HomeMy WebLinkAbout~Master - Finding Compliance with Development Agreement for Substantiation of Public Improvement Costs For First Year TIF Rebate North Dayton Industrial Park RESOLUTION NO. 24-382
RESOLUTION FINDING COMPLIANCE WITH THE DEVELOPMENT AGREEMENT
FOR SUBSTANTIATION OF PUBLIC IMPROVEMENT COSTS TO ALLOW FOR
APPROVAL OF THE FIRST YEAR OF THE TIF REBATE FOR
THE NORTH DAYTON INDUSTRIAL PARK
FOR THE CITY OF AMES,IOWA
WHEREAS, At the May 281h 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, the agreement requires substantiation of public improvement costs to receive the
Tax Increment Financing (TIF) rebate. With approval of the amendment to the Development
Agreement, City Council is also being asked to find the developer has met the criteria for verifying
eligible expense for TIF reimbursement based upon staff s review of the receipts provided by the
developer; and,
WHEREAS, the Development Agreement allows for City Council to provide a TIF rebate on
an annual basis until the year 2035 or upon reaching the maximum reimbursement amount of
$3,119,951.05.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that hereby finds the developer in compliance with the development agreement for substantiation
of public improvement costs to allow for approval of the first year of the TIF rebate.
ADOPTED THIS 25th day of June, 2024.
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Renee Nall, City Clerk John A. Haila, Mayor
Introduced by: Betcher
Seconded by: Gartin
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.