The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #19-15
Scheduling Public Hearing on proposed Amendments to
the Monticello Urban Renewal Plan.
WHEREAS, The City of Monticello has previously created the Monticello Urban Renewal Area, as subsequently amended, hereinafter referenced as the “Urban Renewal Area”, and
WHEREAS, The Council, being been duly advised, has determined it appropriate to amend the Urban Renewal Plan to include the N. Sycamore Street Reconstruction project, as more fully described within Exhibit A, and
WHEREAS, The Council desires to consider all input before making a final decision on the proposed amendment to the Urban Renewal Plan, and
WHEREAS, A Public Hearing must be scheduled to allow for public input on the proposed amendment.
NOW, THEREFORE, BE IT RESOLVED by the City Council in session this 4th day of February, 2019 as follows:
- That a Public Hearing is hereby scheduled for the 4th day of March, 2019 at 6:00 p.m. at the regularly scheduled City Council Meeting, same to be held in Council Chambers at the Monticello Renaissance Center.
- The City Clerk shall publish notice of said hearing, same to be in the form of the notice attached hereto, and identified as “Exhibit B”, in the Monticello Express not less than four nor more than twenty days prior to the date set for hearing.
- City Administrator, Doug Herman, is designated as the City’s representative in connection with the consultation process per Iowa Code section 403.5.
- The proposed Urban Renewal Plan Amendment is hereby submitted to the City of Monticello Planning and Zoning Board for review and recommendation, as required by Iowa Code Section 403.5.
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 4th day of February, 2019.
__________________________________________
Brian Wolken, Mayor
Attest:
________________________________________
Sally Hinrichsen, City Clerk
Exhibit A
CITY OF MONTICELLO, IOWA
URBAN RENEWAL PLAN AMENDMENT
MONTICELLO URBAN RENEWAL AREA
February/March, 2019
The Urban Renewal Plan (the “Plan”) for the Monticello Urban Renewal Area (the “Area”) is being amended for the purpose of identifying a new urban renewal and economic development project to be undertaken therein.
1) Identification of Project.
By virtue of this amendment, the list of authorized urban renewal projects in the Plan is hereby amended to include the following project description:
Name of Project: N. Sycamore Street Reconstruction Project (the “N. Sycamore Street Project”)
Name of Urban Renewal Area: Monticello Urban Renewal Area
Year of Establishment of Urban Renewal Area: October 19, 1992
Date of Council Approval of Project: January 7, 2019
Location and Description of Project: The project is generally described as the total reconstruction of N. Sycamore Street from its intersection with 1st Street to just past its intersection with 7th Street more specifically described as follows: All labor, materials and equipment necessary for the reconstruction of N. Sycamore Street, generally including street, water system, sanitary sewer system, sidewalk and storm water drainage improvements and the installation of street lighting, signage and signalization, if necessary, with similar reconstruction work on a portion of the side streets off of N. Sycamore Street, including 2nd, 3rd, 4th, 5th, 6th, and 7th Streets.
The areas to be reconstructed are partially in the Commercial District and expected to promote additional improvements in those area and said street is also a main traffic and parking area for the Great Jones County Fair, the biggest economic impact to the City on an annual basis, and part of the 4th of July Parade Route, another event that brings many people to the community. The project is also located in one of the older parts of the community and the Council finds that the reconstruction of the street and related improvements will more likely than not bring about a certain amount of urban revitalization in that part of town, similar to improvements and revitalization seen by the City along 2nd Street when 2nd Street was reconstructed a few years ago.
Description of Properties to be Acquired in Connection with Project: The City will not be acquiring any property as part of this project.
Description of Use of TIF: The City Council will be bonding for the majority of project costs in an amount not to exceed $2,700,000 and will be paying for other costs of the project out of non-bonded cash on hand, whether form the Road Use Budget or the City General Fund in an amount not to exceed $100,000. It is the intent of the City that 60% of said project costs will be repaid with incremental property tax revenues. It is anticipated that the City’s use of incremental property tax revenues for the N. Sycamore Street Project will not exceed $1,680,000.
2) Required Financial Information. The
following information is provided in accordance with the requirements of
Section 403.17 of the Code of Iowa:
Constitutional debt limit of the City: $12,282,292[1]
Outstanding general obligation debt
of the City: $ 2,390,000[2]
Proposed debt to be
incurred in connection with
This February/March, 2019 Amendment $ 2,700,000[3]
Exhibit B
NOTICE OF PUBLIC HEARING ON PROPOSED URBAN RENEWAL PLAN AMENDMENT
Notice Is Hereby Given: That at 6:00 o’clock p.m. on the 4th day of March, 2019, at the Mary Lovell LeVan, Monticello Renaissance Center, Community Media Center, 220 East First Street, Monticello, Iowa, there will be conducted a public hearing on the question of whether or not the City Council should amend the Urban Renewal Plan for the Monticello Urban Renewal Area pursuant to Chapter 403, Code of Iowa, a copy of said amendment being on file for public inspection in the office of the City Clerk. The proposed amendment to the Urban Renewal Plan provides that the City of Monticello will cover up to sixty (60) percent of the N. Sycamore Street Reconstruction Project with incremental property tax revenues (TIF). At said hearing any interested person may file written objections or comments and may be heard orally with respect to the subject matters of the hearing.
Sally
Hinrichsen
City Clerk
[1] This number represents the Constitutional Debt limit entering FY ‘20
[2] This number represents the Total G.O. Debt entering FY ’20, not including TIF Rebate agreements, most of which are subject to Annual Appropriation. The approx. total of TIF Rebate obligations, whether subject to annual appropriation or not total $616,239
[3] This represents the maximum that may be borrowed with the Council intending to borrow $2.5 million