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HomeMy WebLinkAboutA008 - Annual 2025 Urban Renewal ReportITEM #:8 DATE:11-18-25 DEPT:FIN SUBJECT:TAX INCREMENT FINANCING (TIF) RESOLUTIONS FOR ANNUAL URBAN RENEWAL REPORT AND CERTIFICATION AND ANNUAL APPROPRIATION OF NORTH DAYTON AND BARILLA TIF REBATE COUNCIL ACTION FORM BACKGROUND: The 2012 Iowa Urban Renewal and Tax Increment Financing (TIF) Reform Bill included provisions for reporting, including an Annual Urban Renewal Report. The Urban Renewal Report must be approved by the governing board and provided to the Iowa Department of Management to be made available to the public on an internet site. This report includes uploading documents related to the urban renewal districts, such as the plan document and City Council action establishing the district, as well as financial information regarding TIF funds related to urban renewal district. The due date for the report filing is December 1 of each year. The penalty for non-compliance is withholding certification of tax levies. This report includes financial information for the South Bell, ISU Research Park District 1, ISU Research Park District 2, Barilla, Campustown (Kingland), and North Dayton Industrial Park TIF districts. The attached Annual Urban Renewal Report is for the fiscal year ending June 30, 2025. No information is included for the Downtown Reinvestment TIF District, as no incremental improvements were made in that district prior to January 1, 2024. In addition to the state reporting, the City is required to certify TIF debt with the County Auditor for the upcoming fiscal year. The ISU Research Park Districts 1 and 2 are both General Obligation bonds approved by Council when issued, so no additional action is required. The Barilla TIF and North Dayton districts involves a rebate of incremental property taxes subject to annual appropriation by the City Council. SUMMARY AND CURRENT STATUS OF TIF DEBT: South Bell Avenue TIF The South Bell TIF debt was issued for infrastructure improvements to expand development along South Bell. The debt, with a principal amount of $1,152,000, was issued in 2009. The final bond payment was made in FY 2020/21. Given the debt obligations have been repaid, the TIF area was fully released to general taxation beginning in FY 2023/24. Campustown TIF (Kingland) The Campustown TIF debt was an annually appropriated rebate of property taxes to Kingland as an economic development incentive for improvements in the Campustown area. The maximum amount of the rebate is $2,064,530 or a term of 10 years, whichever comes first. The City made its first incentive payment in FY 2016/17 and fulfilled the maximum 1 rebate obligation during FY 2023/24, meaning the TIF area was fully released to general taxation beginning in FY 2024/25. Ames ISU Research Park District 1 & 2 The Ames ISU Research Park (ISURP) TIF debt was issued for infrastructure improvements to expand development in the ISU Research Park. The debt, with a principal amount of $2,725,000, was issued in 2015. A second TIF district was established within the same Urban Renewal Area (URA), and bonds with a principal amount of $290,000 were issued in 2019. The TIF district was generating positive cash flow by FY 2017/18, and the TIF balance accumulation was able to fully pay off the debt for Districts 1 and 2 at the end of FY 2022/23. The full value of property within the URA was released to general taxation in FY 2023/24. While the TIF bonds will not be fully retired until FY 2030/31, the City will spend down the accumulated TIF balance as it makes future bond payments. Barilla TIF The Barilla TIF debt is an annually appropriated rebate of property taxes to Barilla as an economic development incentive for