The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #16-55
Approving internal loan from the General Fund to TIF Capital
Project Fund in the amount of $60,017
WHEREAS, Costs related to previously approved City owned property located at 117 E Grand, same being acquired after the downtown Monticello fire of November, 2011, all same being by the City for purposes of City Improvements as part of the downtown fire re-development, and
WHEREAS, A loan from the General Fund to the TIF Capital Project fund in an amount of $60,017 is necessary to cover the costs related to the purchase and demolition of property located at 117 E Grand, and to create eligibility for TIF funds to cover said costs, and
WHEREAS, The General Fund loan will be repaid with TIF proceeds, and
WHEREAS, The Council finds that a loan from the General Fund to the TIF Capital Project Fund in the amount of $60,017, at 0% interest, to cover the costs related to the purchase and demolition of property located at 117 E Grand is appropriate and further finds that said internal loan should be repaid from TIF revenues as soon as practical thereafter.
NOW, THEREFORE, BE IT RESOLVED that the City Council of Monticello, Iowa does hereby approve of a transfer/loan from the General Fund Cash Reserves to the TIF Capital Project Fund in the amount of $60,017, at 0% interest per annum to cover the costs related to the purchase and demolition of property located at 117 E Grand, the principal of same to be repaid to the General Fund from the TIF revenue account as soon as is practicable.
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 18th day of April, 2016.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk