The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #12-156
Resolution Appropriating funds necessary to meet the City’s Obligation to Althoff Properties, LLC per Development Agreement for FY 2013.
WHEREAS, The Council approved a Development Agreement with Althoff Properties, LLC, by Resolution #11-56, and
WHEREAS, The agreement provides that the City will rebate to Althoff 100% of property taxes to be paid by Althoff during the 2nd year the property is subject to taxation, and
WHEREAS, The City appropriated $14,482 to meet the City’s obligations for FY ’13 based upon an estimated valuation of $400,000 as shown by Resolution #11-164, and
WHEREAS, After final valuation by the Assessor in the amount of $418,370, the City’s appropriation was short in the amount of $764.00, and
WHEREAS, It is necessary to correct the past Resolution increasing the appropriation from $14,482 to $15,246.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Monticello does hereby formally appropriate funds necessary to meet the City’s obligation to rebate 100% of the taxes paid by Althoff for FY ’13 from the previously approved amount of $14,482 to the corrected amount of $15,246.
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 3rd day of December, 2012.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk