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HomeMy WebLinkAbout~Master - Amending Iowa State University Research Park (ISURP) Development Agreement to Allow Residential Use Tax ClassificationRESOLUTION NO. 24-603 RESOLUTION AMENDING IOWA STATE UNIVERSITY RESEARCH PARK DEVELOPMENT AGREEMENT TO ALLOW RESIDENTIAL USE TAX CLASSIFICATION FOR THE CITY OF AMES, IOWA WHEREAS, at the time of development of Phase III of the Iowa State University Research Park (ISURP) in 2024, the City entered into a development agreement with ISURP to share in certain infrastructure costs, primarily through the use of Tax Increment Financing (TIF); and, WHEREAS, the agreement stipulated that the land within Phase III would only be used for development with a commercial or industrial tax classification to ensure property taxes would be generated as a result of the City's support, which limits use of individual properties to one of these two property tax classifications; and, WHEREAS, subsequent to the agreement, the City now allows through zoning for residential uses within certain areas of Phase III. Additionally, tax codes have changed as apartment uses are now classified as residential and not commercial; and, WHEREAS, an amendment to the Development Agreement has been prepared that acknowledges a residential classification is also an option in addition to commercial and industrial. The changes only apply to certain properties with residential use potential; and, WHEREAS, there are no other proposed changes to the agreement. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the amendment to the Iowa State University Research Park Development Agreement to allow Residential Use Tax Classification is hereby approved. ADOPTED THIS 12th day of November, 2024. _________________________________ ___________________________________ Renee Hall, 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 12th day of November, 2024.