The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #16-113
Resolution Appropriating funds necessary to meet the City’s
Obligation to Robert “Bud” Johnson under the Development Agreement dated February 15, 2010
WHEREAS, The Council approved a Development Agreement with Robert ‘Bud” Johnson that provided tax rebate incentives tied to his development of the Eastern Iowa Sports Facility, and
WHEREAS, Robert “Bud” Johnson has constructed the Eastern Iowa Sports Facility as contemplated, and, therefore, the Council finds it appropriate to follow through on the City’s obligation and or agreement set out therein to annually appropriate sums from the incremental taxation to be collected from new value created by the improvement to meet the tax rebate percentage set out therein, and
WHEREAS, The City, by way of Resolution #15-104, appropriated $2,690 to meet the City’s obligations under the sixth year tax rebate provisions, FY ’17, of the agreement based upon estimated valuations, and
WHEREAS, After final assessments and payment of taxes, the sixth year rebate came in at $2,536, resulting in the City’s appropriation being long in the amount of $154, and it is necessary to correct the past Resolution decreasing the appropriation from $2,690 to $2,536.
WHEREAS, The Council finds that funds should be appropriated in the amount necessary to rebate seventh year taxes to Robert “Bud” Johnson as set forth in the Development Agreement, calculated at the rate of 65% of that incremental tax, less protected levies during FY ’18 eligible to be rebated according to the terms of the Development Agreement, in the estimated total amount of $2,354, said estimate being based upon the FY ’16 valuation and consolidated tax rates, with the exact rebate to be determined after the receipt of final assessment numbers and tax payments by the developer.
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 seventh year, FY ’18, of rebate payments to Robert “Bud” Johnson in the estimated amount of $2,354 as previously set forth herein, and does also hereby acknowledge the correction of the FY ’17 total rebate by reducing the estimate of $2,690 to the actual payment of $2,536, as explained 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 21st day of November, 2016.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk