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HomeMy WebLinkAbout~Master - Resolution approving amendments to both the Development and the HOME agreements with Townhomes at Creekside, LLLP, for a LIHTC Affordable Housing Development at 3216 Tripp Street on Lot 27 in the Baker SubdivisionRESOLUTION NO. 25-631 RESOLUTION APPROVING AMENDMENTS TO BOTH THE DEVELOPMENT AND THE HOME AGREEMENTS WITH TOWNHOMES AT CREEKSIDE, LLLP, FOR A LIHTC AFFORDABLE HOUSING DEVELOPMENT AT 3216 TRIPP STREET ON LOT 27 IN THE BAKER SUBDIVISION FOR THE CITY OF AMES, IOWA WHEREAS, the City Council selected Hatch Development Group in 2023 as its partner to develop a 38- unit Low-Income Housing Tax Credit (LIHTC) multifamily rental housing project on Lot 27 in the Baker Subdivision, located at 3216 Tripp Street. The developer, now known as Townhomes at Creekside, LLLP, was awarded $9,539,896 in tax credits in July 2023 for the development of the project. In addition to donating the land, the City also provided $2.1 million in City HOME Funding to help fill the project's funding gap; and, WHEREAS, following the developer's and City staff's recent review of the Development Agreement and the City's HOME agreement, it was determined that clarifications and adjustments to both agreements were needed to clarify expectations and provide some flexibility to the Developer for administration of the City's Section 8 unit requirements; and, WHEREAS, overall, the changes maintain opportunities for Section 8 family households, which was an initial goal of the City for this affordable housing project. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the amendments to both the Development and the HOME agreements with Townhomes at Creekside, LLLP, for a LIHTC Affordable Housing Development at 3216 Tripp Street on Lot 27 in the Baker Subdivision are hereby approved. ADOPTED THIS 23rd day of December, 2025. _______________________________ _________________________________ Renee Hall, City Clerk John A. Haila, Mayor Introduced by: Betcher Seconded by: Beatty-Hansen Voting aye: Beatty-Hansen, Betcher, Corrieri, Junck, Rollins Voting nay: None Absent: Gartin Resolution declared adopted and signed by the Mayor this 23rd day of December, 2025.