The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #14-78
Resolution to approve entry of Lease with MUSCO Lighting related to lighting of
Prep. Diamond and use of City annual $5,000 MYBSA Capital project investment
towards purchase of said lights.
WHEREAS, the City of Monticello entered into an agreement with the MYBSA that included a provision requiring the City to set aside $5,000 per year towards MYBSA projects to be pre-approved by the City Council, and
WHEREAS, the MYBSA approached the City with a request to pledge said $5,000 investment for FY 15, FY 16, and FY 17 towards the installation of MUSCO lights at the prep diamond at the Sports Complex, and to
WHEREAS, the MUSCO lights are estimated to cost $54,000 to $58,000, with the MYBSA paying approximately 30% down and paying the balance at 3.95% interest over the next three years under a lease agreement between the City of Monticello and MUSCO due to the fact that MUSCO will enter into an agreement with the City but not an association working for or under the City, and
WHEREAS, the Council finds that the MYBSA has done a great job over the last year and that the addition of the lights to the Prep diamond with little City commitment is a good project, will serve the youth and adults in the Community, and is a good use of the funds dedicated within the City / MYBSA Agreement.
NOW, THEREFORE, BE IT RESOLVED that the City Council of Monticello, Iowa does hereby approve of the use of the $5,000 annual MYBSA Capital Improvement investment by the City in FY ’15, ’16, and ’17 to offset the costs of the MUSCO light installation at the Prep Diamond at the Sports Complex, and further authorizes the City Administrator to execute a lease agreement between the City and MUSCO to cover the remaining balance of the purchase price to be repaid at 3.95% with the aforementioned annual City investment and MYBSA funds, with a separate agreement to be entered whereby the MYBSA commits to cover all expenses under the lease agreement not including the planned $15,000 City investment.
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 21st day of July, 2014.
Dena Himes, Mayor
Attest:
Cheryl Clark, Deputy City Clerk