The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #18-142
To approve payment related to Locust Court Development as previously approved by Resolution No. 17-154.
WHEREAS, The City Council previously approved the payment of a $10,000 grant related to the Mike Kraus and Bill Tinley Condominium Development project constructed along Oak Street, and
WHEREAS, The developer was awarded a $10,000 grant from the City to acquire and demolish the home located at 418 E. Oak Street, same being approved by Resolution #17-154, and
WHEREAS, The Council approved payment form the City MCD Fund after the receipt of funds from Norm Zimmerman following the closing with Mr. Zimmerman planned for the fall of 2018, and
WHEREAS, The Zimmerman closing was delayed and based thereon the MCD funds are not currently adequate to pay the agreed upon sum and for that reason the Council finds that the sums due as approved by Resolution #17-154 should be paid from the Commercial Rehabilitation Loan Fund (a/k/a Downtown Loan fund), said sum to be repaid to said fund upon closing with Mr. Zimmerman on the property at 224 N. Chestnut Street.
NOW THEREFORE, BE IT RESOLVED that the City Council of Monticello, Iowa does hereby approve payment of the sum of $10,000, consistent with Resolution #17-154, with the exception that the sums shall come from the Commercial Rehabilitation Loan Fund, as a loan to the MCD Fund, with the Commercial Rehabilitation Loan Fund being reimbursed by the MCD fund upon the City receipt of funds after the real estate closing between the City and Norm Zimmerman associated with the property at 224 N. Chestnut Street, the check made payable to Bill Tinley as directed by the developers Mike Kraus and Bill Tinley.
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 3rd day of December, 2018.
Brian Wolken, Mayor
Attest:
Sally Hinrichsen, City Clerk