HomeMy WebLinkAbout~Master - Resolution of support for the property located at 608 Burnett Ave for 39 apartments by LJREC, LLC (CityLight Apartments)RESOLUTION NO. 26-313
RESOLUTION IN SUPPORT OF WORKFORCE HOUSING TAX CREDIT INCENTIVE
APPLICATION FOR SUBMISSION TO THE IOWA ECONOMIC DEVELOPMENT
AUTHORITY (IEDA) FOR A HOUSING PROJECT BY LJREC, LLC
FOR THE CITY OF AMES, IOWA
WHEREAS, LJREC, LLC, represented by Luke Jensen, has requested support
from the City of Ames for its application to the Iowa Economic Development Authority
(IEDA) for state tax incentives under the Workforce Housing Tax Credit Incentive Program
in support of the construction of up to 39 infill apartment housing units; and,
WHEREAS, the LJREC, LLC project will address a critical need of additional
Downtown housing as market rate attainable housing units within the City of Ames
consistent with Council Goals for diversified housing and the City’s Comprehensive Plan,
Ames Plan 2040; and,
WHEREAS, the IEDA’s Workforce Housing Tax Credit allows tax incentives for
developers that include a refund of sales, service or use taxes paid during construction;
and,
WHEREAS, LJREC, LLC intends to apply for Iowa Workforce Housing Tax Credits
to support its plan that includes the construction of 39 apartment units within the City of
Ames; and,
WHEREAS, the City of Ames will support the creation of the housing units with a
local match of at least $1,000 per unit through partial property tax abatement or other City
housing incentive to the developer, consistent with parameters of the Workforce Housing
Tax Credit program.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames,
Iowa:
Section One. The City of Ames offers its full support for the LJREC, LLC housing
project in Ames, Iowa, and the associated Workforce Housing Tax Credit Incentive
Application to the Iowa Economic Development Authority.
Section Two. The City Council authorizes City staff to assist in the preparation of
the application and related materials deemed necessary for the submission.
Section Three. The City Council commits to local assistance of at least $1000 per
unit ($39,000) with future partial property tax abatement or other local housing assistance
to the developer.
ADOPTED THIS 26th day of May, 2026.
_______________________________ _________________________________
Renee Hall, City Clerk John A. Haila, Mayor
Introduced by: Corrieri
Seconded by: Junck
Voting aye: Beatty-Hansen, Corrieri, Junck, Gartin, Rollins
Voting nay: None Absent: Betcher
Resolution declared adopted and signed by the Mayor this 26th day of May, 2026.