The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #12-160
Resolution approving Julin Printing flood acquisition / buy-out price.
WHEREAS, The City Council previously approved of proceeding with the purchase of Julin Printing, along with others, through the FEMA property acquisition process whereby the City shares in 15% of the costs, FEMA covers 75% of the costs, and the State of Iowa covers 10% of the costs, and
WHEREAS, The City Administrator has reported to the City Council that the market value of the Julin property was determined based upon an appraisal as opposed to the market value set by the Jones County Assessor, plus 10%, which was the practice used to value all other properties included in the buy-out, and
WHEREAS, The City Administrator has informed the Council that the approved market value of approx. $620,000 should be considered a not to exceed value and/or the value at which FEMA will contribute 75% and the State of Iowa will contribute 10%, and that the transaction is voluntary for both the City and Julin, and
WHEREAS, The Council recognizes that the City will pay the full purchase price and will thereafter be reimbursed 75% of the cost from FEMA and 10% of the cost from the State, and
WHEREAS, Julin requests that the City affirm or confirm its position that the market value is $620,000 and that the Council acknowledges that the City will proceed with the buy-out based upon that value less the mandated DBA deductions, and
WHEREAS, Julin recognizes, and agrees, to the imposition of conditions that Julin relocate to a location within the City limits of Monticello, either by the acquisition of an existing structure or the construction of a new structure.
NOW THEREFORE, BE IT RESOLVED that the City Council of Monticello, Iowa does hereby determine that the buy-out value should be set at $620,000 and directs the City Administrator to proceed with the purchase at said amount, and further directs that an agreement be drafted setting out the conditions related to said purchase, specifically that Julin acquire an existing commercial/industrial location or build a new facility within the City limits of the City of Monticello to be home to Julin Printing and related businesses.
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 3rd day of December 2012.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, City Clerk