The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION # 14-113
Resolution Appropriating funds necessary to meet the City’s Obligation to Althoff Properties, LLC per Development Agreement for FY 2016.
WHEREAS, The Council approved a Development Agreement with Althoff Properties, LLC, also known as Maryville Partnership, by Resolution #11-56, and
WHEREAS, The agreement provides that the City will rebate to Althoff 90% of property taxes to be paid by Althoff during the 4th year the property is subject to taxation, and
WHEREAS, The City appropriated $16,076 to meet the City’s obligations for third tax rebate payments in FY ’15 based upon estimated valuation as shown by Resolution #13-97. The exact amount of said rebate is $15,094, as determined after consultation with the County Assessor and Auditor. The City’s appropriation was long in the amount of $982. and it is necessary to correct the past Resolution decreasing the appropriation from $16,076. to $15,094, and
WHEREAS, Based upon information obtained from the Jones County Assessor it is estimated that the City’s obligation for the fourth tax rebate payments in FY 2016 rebate will total approximately $9,634, same being equal to 90% of the property taxes paid by Althoff during FY 2016, in whatever amount is necessary to meet that obligation, same currently estimated to be $ 9,634, based upon the FY ’14 valuation and consolidated tax rates, the exact amount of said rebate to be determined after the final assessment on the property has been approved and taxes paid, and
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 90% of the taxes paid by Althoff for the fourth year the property is subject to taxation, same to be due and payable in FY ’16 and to adjust the appropriation for FY ’15, as stated above.
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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 17th day of November, 2014.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk