HomeMy WebLinkAbout~Master - Resolution approving Purchase Agreement with Keystone Equity Group for purchase of six single family market rate lots in Baker Subdivision located at 232, 312 S Wilmoth and 3201, 3213, 3241 3249 Latimer LaneRESOLUTION NO. 26-347
RESOLUTION APPROVING PURCHASE AGREEMENT
WITH KEYSTONE EQUITY GROUP LLC
FOR THE CITY OF AMES, IOWA
WHEREAS, at February 24, 2026, meeting, the City Council authorized staff to
proceed with a Request for Proposals (RFP) inviting interested builders/developers to
submit proposals to purchase up to six of the 12 market-rate lots on the north side of the
Baker Subdivision located on Tripp Street; and,
WHEREAS, at the April 28, 2026, meeting, staff presented the two proposals and
provided specific details about each proposal. The City Council adopted a resolution to
proceed with the sale to Keystone Equity Group and set a date of public hearing for
approval of the purchase agreement at the City Council meeting on May 26, 2026; and,
WHEREAS, the opportunity to sell market-rate lots in the Baker Subdivision is an
important priority for the City’s affordable housing program. Creating a mixed -income
subdivision for both affordable housing for low-income families and market-rate housing
is consistent with the goals and priorities of the City’s Community Development Block
Grant (CDBG) 2024-28 Five-year Consolidated Plan. The sales prices are consistent with
the minimum pricing established in the RFP.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames,
Iowa, that the Purchase Agreement with Keystone Equity Group LLC is hereby approved.
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.