The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #18-131
Resolution Appropriating funds necessary to meet the City’s Obligation to Innovative Ag. Services under the Development Agreement dated February 15, 2010.
WHEREAS, The Council approved a Development Agreement with Innovative Ag. Services (IAS)by Resolution #10-18 dated February 15, 2010 that provided tax rebate incentives tied to the construction of a new IAS office building on their property, and
WHEREAS, IAS has constructed the new office building as contemplated, and, therefore, the Council finds it appropriate to meet the City’s obligation and or agreement to annually appropriate sums from the incremental taxation collected on the new value created by the improvement to meet the tax rebate percentage set out within the Development Agreement, and
WHEREAS, The City, by way of Resolution #17-147, appropriated $3,816 to meet the City’s obligations under the seventh year tax rebate provisions, for FY ’19, as set forth within the Development Agreement, said amount being based upon estimated valuations, and
WHEREAS, After final assessments and payment of taxes, the seventh year rebate was calculated to be $3,666, resulting in the City’s appropriation being long in the amount of $150, this Resolution correcting the estimate to match the actual rebate, decreasing the appropriation from $3,816to $3,666.
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 60% of the incremental property taxes less protected levies eligible to be rebated in the estimated total amount of $3,384, said estimate being based upon the FY ’18 valuation and consolidated tax rates, 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 Innovative Ag. Services (IAS) in the estimated amount of $3,384 and hereby acknowledge the correction of the FY ’19 total rebate by reducing the previously estimated sum of $3,816 to the actual amount of $3,666.
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