HomeMy WebLinkAbout~Master - Submittal of Final Application to IEDA for Ames Downtown Reinvestment District - Updated Linc Project Description RESOLUTION NO. 24-530
RESOLUTION APPROVING SUBMITTAL OF FINAL APPLICATION
TO THE IOWA ECONOMIC DEVELOPMENT AUTOHRITY
FOR THE AMES DOWNTOWN REINVESTMENT DISTRICT WITH AN UPDATED
LINC PROJECT DESCRIPTION AND CITY PROJECT MILESTONES
FOR THE CITY OF AMES, IOWA
WHEREAS, the Iowa Economic Development Authority (IEDA) Reinvestment District
Program is designed to assist communities in developing transformative projects that will improve
the quality of life, create and enhance unique opportunities, and substantially benefit the
community, region, and state; and,
WHEREAS, in February 2021, the City submitted a pre-application for funding from the
Reinvestment District Program, and in June 2021, the IEDA made a provisional award of $10
million in Reinvestment District funding to the City of Ames; and,
WHEREAS, in 2022, the City prepared an application for the Iowa Reinvestment District
program, which included two public projects including the Fitch Family Indoor Aquatic Center
and the Steven L. Schainker Plaza, as well as one private project,referred to as the Linc. Since the
2022 submittal, staff has been working with the developer of the Linc project to finalize the
schedule and development details in order to complete the final application approval process with
IEDA; and,
WHEREAS, the developer has a new partner for the project and presented a new
development concept and schedule that is substantially different than 2022 due to market changes
necessitating City Council review of the new plan. City Council approval of the submittal of the
final application is not an approval of the Linc project, the terms of a development agreement, or
the design of specific components of the Linc project. It is,rather, for approval to proceed with the
Reinvestment District application and establish a schedule for continue review and approval of a
the project; and,
WHEREAS, submittal of the updated final application, even without final approval of the
changes to the project components and schedule, is critical to continue to be eligible for the
maximum $10 million preliminary award of rebated sales and hotel/motel taxes; and,
WHEREAS, additionally, submittal of the final application does not obligate the City
Council to come to an agreement with the developer. However,project development in accordance
with identified schedule is necessary for eligibility of Reinvestment District receipts should
funding from the Reinvestment District program be awarded.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that submittal of final application to Iowa Economic Development Authority (IEDA) for the
Reinvestment District with the Linc Site Concept from October 2024 with a hotel, mixed-use
residential/commercial, on-site parking, and a pedestrian bridge extension over the railroad to all
be developed in three phases is hereby approved.
ADOPTED THIS 2nd day of October, 2024.
e4 W- 4�Ior
Renee kall, 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 2nd day of October, 2024.