursement amount for eligible Public Improvements in the
Development Agreement by an additional $151,687.05 to a total of$3,119,951.05
• Increase the maximum allowed sale price of Lot 2 by an additional $22,000 in excess of
the prescribed land price ceiling.
• Defer assessment of the $15,000 penalty for timing of completion of the first speculative
building until June 28t1'.
WHEREAS, the aforementioned changes are consistent with the original intent of the
agreement to rebate costs for specific public improvements and to limit land sales prices as an
incentive to develop in the industrial park. In addition, the developer has provided documentation
of eligible expenses and can be found to conform to the agreement to allow the City Council in the
future to certify TIF Debt for the developer rebate in accordance with the terms of the agreement.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that North Dayton Industrial Park TIF agreement amendments are hereby approved.
ADOPTED THIS 25th day of June, 2024.
Renee Nall, City Clerk John A. Haila, Mayor
Introduced by: Gartin
Seconded by: Betcher
Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Junck, Rollins
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 25th day of June, 2024.