HomeMy WebLinkAbout~Master - Resolution approving first amendment to the Land Purchase Option with Keystone Equity Group for Surplus Land at Harrison and Welbeck to Extend Final Plat DeadlineRESOLUTION NO. 25-626
RESOLUTION APPROVING FIRST AMENDMENT
TO THE LAND PURCHASE OPTION WITH KEYSTONE EQUITY GROUP
FOR SURPLUS LAND AT HARRISON AND WELBECK
TO EXTEND FINAL PLAT DEADLINE
FOR THE CITY OF AMES, IOWA
WHEREAS, on May 27, the City Council held a public hearing to approve an option
agreement with Keystone Equity Group (KEG) for the purchase of surplus City land
located west of the intersection of Harrison Road and Welbeck Drive; and,
WHEREAS, the agreement requires that, prior to completion of the sale of the land,
a development agreement must be approved for the construction of 12 owner -occupied
homes on the property and approval of state Workforce Housing Tax credits for the project
must be obtained. In addition, the agreement requires that the developer must complete
all entitlements for development of the 12-unit development, including Final Plat approval
by December 31, 2025; and,
WHEREAS, the developer has been notified by the state of approval of the state
Workforce Housing Tax Credits. Since that notice the developer has begun to prepare
plans for development of the property. As of the writing of this report, the developer has
submitted a rezoning request and Preliminary Plat for a 12-unit development. The
hearings for the project with the Planning and Zoning Commission and the City Council
are planned for January 2026; and,
WHEREAS, staff has prepared an amendment to the Option Agreement for
consideration that extends the deadline for Final Plat approval to February 28, 2026,
approximately 60 days. The Developer is agreeable to this timeline.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames,
Iowa, that the first amendment to the Land Purchase Option with Keystone Equity Group
for surplus land at Harrison and Welbeck to extend Final Plat deadline is hereby
approved.
ADOPTED THIS 16th day of December, 2025.
_______________________________ _________________________________
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 16th day of December, 2025.