The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION # 14-114
Resolution Appropriating funds necessary to meet the City’s
Obligation to MC Industries per Development Agreement
approved by Resolution #10-96 dated August 2, 2010.
WHEREAS, The Council approved a Development Agreement with MC Industries by Resolution #10-96 dated August 2, 2010, and
WHEREAS, The agreement provides for five Grant payments of $20,000 each, in addition to property tax rebates on the improvements over a period of ten (10) years at percentages set forth in the agreement, and
WHEREAS, The City appropriated $8,806 to meet the City’s obligations for third tax rebate payments in FY ’15 based upon estimated valuation as shown by Resolution #13-99. The exact amount of said rebate is $8,368, as determined after consultation with the County Assessor and Auditor. The City’s appropriation was long in the amount of $438.00, and it is necessary to correct the past Resolution decreasing the appropriation from $28,806. to $28,368, which includes the 4th grant payment .
WHEREAS, The Council finds that funds should be appropriated in the amount necessary to make the 5th and final grant payment for FY ’16 due MC Industries in the amount of $20,000 and the fourth year of rebate payments to MC Industries for 100% of the “new” taxes related to the improvements identified within the Developer’s Agreement, less non-TIF and/or protected levies, in the estimated total amount of $ 11,472., for FY ’16 each, based upon the FY ’14 valuation and consolidated tax rates, with the exact rebate to be determined after the receipt of actual final assessment numbers and payment of taxes by the owner.
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 pay the 5th Incentive Grant payment and to rebate 100% of the “new” taxes paid by MC Industries related to the improvements identified within the aforementioned Developer’s Agreement, less protected levies and to adjust the appropriation for the FY ’15, as stated above.
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