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Resolution 17-151

The City of Monticello, Iowa

IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA

RESOLUTION #17-151

Resolution Appropriating funds necessary to meet the

City’s Obligation to B & J Hauling & Excavation per

 Development Agreement approved by

Resolution #17-111 dated October 2, 2017

WHEREAS,              The Council approved a Development Agreement with B & J Hauling & Excavation by Resolution #17-111 dated October 2, 2017, and

WHEREAS,              The agreement provides for two Grant payments, the first, in the amount of $5,000, to be due upon demolition of existing structures and the second, in the amount of $15,000, to be due upon completion of the proposed structure on the property, not including interior build out of the units located within the structure, said payments to be made to the Developer, in addition to property tax rebates on the improvements over a period of ten (10) years at percentages set forth in the agreement, said rebates to be paid to the owner of each independent unit within the overall structure, and

WHEREAS,              The City has not, prior hereto, appropriated any sums or made any payments to the developer pursuant to the terms of the Development Agreement, and

WHEREAS,              Based upon estimated project completion dates, tax rebates will not begin until FY’ 21, as the first tax rebate is to be made after the property has been fully valued and assessed, and

WHEREAS,              The Council finds that funds should be appropriated in the amount of $20,000 to meet the City’s obligations to make the required grant payments, with the first payment anticipated to be made on or about December 1, 2017 and the second to be made on or about May 1, 2018.

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 both grant payments estimated to be due under the Development Agreement in the amount of $20,000.

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