the expansion of its facility. The maximum amount of the rebate is $2,487,805 or a term of 10 years, whichever comes first. The rebates began in FY 2020/21. The FY 2026/27 payment is a partial payment and fulfills the City's total incentive obligations for the project. The full value will be released in FY 2027/28. Since this TIF debt is subject to annual appropriation, the Council is required to approve the debt (rebate) each year until the terms of the agreement are met. North Dayton TIF The North Dayton TIF is an annual appropriated rebate of property taxes to Dayton Avenue Development LLC as an economic development incentive for a new 10-lot industrial subdivision off of North Dayton Avenue. The purpose of the agreement was to rebate the developer for the costs of installing public infrastructure for industrial lots of less than 3 acres in size. The maximum amount of the rebate is $2,968,264 for the period ending December 1, 2035, whichever occurs first. Since this TIF debt is subject to annual appropriation, the Council is required to approve the debt (rebate) each year until the terms of the agreement are met. ALTERNATIVES: 1. Approve the City’s annual 2025 Urban Renewal Report and resolutions appropriating the payment of a rebate of incremental taxes for the Barilla TIF and North Dayton TIF districts. 2. Do not approve the report and resolution and refer back to staff. 2 CITY MANAGER'S RECOMMENDED ACTION: In order for the City to comply with mandated reporting requirements and fulfill requirements under the development agreement with Barilla and North Dayton Avenue LLC, it is necessary to submit this report to the Iowa Department of Management by December 1 of this year and approve the appropriation of the tax increment rebates. Therefore, it is the recommendation of the City Manager that the City Council adopt Alternative No. 1, as described above. ATTACHMENT(S): TIF-85G811-2023_11-04-2025.pdf Barilla_Annual_Certification_2025.doc NorthDayton_Annual_Certification_2025.doc 3 Levy Authority Summary Local Government Name: AMES Local Government Number: 85G811 Active Urban Renewal Areas U.R. # # of Tif Taxing Districts AMES SOUTH BELL AVENUE URBAN RENEWAL 85021 2 AMES CAMPUSTOWN URBAN RENEWAL 85023 1 AMES ISU RESEARCH PARK URBAN RENEWAL 85024 4 AMES BARILLA URBAN RENEWAL 85026 1 TIF Debt Outstanding: 1,033,500 TIF Sp. Rev. Fund Cash Balance as of 07-01-2024: -1,184 0 Amount of 07-01-2024 Cash Balance Restricted for LMI TIF Revenue: 347,950 TIF Sp. Revenue Fund Interest: 0 Property Tax Replacement Claims 0 Asset Sales & Loan Repayments: 0 Total Revenue: 347,950 Rebate Expenditures: 347,950 Non-Rebate Expenditures: 0 Returned to County Treasurer: 0 Total Expenditures: 347,950 TIF Sp. Rev. Fund Cash Balance as of 06-30-2025: -1,184 0 Amount of 06-30-2025 Cash Balance Restricted for LMI Year-End Outstanding TIF Obligations, Net of TIF Special Revenue Fund Balance: 686,734 Annual Urban Renewal Report, Fiscal Year 2024 - 2025 4 Urban Renewal Area Data Collection Local Government Name: AMES (85G811) Urban Renewal Area: AMES SOUTH BELL AVENUE URBAN RENEWAL UR Area Number: 85021 UR Area Creation Date: 01/2009 UR Area Purpose: To expand the available inventory of fully serviced industrial land within Ames. Tax Districts within this Urban Renewal Area Base No. Increment No. Increment Value Used AMES CITY/AMES SCH/SOUTH BELL AVENUE URBAN RENEWL TIF INCREM 850586 850186 0 AMES CITY AG/AMES SCH/SOUTH BELL AVENUE URBAN RENEWAL TIF INCREM 850587 850187 0 Urban Renewal Area Value by Class - 1/1/2023 for FY 2025 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 0 0 0 0 0 0 0 0 Taxable 0 0 0 0 0 0 0 0 0 Homestead Credits 0 TIF Sp. Rev. Fund Cash Balance as of 07-01-2024: 0 0 Amount of 07-01-2024 Cash