ANKENY CITY COUNCIL

Regular Agenda

October 7, 2019
5 : 30 PM
Gary Lorenz, Mayor
Mark Holm, Mayor Pro tem
Council Members: Bobbi Bentz, Jim McKenna, Kelly Whiting, Kerry Walter-Ashby
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ORIGINATING DEPARTMENT: COUNCIL GOAL:
Economic Development Responsible Growth and Revitalization
ACTION REQUESTED:
Resolution
LEGAL:
No Review Required
SUBJECT:
Consider motion to adopt RESOLUTION approving the application for tax abatement under the Urban Revitalization Plan for the City of Ankeny, Iowa, submitted for the property locally known as 301 - 309 SW Walnut St., Ankeny, Iowa.
EXECUTIVE SUMMARY:
98 Investments LLC has submitted an application for 10-year sliding scale property tax abatement for improvements to the property located at 301-309 SW Walnut Street. This property has four tenants: Porchlight Coffee, Walnut Street Gallery, Uptown Garage & Brewing Company, and Edward Jones financial services.  The total estimated investment in the improvements to the property is $750,000.  The property is located within the boundaries of  the City of Ankeny's Urban Revitalization Area.  These improvements, which were recently completed, are expected to increase the value of the property by 15% or more, making the project eligible for tax abatement. 
FISCAL IMPACT: Yes

The property tax abatement schedule is as follows:

 

Year 1 - 80%

Year 2 - 70%

Year 3 - 60%

Year 4 - 50%

Year 5 - 40%

Year 6 - 40%

Year 7 - 30%

Year 8 - 30%

Year 9 - 20%

Year 10 - 20%

 

Abatement only applies to the incremental increase to the assessed valuation, which will be determined by the County Assessor after the project has been reviewed.
CITY MANAGER'S RECOMMENDATIONS:
To approve as presented.
PREVIOUS COUNCIL/COMMISSION/BOARD ACTION(S):
N/A
PUBLIC OUTREACH EFFORTS:

This abatement program was approved by ordinance in 1985.  Public hearings were held at that time.
ACTION REQUESTED:
ADDITIONAL INFORMATION:
ATTACHMENTS:
Click to download
301 SW Walnut Abatement Reso
Abatement App - 301 SW Walnut