Council Communication Office of the City Manager	Date	June 9, 2008
	Agenda Item No. 45 Roll Call No. 08- Communication No. 08-359 Submitted by: Matthew A. Anderson, Economic Development Administrator

AGENDA HEADING:

Resolution approving an amendment to the existing Enterprise Zone agreement for the Whiteline Lofts project at 120 SW 5^th Street.

SYNOPSIS:

Recommend approval of an amendment to the existing Enterprise Zone agreement for the Whiteline Lofts project at 120 SW 5^th Street. The Whiteline Lofts project was approved for Enterprise Zone benefits in 2004 for the conversion of a 1913 7-story warehouse building into 64 condominium units in the historic Court Avenue neighborhood.

The developer of the project modified six of the original units into larger spaces at the request of tenants purchasing the units. This resulted in 58 total units from the original 64. No other aspects of the project were modified, and the program goals have been achieved.

FISCAL IMPACT: NONE

Amount: $896,000 Investment Tax Credit; $178, 947 Sales Tax Refund

These are State of Iowa tax credits and have no impact on the City’s General Fund.

Funding Source: State of Iowa Enterprise Zone Program

ADDITIONAL INFORMATION:

The amendment is necessary to clarify that the total number of units has changed, but the original intent of the project has remained the same.

PREVIOUS COUNCIL ACTION(S):

Date: June 7, 2004

Roll Call Number: 04-1184

Action: Whiteline Lofts, L.P.’s application for Enterprise Zone Benefits for 64 condominium units at 120 SW 5^th Street.  (Council Communication No.  04-292).  Moved by Hensley to adopt.  Motion Carried 7-0.

BOARD / COMMISSION ACTIONS:

The Enterprise Zone Commission will review the amended application at their June 12, 2008 meeting.

ANTICIPATED ACTIONS AND FUTURE COMMITMENTS: NONE

For more information on this and other agenda items, please call the City Clerk’s Office at 515-283-4209 or visit the Clerk’s Office on the second floor of City Hall, 400 Robert D. Ray Drive. Council agendas are available to the public at the City Clerk’s Office on Thursday afternoon preceding Monday’s Council meeting. Citizens can also request to receive meeting notices and agendas by email by calling the Clerk’s Office or sending their request via email to cityclerk@dmgov.org.