HomeMy WebLinkAbout~Master - Resolution approving second amendment to the Land Purchase Option with Keystone Equity Group for Surplus Land at Harrison and Welbeck to Extend Final Plat DeadlineRESOLUTION NO. 26-090
RESOLUTION APPROVING SECOND AMENDMENT
TO THE LAND PURCHASE OPTION WITH KEYSTONE EQUITY GROUP
FOR SURPLUS LAND AT HARRISON AND WELBECK
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; and,
WHEREAS, in addition, the agreement required that the developer must complete
all entitlements for development of the 12-unit project, including Final Plat approval by
December 31, 2025. However, the City Council approved an amendment on December
16 extending the deadline to February 28 as the developer completed the entitlement
process; and,
WHEREAS, the developer has requested additional time to complete all
requirements related to preparing the final plat and the development agreement.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames,
Iowa, that the second amendment to the Land Purchase Option with Keystone Equity
Group for Surplus Land at Harrison and Welbeck to extend Final Plat deadline to March
31, 2026, is hereby approved.
ADOPTED THIS 24th day of February, 2026.
_______________________________ _________________________________
Renee Hall, City Clerk John A. Haila, Mayor
Introduced by: Corrieri
Seconded by: Betcher
Voting aye: Beatty-Hansen, Betcher, Corrieri, Junck, Gartin, Rollins
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 24th day of February, 2026.