The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #11-56
Resolution to approve Economic Development Agreement between City of Monticello and Joel and Leslie Althoff.
WHEREAS, The City of Monticello wishes to see the John McDonald Building occupied, put in the hands of a private owner, and hopefully occupied by Four Oaks and other commercial tenants, and
WHEREAS, In furtherance of that objective, City staff has had many discussions with Four Oaks, Kirkwood, and an interested owner, Joel and Leslie Althoff, with regular reporting on said discussions / topic to the City Council, and has arrived at a process that appears agreeable to all parties, one part of the process being the entry into an Economic Development Agreement that is agreeable to both the Althoffs and the City, and
WHEREAS, A proposed Development Agreement has been drafted and agreed to by the City and the Althoffs, same being, by this reference, incorporated within this Resolution as if it had been set forth fully verbatim herein, a copy of same being appended hereto, and
WHEREAS, The City finds it appropriate, proper, and in the best interests of the City to approve the proposed Development Agreement between the City and the Althoffs, as a means of providing them a revenue stream for a series of years that can be used to make anticipated expensive improvements and renovations to the facility, as a means of establishing a Senior Center in the community, and as a means of hopefully keeping Four Oaks as a member of our community for a number of years to come.
NOW, THEREFORE, BE IT RESOLVED that the City Council of Monticello, Iowa does hereby approve the proposed Economic Development Agreement and directs the Mayor Pro Tem to execute same on behalf of the City Council before same is presented to the Althoffs for approval, and after the approval of same by Althoffs directs the City Administrator to begin the process of amending the City Urban Renewal Plan and TIF areas to include the property of concern and the use of increment for purposes of Tax Rebates to promote the revitalization of said property.
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 18th day of April, 2011.
John Sauser, Mayor Pro Tem
Attest:
Sally Hinrichsen, Monticello City Clerk