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Council amends JT Warehouse public-improvement agreement, contingent on financial security
Summary
The City Council approved an amendment to the JT Warehouse public-improvements agreement to extend the performance date to Sept. 27, 2026, contingent on city attorney approval of current or updated financial security; the council also acknowledged release from an older development agreement per staff recommendation.
The Ames City Council approved an amendment extending the public-improvements agreement for the JT Warehouse subdivision and acknowledged the property's release from a prior regional-mall development agreement, contingent on legal review of financial security.
Staff told the council the amended agreement adds two "whereas" clauses and extends the performance date to Sept. 27, 2026. Legal staff is reviewing the developer's existing bond and will accept the current financial security or an updated substitute to the city attorney's satisfaction before finalizing the amendment.
Why it matters: The change clears a path for an industrial rezoning and clarifies whether the site remains subject to a long-standing regional-mall development agreement. Staff recommended the council recognize the property is no longer governed by that older agreement, citing prior rezones and subsequent council actions.
Council action: On first reading the council approved the amendment and the release acknowledgement; one councilmember abstained from the vote citing lack of time to review an updated document packet.
What happens next: The city attorney will complete legal review of the financial security. If the substitute or current bond is acceptable, staff will finalize the amended public-improvements agreement and proceed with related development steps for the JT Warehouse property.