Balance Restricted for LMI TIF Revenue: 0 TIF Sp. Revenue Fund Interest: 0 Property Tax Replacement Claims 0 Asset Sales & Loan Repayments: 0 Total Revenue: 0 Rebate Expenditures: 0 Non-Rebate Expenditures: 0 Returned to County Treasurer: 0 Total Expenditures: 0 TIF Sp. Rev. Fund Cash Balance as of 06-30-2025: 0 0 Amount of 06-30-2025 Cash Balance Restricted for LMI ♣ Annual Urban Renewal Report, Fiscal Year 2024 - 2025 5 Projects For AMES SOUTH BELL AVENUE URBAN RENEWAL South Bell Infrastructure Description:Public Infrastructure for South Bell Area Classification:Roads, Bridges & Utilities Physically Complete:Yes Payments Complete:No ♣ Annual Urban Renewal Report, Fiscal Year 2024 - 2025 6 Debts/Obligations For AMES SOUTH BELL AVENUE URBAN RENEWAL 2009B GO Bonds Debt/Obligation Type:Gen. Obligation Bonds/Notes Principal:0 Interest:0 Total:0 Annual Appropriation?:No Date Incurred:10/29/2009 FY of Last Payment:2021 ♣ Annual Urban Renewal Report, Fiscal Year 2024 - 2025 7 Tied To Debt: Tied To Project: Non-Rebates For AMES SOUTH BELL AVENUE URBAN RENEWAL TIF Expenditure Amount:0 2009B GO Bonds South Bell Infrastructure ♣ Annual Urban Renewal Report, Fiscal Year 2024 - 2025 8 Outstanding TIF backed GO bonds will be retired in FY 2021, however the TIF revenues were not able to cover the debt service over the term of the bonds resulting a negative balance. TIF revenues will be claimed through FY 23 to fund the debt service. 256 Characters Left Sum of Private Investment Made Within This Urban Renewal Area during FY 2025 0 ♣ Annual Urban Renewal Report, Fiscal Year 2024 - 2025 9 TIF Taxing District Data Collection Local Government Name: AMES (85G811) Urban Renewal Area: AMES SOUTH BELL AVENUE URBAN RENEWAL (85021) TIF Taxing District Name: AMES CITY/AMES SCH/SOUTH BELL AVENUE URBAN RENEWL TIF INCREM TIF Taxing District Inc. Number: 850186 TIF Taxing District Base Year: 2008 FY TIF Revenue First Received: 2010 Subject to a Statutory end date? Yes Fiscal year this TIF Taxing District statutorily ends: 2030 UR Designation Slum No Blighted No Economic Development 01/2009 TIF Taxing District Value by Class - 1/1/2023 for FY 2025 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 0 0 0 0 0 0 0 0 Taxable 0 0 0 0 0 0 0 0 0 Homestead Credits 0 Frozen Base Value Max Increment Value Increment Used Increment Not Used Increment Revenue Not Used Fiscal Year 2025 14,312 0 0 0 0 FY 2025 TIF Revenue Received: 0 ♣ Annual Urban Renewal Report, Fiscal Year 2024 - 2025 TIF Taxing District Data Collection Local Government Name: AMES (85G811) Urban Renewal Area: AMES SOUTH BELL AVENUE URBAN RENEWAL (85021) TIF Taxing District Name: AMES CITY AG/AMES SCH/SOUTH BELL AVENUE URBAN RENEWAL TIF INCREM TIF Taxing District Inc. Number: 850187 TIF Taxing District Base Year: 2008 FY TIF Revenue First Received: 2011 Subject to a Statutory end date? Yes Fiscal year this TIF Taxing District statutorily ends: 2031 UR Designation Slum No Blighted No Economic Development 01/2009 TIF Taxing District Value by Class - 1/1/2023 for FY 2025 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 0 0 0 0 0 0 0 0 Taxable 0 0 0 0 0 0 0 0 0 Homestead Credits 0 Frozen Base Value Max Increment Value Increment Used Increment Not Used Increment Revenue Not Used Fiscal Year 2025 218 0 0 0 0 FY 2025 TIF Revenue Received: 0 10 Urban Renewal Area Data Collection Local Government Name: AMES (85G811) Urban Renewal Area: AMES CAMPUSTOWN URBAN RENEWAL UR Area Number: 85023 UR Area Creation Date: 11/2014 UR Area Purpose: To promote economic development in the Campustown area through the expansion of office and retail space. Tax Districts within this Urban Renewal Area Base No. Increment No. Increment Value Used AMES CITY/AMES SCH/CAMPUSTOWN URBAN RENEWAL