The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #18-130
Resolution Appropriating funds necessary to meet the City’s Obligation to MC Industries under the Development Agreement dated August 2, 2010.
WHEREAS, The Council approved a Development Agreement with MC Industries by Resolution #10-96 dated August 2, 2010, and
WHEREAS, The agreement provided for five Grant payments in the amount of $20,000 each and property tax rebates over a period of ten (10) years at percentages and under conditions as set forth in the agreement, and
WHEREAS, The City, by way of Resolution #17-146, appropriated $7,478 to meet the City’s obligations under the seventh year tax rebate provisions, FY ’19, of the agreement based upon estimated valuations, and
WHEREAS, After final assessments and payment of taxes, the seventh year rebate came in at $7,180, resulting in the City’s appropriation being long in the amount of $298, this Resolution correcting the estimate to match the actual rebate, decreasing the appropriation from $7,478 to $7,180, and
WHEREAS, The Council finds that funds should be appropriated for FY ‘20 in the amount necessary to rebate sums consistent with the Development Agreement, for the eighth year of said rebates, calculated at the rate of 70% of those taxes determined eligible to be rebated according to the terms of the Development Agreement, in the estimated total amount of $7,180, said estimate being based upon the FY ’18 valuation and consolidated tax rates, with the exact rebate to be determined after the receipt of final assessment numbers and tax payments made 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 eighth year, FY ’20, of rebate payments to MC Industries in the estimated amount of $7,180 and hereby acknowledges the correction of the FY ’19 total rebate by decreasing the estimated sum of $7,478 to the actual amount of $7,180.
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 19th day of November, 2018.
Brian Wolken, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk