The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #14-116
Resolution Appropriating funds necessary to meet the City’s Obligation to Innovative Ag. Services under the Development Agreement approved by Resolution 10-18 dated February 15, 2010.
WHEREAS, The Council approved a Development Agreement with Innovative Ag. Services (IAS) that provided tax rebate incentives tied to the construction of a new IAS office building on their property, and
WHEREAS, IAS has constructed the new office building as contemplated, and, therefore, the Council finds it appropriate to follow through on the City’s obligation and or agreement set out within the Development Agreement to annually appropriate sums from the incremental taxation collected on the new value created by the improvement to meet the tax rebate percentage set out therein, and
WHEREAS, The City appropriated $3,086 to meet the City’s obligations for third tax rebate payments in FY ’15 based upon estimated valuation as shown by Resolution #13-95. The exact amount of said rebate is $3,064, as determined after consultation with the County Assessor and Auditor. The City’s appropriation was long in the amount of $22.00, and it is necessary to correct the past Resolution decreasing the appropriation from $3,086. to $3,064.
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 $5,130, same being equal to 80% of the “new” or incremental property taxes to be paid as a result of the construction of the new office building, with the exact amount of the rebate to be determined after payment of said taxes by the Developer.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Monticello does hereby formally appropriate funds collected from and related to the incremental value created by the developer’s property improvements to meet the City’s obligations to rebate 80% of that incremental tax, less protected levies, during FY ’16 and to adjust the appropriation for 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