TIF INCREM 850630 850230 0 Urban Renewal Area Value by Class - 1/1/2023 for FY 2025 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 0 0 0 0 0 0 0 0 Taxable 0 0 0 0 0 0 0 0 0 Homestead Credits 0 TIF Sp. Rev. Fund Cash Balance as of 07-01-2024: 0 0 Amount of 07-01-2024 Cash Balance Restricted for LMI TIF Revenue: 0 TIF Sp. Revenue Fund Interest: 0 Property Tax Replacement Claims 0 Asset Sales & Loan Repayments: 0 Total Revenue: 0 Rebate Expenditures: 0 Non-Rebate Expenditures: 0 Returned to County Treasurer: 0 Total Expenditures: 0 TIF Sp. Rev. Fund Cash Balance as of 06-30-2025: 0 0 Amount of 06-30-2025 Cash Balance Restricted for LMI ♦ Annual Urban Renewal Report, Fiscal Year 2024 - 2025 11 Projects For AMES CAMPUSTOWN URBAN RENEWAL Campustown Kingland Building Description:Office and Retail Development Classification:Commercial - office properties Physically Complete:Yes Payments Complete:Yes ♦ Annual Urban Renewal Report, Fiscal Year 2024 - 2025 12 Debts/Obligations For AMES CAMPUSTOWN URBAN RENEWAL Campustown Urban Renewal Debt/Obligation Type:Rebates Principal:0 Interest:0 Total:0 Annual Appropriation?:Yes Date Incurred:11/10/2015 FY of Last Payment:2023 ♦ Annual Urban Renewal Report, Fiscal Year 2024 - 2025 13 Rebate Paid To: Tied To Debt: Tied To Project: Projected Final FY of Rebate: Rebates For AMES CAMPUSTOWN URBAN RENEWAL Kingland Systems TIF Expenditure Amount:0 Kingland Systems Campustown Urban Renewal Campustown Kingland Building 2024 ♦ Annual Urban Renewal Report, Fiscal Year 2024 - 2025 14 Urban renewal area for Campustown Redevelopment. Rebate of TIF to Kingland Campus Properties per development agreement provides a total of $2,064,530 in tax rebate or a period of 10 years, whichever comes first. Subject to annual appropriation. 256 Characters Left Sum of Private Investment Made Within This Urban Renewal Area during FY 2025 0 ♦ Annual Urban Renewal Report, Fiscal Year 2024 - 2025 15 TIF Taxing District Data Collection Local Government Name: AMES (85G811) Urban Renewal Area: AMES CAMPUSTOWN URBAN RENEWAL (85023) TIF Taxing District Name: AMES CITY/AMES SCH/CAMPUSTOWN URBAN RENEWAL TIF INCREM TIF Taxing District Inc. Number: 850230 TIF Taxing District Base Year: 2014 FY TIF Revenue First Received: 2017 Subject to a Statutory end date? Yes Fiscal year this TIF Taxing District statutorily ends: 2037 UR Designation Slum No Blighted No Economic Development 11/2013 TIF Taxing District Value by Class - 1/1/2023 for FY 2025 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 0 0 0 0 0 0 0 0 Taxable 0 0 0 0 0 0 0 0 0 Homestead Credits 0 Frozen Base Value Max Increment Value Increment Used Increment Not Used Increment Revenue Not Used Fiscal Year 2025 3,467,200 0 0 0 0 FY 2025 TIF Revenue Received: 0 ♦ Annual Urban Renewal Report, Fiscal Year 2024 - 2025 16 Urban Renewal Area Data Collection Local Government Name: AMES (85G811) Urban Renewal Area: AMES ISU RESEARCH PARK URBAN RENEWAL UR Area Number: 85024 UR Area Creation Date: 11/2013 UR Area Purpose: To promote economic development for Iowa State University Research Park by extending public infrastructure. Tax Districts within this Urban Renewal Area Base No. Increment No. Increment Value Used AMES CITY/AMES SCH/ISU RESEARCH PARK URBAN RENEWAL TIF INCREM 850628 850228 0 AMES CITY AG/AMES SCH/ISU RESEARCH PARK URBAN RENEWAL TIF INCREM 850629 850229 0 AMES CITY/AMES SCH/ISU RESEARCH PARK DISTRICT 2 UR TIF INCREMENT 850658 850659 0 AMES CITY AG/AMES SCH/ISU RESEARCH PARK DISTRICT 2 UR TIF INCREMENT 850660 850661 0 Urban Renewal Area Value by Class - 1/1/2023 for FY 2025 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 0 0 0 0 0 0 0 0 Taxable 0 0 0 0 0 0 0 0 0 Homestead Credits 0 TIF Sp. Rev. Fund Cash Balance as of 