THE CITY OF MONTICELLO, IOWA
RESOLUTION # 11-163
Resolution to approve the resurfacing of Maple and Grand Streets and the use of Tax Increment Financing collections to fund project.
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
WHEREAS, The City of Monticello entered into a contract with Horsfield Construction to resurface the 200 block of Maple Street and the 200 block of Grand Street, and
WHEREAS, These streets sections are located in the Urban Renewal District and where the total project cost was $418,868.50, and
WHEREAS, The City of Monticello did a GO Bond in 2008 to help fund this and various other projects. The bond proceeds designated for this project was in the amount of $344,661.16, and
WHEREAS, the balance of this project not covered by the bond proceeds in the amount of $74,207.34, shall be payable from TIF funds, and
NOW THEREFORE BE IT RESOLVED by the City of Monticello, through its’ City Council, in session this 21st day of November 2011, that the City Council approves of the use of Tax Increment Financing collections to pay for the project..
IN TESTIMONY WHEREOF, I have hereunto subscribed my name and caused the Great Seal for the City of Monticello, Iowa to be affixed. Done this 21st day of November, 2011.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, City Clerk