HomeMy WebLinkAbout~Master - Resolution approving an Application for Property Tax Abatement and a Minimum Assessment Agreement for Tax Abatement at 329 Southeast 5th Street (Furniture Mart)RESOLUTION NO. 26-093
RESOLUTION APPROVING AN APPLICATION
FOR PROPERTY TAX ABATEMENT AND A MINIMUM ASSESSMENT AGREEMENT
FOR TAX ABATEMENT AT 329 SOUTHEAST 5TH STREET
FOR THE CITY OF AMES, IOWA
WHEREAS, last year, the City Council approved an Ordinance creating an Urban
Revitalization Area (URA) for property located at 329 Southeast 5th Street and 320 South
Duff Avenue. The purpose of the creation of the Urban Revitalization Area was to
incentivize Furniture Mart USA to construct a new building by providing Tax Abatement
of the value of its new retail store at 329 Southeast 5th Street; and,
WHEREAS, Furniture Mart has completed construction of their new retail store and
has applied to receive Property Tax Abatement from the City Council as required in the
Urban Revitalization Plan. In conjunction with the application for certification of
compliance, Furniture Mart is required under State law to have a Minimum Assessment
Agreement approved by the City Council order to set the agreed upon assessed value of
the building to be applied to the abatement; and,
WHEREAS, approval of the Property Tax Abatement Application and Minimum
Assessment Agreement will allow the City Assessor to formally sign off on the certification
of value and allow Furniture Mart to receive property tax abatement for five years on a
sliding scale consistent with the URA.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames,
Iowa, that the application for Property Tax Abatement and Minimum Assessment
Agreement for Tax Abatement at 329 Southeast 5th Street (Furniture Mart) 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.