07-01-2024: 0 0 Amount of 07-01-2024 Cash Balance Restricted for LMI TIF Revenue: 0 TIF Sp. Revenue Fund Interest: 0 Property Tax Replacement Claims 0 Asset Sales & Loan Repayments: 0 Total Revenue: 0 Rebate Expenditures: 0 Non-Rebate Expenditures: 0 Returned to County Treasurer: 0 Total Expenditures: 0 TIF Sp. Rev. Fund Cash Balance as of 06-30-2025: 0 0 Amount of 06-30-2025 Cash Balance Restricted for LMI ▲ Annual Urban Renewal Report, Fiscal Year 2024 - 2025 17 Projects For AMES ISU RESEARCH PARK URBAN RENEWAL ISURP Infrastructure Extension Description:Extension of public infrastructure to serve ISURP Classification:Roads, Bridges & Utilities Physically Complete:Yes Payments Complete:Yes ▲ Annual Urban Renewal Report, Fiscal Year 2024 - 2025 18 Debts/Obligations For AMES ISU RESEARCH PARK URBAN RENEWAL General Obligation Series 2015A Debt/Obligation Type:Gen. Obligation Bonds/Notes Principal:0 Interest:0 Total:0 Annual Appropriation?:No Date Incurred:11/13/2015 FY of Last Payment:2027 General Obligation Series 2019A Debt/Obligation Type:Gen. Obligation Bonds/Notes Principal:0 Interest:0 Total:0 Annual Appropriation?:No Date Incurred:09/12/2019 FY of Last Payment:2031 ▲ Annual Urban Renewal Report, Fiscal Year 2024 - 2025 19 Tied To Debt: Tied To Project: Tied To Debt: Tied To Project: Non-Rebates For AMES ISU RESEARCH PARK URBAN RENEWAL TIF Expenditure Amount:0 General Obligation Series 2015A ISURP Infrastructure Extension TIF Expenditure Amount:0 General Obligation Series 2019A ISURP Infrastructure Extension ▲ Annual Urban Renewal Report, Fiscal Year 2024 - 2025 20 TIF Ord. amended 11.12.2019 256 Characters Left Sum of Private Investment Made Within This Urban Renewal Area during FY 2025 0 ▲ Annual Urban Renewal Report, Fiscal Year 2024 - 2025 21 TIF Taxing District Data Collection Local Government Name: AMES (85G811) Urban Renewal Area: AMES ISU RESEARCH PARK URBAN RENEWAL (85024) TIF Taxing District Name: AMES CITY/AMES SCH/ISU RESEARCH PARK URBAN RENEWAL TIF INCREM TIF Taxing District Inc. Number: 850228 TIF Taxing District Base Year: 2014 FY TIF Revenue First Received: 2017 Subject to a Statutory end date? Yes Fiscal year this TIF Taxing District statutorily ends: 2037 UR Designation Slum No Blighted No Economic Development 11/2013 TIF Taxing District Value by Class - 1/1/2023 for FY 2025 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 0 0 0 0 0 0 0 0 Taxable 0 0 0 0 0 0 0 0 0 Homestead Credits 0 Frozen Base Value Max Increment Value Increment Used Increment Not Used Increment Revenue Not Used Fiscal Year 2025 149,100 0 0 0 0 FY 2025 TIF Revenue Received: 0 ▲ Annual Urban Renewal Report, Fiscal Year 2024 - 2025 TIF Taxing District Data Collection Local Government Name: AMES (85G811) Urban Renewal Area: AMES ISU RESEARCH PARK URBAN RENEWAL (85024) TIF Taxing District Name: AMES CITY AG/AMES SCH/ISU RESEARCH PARK URBAN RENEWAL TIF INCREM TIF Taxing District Inc. Number: 850229 TIF Taxing District Base Year: 2014 FY TIF Revenue First Received: Subject to a Statutory end date? No UR Designation Slum No Blighted No Economic Development No TIF Taxing District Value by Class - 1/1/2023 for FY 2025 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 0 0 0 0 0 0 0 0 Taxable 0 0 0 0 0 0 0 0 0 Homestead Credits 0 Frozen Base Value Max Increment Value Increment Used Increment Not Used Increment Revenue Not Used Fiscal Year 2025 394,222 0 0 0 0 FY 2025 TIF Revenue Received: 0 22 TIF Taxing District Data Collection Local Government Name: AMES (85G811) Urban Renewal Area: AMES ISU RESEARCH PARK URBAN RENEWAL (85024) TIF Taxing District Name: AMES CITY/AMES SCH/ISU RESEARCH PARK DISTRICT 2 UR TIF INCREMENT TIF Taxing District Inc. Number: 850659 TIF Taxing District Base Year: 2018 FY TIF Revenue