The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #17-137
Resolution to approve Amendment to Development Agreement between the
City of Monticello and Boulders Inn Monticello, L.L.C.
WHEREAS, The City Council of Monticello previously, with a goal of promoting development within the City limits, previously entered into a Development Agreement with Boulders Inn Monticello, LLC, and
WHEREAS, Boulders Inn Monticello, LLC has recently requested an amendment to the Development Agreement, modifying provisions related to grant payments tied to the payment by Boulders of Hotel/Motel taxes set forth within the Development Agreement at Paragraph B(2)(b) on pages 3 and 4 of the original agreement, and
WHEREAS, The amendment requested will not increase the grant rebate percentages and the rebate payments will end as scheduled at the end of May, 2026 (May 31st), however, as the purpose of the amendment is to modify the rebate schedule from an annual payment schedule to a bi-annual payment schedule the schedule will be slightly modified to match the bi-annual rebate periods with the Hotel/Motel Tax reporting periods which will allow Boulders to submit their Hotel/Motel tax report to the City in justification of the requested rebate payment which will create one seven (7) month rebate, from 6/1/2017 through 12/31/2017, after which all rebates will be based upon six (6) month schedules (1/1 through 6/30 and 7/1 through 12/31) but for the last rebate period which will end on May 31,2026, and
WHEREAS, The City Council scheduled a Public Hearing on November 6, 2017 for tonight’s meeting, November 20, 2017, on the proposed Development Agreement amendment and the Public Hearing was held, and
WHEREAS, The Council finds that the amendment request is not resisted, does not negatively impact the City in any notable manner, is otherwise reasonable and appropriate, and should, therefore, be approved.
NOW, THEREFORE, BE IT RESOLVED that the City Council of Monticello, Iowa does hereby approve the proposed Amendment to the Development Agreement between the City of Monticello and Boulders Inn Monticello, L.L.C. and authorizes the Mayor to execute said amendment on behalf of the City.
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 20th day of November, 2017.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk