HomeMy WebLinkAbout~Master - Support for State Workforce Housing Tax Credit Application for Surplus Land at Harrison and WelbeckRESOLUTION NO. 25-270
RESOLUTION IN SUPPORT OF WORKFORCE HOUSING TAX CREDIT INCENTIVE
APPLICATION FOR SUBMISSION TO THE IOWA ECONOMIC DEVELOPMENT
AUTHORITY (IEDA) FOR A HOUSING PROJECT BY KEYSTONE EQUITY
FOR THE CITY OF AMES, IOWA
WHEREAS, Keystone Equity, has requested support from the City of Ames for its
application to the Iowa Economic Development Authority (IEDA) for state tax incentives
under the Workforce Housing Tax Credit Incentive Program in support of the construction
of 12 affordable owner occupied housing units in the City of Ames; and ,
WHEREAS, the Keystone Equity project will address a critical need for affordable
owner occupied housing in the City of Ames; and,
WHEREAS, the IEDA’s Workforce Housing Tax Credit allows tax incentives for
developers that include a refund of sales, service or use taxes paid during construction;
and WHEREAS, Keystone Equity intends to apply for Iowa Workforce Housing Tax
Credits to support its plan that includes the construction of 12 affordable owner occupied
housing units within the City of Ames ; and,
WHEREAS, the City of Ames will support the creation of the 12 affordable owner
occupied housing units with a $1 land incentive as well as 5 year sliding scale tax
abatements.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames,
Iowa:
Section One. The City of Ames offers its full support for the Keystone Equity
housing project in Ames, Iowa, and the associated Workforce Housing Tax Credit
Incentive Application to the Iowa Economic Development Authority.
Section Two. The City Council authorizes City staff to assist in the preparation of
the application and related materials deemed necessary for the submission.
Section Three. The Mayor and the City Clerk authorized and directed to sign any
forms required to evidence the City’s support for the application by the Keystone Equity
as described above, upon approval of the same by the City Attorney.
ADOPTED THIS 27th day of May, 2025.
_______________________________ _________________________________
Renee Hall, City Clerk John A. Haila, Mayor
Introduced by: Corrieri
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 27th day of May, 2025.