First Received: Subject to a Statutory end date? No UR Designation Slum No Blighted No Economic Development No TIF Taxing District Value by Class - 1/1/2023 for FY 2025 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 0 0 0 0 0 0 0 0 Taxable 0 0 0 0 0 0 0 0 0 Homestead Credits 0 Frozen Base Value Max Increment Value Increment Used Increment Not Used Increment Revenue Not Used Fiscal Year 2025 9,561 0 0 0 0 FY 2025 TIF Revenue Received: 0 ▲ Annual Urban Renewal Report, Fiscal Year 2024 - 2025 TIF Taxing District Data Collection Local Government Name: AMES (85G811) Urban Renewal Area: AMES ISU RESEARCH PARK URBAN RENEWAL (85024) TIF Taxing District Name: AMES CITY AG/AMES SCH/ISU RESEARCH PARK DISTRICT 2 UR TIF INCREMENT TIF Taxing District Inc. Number: 850661 TIF Taxing District Base Year: 2018 FY TIF Revenue First Received: Subject to a Statutory end date? No UR Designation Slum No Blighted No Economic Development No TIF Taxing District Value by Class - 1/1/2023 for FY 2025 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 0 0 0 0 0 0 0 0 Taxable 0 0 0 0 0 0 0 0 0 Homestead Credits 0 Frozen Base Value Max Increment Value Increment Used Increment Not Used Increment Revenue Not Used Fiscal Year 2025 82,210 0 0 0 0 FY 2025 TIF Revenue Received: 0 23 Urban Renewal Area Data Collection Local Government Name: AMES (85G811) Urban Renewal Area: AMES BARILLA URBAN RENEWAL UR Area Number: 85026 UR Area Creation Date: 07/2017 UR Area Purpose: This urban renewal area was created to facilitate the expansion of the Barilla manufacturing facility at 3303 and 3311 East Lincoln Way. Tax Districts within this Urban Renewal Area Base No. Increment No. Increment Value Used AMES CITY/AMES SCH/BARILLA URBAN RENEWAL TIF INCREM 850638 850238 16,426,500 Urban Renewal Area Value by Class - 1/1/2023 for FY 2025 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 0 0 55,239,500 0 0 55,239,500 0 55,239,500 Taxable 0 0 0 49,650,064 0 0 49,650,064 0 49,650,064 Homestead Credits 0 TIF Sp. Rev. Fund Cash Balance as of 07-01-2024: -1,184 0 Amount of 07-01-2024 Cash Balance Restricted for LMI TIF Revenue: 347,950 TIF Sp. Revenue Fund Interest: 0 Property Tax Replacement Claims 0 Asset Sales & Loan Repayments: 0 Total Revenue: 347,950 Rebate Expenditures: 347,950 Non-Rebate Expenditures: 0 Returned to County Treasurer: 0 Total Expenditures: 347,950 TIF Sp. Rev. Fund Cash Balance as of 06-30-2025: -1,184 0 Amount of 06-30-2025 Cash Balance Restricted for LMI ♣ Annual Urban Renewal Report, Fiscal Year 2024 - 2025 24 Projects For AMES BARILLA URBAN RENEWAL Barilla Expansion Description: Expansion of pasta production and transportation facilities at Barilla America Inc. Classification:Industrial/manufacturing property Physically Complete:Yes Payments Complete:Yes ♣ Annual Urban Renewal Report, Fiscal Year 2024 - 2025 25 Debts/Obligations For AMES BARILLA URBAN RENEWAL Barilla TIF Rebate Debt/Obligation Type:Rebates Principal:1,033,500 Interest:0 Total:1,033,500 Annual Appropriation?:Yes Date Incurred:11/13/2018 FY of Last Payment:2024 ♣ Annual Urban Renewal Report, Fiscal Year 2024 - 2025 26 Rebate Paid To: Tied To Debt: Tied To Project: Projected Final FY of Rebate: Rebates For AMES BARILLA URBAN RENEWAL Ames Barilla TIF Expenditure Amount:347,950 Ames Barilla Barilla TIF Rebate Barilla Expansion 2027 ♣ Annual Urban Renewal Report, Fiscal Year 2024 - 2025 27 Jobs For AMES BARILLA URBAN RENEWAL Project:Barilla Expansion Company Name:Barilla America Inc Date Agreement Began:11/13/2018 Date Agreement Ends:11/13/2023 Number of Jobs Created or Retained:41 Total Annual Wages of Required Jobs:2,039,897 Total Estimated Private Capital Investment:64,000,000 Total Estimated Cost of Public Infrastructure:0 ♣ Annual Urban Renewal Report, Fiscal Year 2024 - 2025 28 Entered development agreement in November 2018. Beginning in FY 2019/20 incremental taxes will be rebated to Barilla for a period of 10 years or a total of $3,000,000. 