The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #18-133
Resolution Appropriating funds necessary to meet the City’s Obligation to Kardes Inc. per Development Agreement dated March 17, 2014
WHEREAS, The Council approved a Development Agreement with Kardes Inc by Resolution #14-31 dated March 17, 2014, and
WHEREAS, The agreement provided for six Grant payments of $20,000 each, in addition to property tax rebates on the improvements over a period of ten (10) years, at percentages set forth in the agreement, and
WHEREAS, The City, by way of Resolution #17-149, appropriated $55,176 to meet the City’s obligations for fifth grant payment and third year tax rebate payments in FY ’19 based upon estimated valuations, and
WHEREAS, After final assessments and payment of taxes, the third year rebate, not including the predetermined $20,000 grant, came in at $33,768, with a total appropriation of $53,768 for FY19, resulting in the City’s overall being long in the amount of $1,408, this Resolution correcting the estimate to match the actual rebate, decreasing the appropriation from $55,176 to $53,768, which includes the 5th grant payment, 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, including the sixth and final grant payment of $20,000 and fourth year rebates calculated at the rate of 80% of those taxes determined eligible to be rebated according to the terms of the Development Agreement, in the estimated total amount of $29,842, 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 sixth and final grant and the fourth year of rebate payments for FY ’20 to Kardes Inc. in the estimated amount of $49,842 and hereby acknowledges the correction of the FY ’19 total rebate by decreasing the previously estimated sum of $55,176 to the actual payment of $53,768.
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