HomeMy WebLinkAbout~Master - Amending Citywide Urban Revitalization Area Plan to Include Alternate Tax Exemption Schedule and Additional Eligibility Requirements for Solar Installation with New Construction of Ownership HousingRESOLUTION NO. 24-684
RESOLUTION AMENDING CITYWIDE URBAN REVITALIZATION AREA PLAN
TO INCLUDE AN ALTERNATE TAX EXEMPTION SCHEDULE AND
ADDITIONAL ELIGIBILITY REQUIREMENTS FOR SOLAR INSTALLATION
WITH NEW CONSTRUCTION OF OWNERSHIP HOUSING
FOR THE CITY OF AMES, IOWA
WHEREAS, City Council approved an Urban Revitalization Area (URA) and Plan on
April 23, 2024, to incentivize the construction of new ownership housing. The URA designation
applies city-wide to eligible new residential construction meeting the Plan's requirements to be
"Qualified Real Estate;” and,
WHEREAS, at its November 26, 2024, meeting, Council directed staff to prepare an
amendment to URA Plan to include an alternative tax abatement criteria and incentive schedule
for the construction of new ownership housing that also supports the City's Climate Action Plan
goals for reduced carbon emissions; and,
WHEREAS, Qualified Real Estate under this program will include new owner-occupied
residential construction meeting current eligibility requirements, plus two additional requirements:
1) The dwelling is all-electric for heating, cooling, and appliances with no natural gas service
line; and
2) Has a solar array installed that offsets at least 50% of its projected energy usage per
requirements of the International Energy Conservation Code (IECC); and,
WHEREAS, this will yield an estimated maximum of $5,180 of additional incentive value
for a $500,000 home, for a total of $16,180 in estimated incentives. Coupled with federal tax
credits offsetting 30% of the cost of a solar system and utility rebates, the additional tax abatement
incentive will help consumers reduce the payback period of a solar array to an estimated 13-15
years versus 20 years without a city incentive; and,
WHEREAS, the alternative tax abatement program will have the same application process
and ending date as the existing program. Improvements must be initiated prior to December 31,
2027. The first application for an exemption must be filed by February 1st of the assessment year
for which the exemption is first claimed.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that amending the Citywide Urban Revitalization Area Plan to include an alternate tax exemption
schedule and additional eligibility requirements for solar installation with new construction of
ownership housing is hereby approved.
ADOPTED THIS 17th day of December, 2024.
_________________________________ ___________________________________
Renee Hall, City Clerk John A. Haila, Mayor
Introduced by: Betcher
Seconded by: Rollins
Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Junck, Rollins
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 17th day of December, 2024.