256 Characters Left Sum of Private Investment Made Within This Urban Renewal Area during FY 2025 0 ♣ Annual Urban Renewal Report, Fiscal Year 2024 - 2025 29 TIF Taxing District Data Collection Local Government Name: AMES (85G811) Urban Renewal Area: AMES BARILLA URBAN RENEWAL (85026) TIF Taxing District Name: AMES CITY/AMES SCH/BARILLA URBAN RENEWAL TIF INCREM TIF Taxing District Inc. Number: 850238 TIF Taxing District Base Year: 2017 FY TIF Revenue First Received: 2021 Subject to a Statutory end date? No UR Designation Slum No Blighted No Economic Development No TIF Taxing District Value by Class - 1/1/2023 for FY 2025 Agricultural Residential Commercial Industrial Other Military Total Gas/Electric Utility Total Assessed 0 0 0 55,239,500 0 0 55,239,500 0 55,239,500 Taxable 0 0 0 49,650,064 0 0 49,650,064 0 49,650,064 Homestead Credits 0 Frozen Base Value Max Increment Value Increment Used Increment Not Used Increment Revenue Not Used Fiscal Year 2025 38,813,000 16,426,500 16,426,500 0 0 FY 2025 TIF Revenue Received: 347,950 ♣ Annual Urban Renewal Report, Fiscal Year 2024 - 2025 30 RESOLUTION_____ Obligating funds from City of Ames Barilla Urban Renewal Area Urban Renewal Tax Revenue Fund for appropriation to the payment of annual appropriation tax increment rebate payments due to be paid in the next succeeding fiscal year WHEREAS, the City of Ames, Iowa (the “City”), pursuant to and in strict compliance with all laws applicable to the City, and in particular the provisions of Chapter 403 of the Code of Iowa, has adopted an Urban Renewal Plan for the Barilla Urban Renewal Area (the “Urban Renewal Area”); and WHEREAS, this Council has adopted an ordinance providing for the division of taxes levied on taxable property in the Urban Renewal Area pursuant to Section 403.19 of the Code of Iowa and establishing the fund referred to in Subsection 2 of Section 403.19 of the Code of Iowa (the “Barilla Urban Renewal Tax Revenue Fund”), which fund and the portion of taxes referred to in that subsection may be irrevocably pledged by the City for the payment of the principal and interest on indebtedness incurred under the authority of Section 403.9 of the Code of Iowa to finance or refinance in whole or in part projects in the Urban Renewal Area; and WHEREAS, pursuant to the City’s Development Agreement (the “Agreement”) with Barilla America, Inc. (the “Company”), approved by resolution of the City Council on November 13, 2018, the City agreed to make economic development tax increment payments to the Company, subject to annual appropriation by the City Council; and WHEREAS, payments under the Agreement are scheduled to be made from the Barilla Urban Renewal Tax Revenue Fund during the fiscal year that will begin July 1, 2026, in a total amount equal to 100% of the incremental property tax payments made by the Company in that fiscal year (the “Payments”); and WHEREAS, it is now necessary for the City Council to obligate for appropriation to the Payments, funds anticipated to be received in the Barilla Urban Renewal Tax Revenue Fund in the fiscal year that will begin July 1, 2026; NOW, THEREFORE, It Is Resolved by the City Council of the City of Ames, Iowa, as follows: Section 1. The City Council hereby obligates for appropriation from the Barilla Urban Renewal Tax Revenue Fund the amount of $345,000, which is estimated to be an amount equal to 100% of the incremental property tax revenues that are expected to be received by the City in such fund from the Story County Treasurer in the fiscal year that will begin July 1, 2026. 