The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION # 11-25
Resolution to approve the use of Tax Increment Financing collections to
fund the Amber Road Bridge a/k/a Kitty Creek Bridge project.
WHEREAS, The City of Monticello and Jones County agreed to join as partners in a 28E agreement to the replacement of the bridge spanning Kitty Creek on the Amber Road Bridge, and
WHEREAS, The City share of the bridge replacement project, totals $55,205.90, which the Council previously approved for payment on August 2, 2010 with Resolution #10-102, and
WHEREAS, TIF revenues can only be used to satisfy an eligible debt, and, therefore, the Amber Road Bridge a/k/a Kitty Creek Bridge project creates such a debt, that when realized may be repaid with TIF revenues, and
NOW, THEREFORE, BE IT RESOLVED by the City Council of Monticello, Iowa, that the City Clerk is hereby directed to use TIF Collections funds to cover the payment to Jones County in the amount of $55,205.90 for the Amber Road Bridge a/k/a Kitty Creek Bridge project.
IN TESTIMONY WHEREOF, I have hereunto subscribed my name and caused the Great Seal of the City of Monticello, Iowa to be affixed hereto. Done this 22nd day of February, 2011.
John Sauser, Mayor Pro Tem
Attest:
Sally Hinrichsen, City Clerk