The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #17-154
To approve City Cost share with regard to purchase and removal of property located at
418 E. Oak Street, Monticello, Iowa
WHEREAS, The City Council has not previously approved financial incentives related to the Condominium Development project underway along Oak Street, and
WHEREAS, The developer has now requested assistance with regard to the purchase of the property located at 418 E. Oak Street from the City in the amount of $10,000, and
WHEREAS, The Council understands that if the transaction related to the purchase of 418 E. Oak Street goes through that the lot will be cleared of the home by no later than December 31, 2017 and that Fidelity Bank will own the property thereafter, and
WHEREAS, The Council finds that the removal of this home from its location on Oak Street is in the best interests of the Developer, the City, and Fidelity Bank, and is consistent with the City of Monticello Comprehensive Plan, and
WHEREAS, The finds that investment in this project in the amount of $10,000 is appropriate and that same should be paid from MCD Fund as the removal of this home is for economic development purposes, and
WHEREAS, The City investment in this project shall not be paid to the Developer until all structures have been removed from the lot.
NOW THEREFORE, BE IT RESOLVED that the City Council of Monticello, Iowa does hereby approve a City Cost Share / Investment in the purchase and removal of the property located at 418 E. Oak Street in the amount of $10,000 with the understanding that all structures will be removed from the property by no later than December 31, 2017, with the payment to Developer to be held until such removal has been accomplished.
IN THE TESTIMONY WHEREOF, I have hereunto subscribed my name and caused the Great Seal for the City of Monticello, Iowa to be affixed. Done this 20th day of November, 2017.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, City Clerk