31 Section 2. The City Clerk and Finance Director are hereby authorized and directed to certify to the Story County Auditor the amount obligated for appropriation in Section 1 above as part of the City’s 2025 certification of debt payable from the Barilla Urban Renewal Tax Revenue Fund and to reflect such estimated amount in the City’s budget for the fiscal year that will begin July 1, 2026. Section 3. All resolutions or parts of resolutions in conflict herewith are hereby repealed. Passed and approved November 18, 2025. Mayor Attest: __________________________ City Clerk 32 RESOLUTION_____ Obligating funds from City of Ames North Dayton Industrial Park Urban Renewal Area Urban Renewal Tax Revenue Fund for appropriation to the payment of annual appropriation tax increment rebate payments due to be paid in the next succeeding fiscal year WHEREAS, the City of Ames, Iowa (the “City”), pursuant to and in strict compliance with all laws applicable to the City, and in particular the provisions of Chapter 403 of the Code of Iowa, has adopted an Urban Renewal Plan for the North Dayton Industrial Park Urban Renewal Area (the “Urban Renewal Area”); and WHEREAS, this Council has adopted an ordinance providing for the division of taxes levied on taxable property in the Urban Renewal Area pursuant to Section 403.19 of the Code of Iowa and establishing the fund referred to in Subsection 2 of Section 403.19 of the Code of Iowa (the “North Dayton ”), which fund and the portion of taxes referred to in that subsection may be irrevocably pledged by the City for the payment of the indebtedness incurred under the authority of Section 403.9 of the Code of Iowa to finance or refinance in whole or in part projects in the Urban Renewal Area; and WHEREAS, pursuant to the City’s Development Agreement (the “Agreement”) with Dayton Avenue Development LLC, Inc. (the “Company”), approved by resolution of the City Council on October 11, 2022, the City agreed to make economic development tax increment payments to the Company, subject to annual appropriation by the City Council; and WHEREAS, payments under the Agreement are scheduled to be made from the North Dayton Industrial Park Urban Renewal Tax Revenue Fund during the fiscal year that will begin July 1, 2026, in a total amount equal to 100% of the incremental property tax payments made by the Company in that fiscal year (the “Payments”); and WHEREAS, it is now necessary for the City Council to obligate for appropriation to the Payments, funds anticipated to be received in the North Dayton Industrial Park Urban Renewal Tax Revenue Fund in the fiscal year that will begin July 1, 2026; NOW, THEREFORE, It Is Resolved by the City Council of the City of Ames, Iowa, as follows: Section 1. The City Council hereby obligates for appropriation from the North Dayton Industrial Park Urban Renewal Tax Revenue Fund the amount of $450,000 which is estimated to be an amount equal to 100% of the incremental property tax revenues that are expected to be received by the City in such fund from the Story County Treasurer in the fiscal year that will begin July 1, 2026. 33 Section 2. The City Clerk and Finance Director are hereby authorized and directed to certify to the Story County Auditor the amount obligated for appropriation in Section 1 above as part of the City’s 2025 certification of debt payable from the North Dayton Industrial Park Urban Renewal Tax Revenue Fund and to reflect such estimated amount in the City’s budget for the fiscal year that will begin July 1, 2026. Section 3. All resolutions or parts of resolutions in conflict herewith are hereby repealed. Passed and approved November 18, 2025. Mayor Attest: __________________________ City Clerk 34