The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #19-26
Approving 2019 Amendment Number 1 to the City of 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 and desirable to amend the Urban Renewal Plan as set out 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 amendments, and the public hearing was previously scheduled with appropriate notice published in the Monticello Express for tonight, and
WHEREAS, The City of Monticello Planning & Zoning Board reviewed the proposed amendments during their regular meeting on February 14, 2019 and voiced no objections, and
WHEREAS, The City Administrator invited the School Superintendent and the County Auditor to a meeting to discuss the proposed amendment as required by the Code, and
WHEREAS, No objections have been received by the County, the School, or anyone else to the proposed amendments.
NOW, THEREFORE, BE IT RESOLVED by the City Council in session this 4th day of March, 2019, that the proposed amendment to the Monticello Urban Renewal Plan, 2019 Plan Amendment #1, adding the N. Sycamore Street Reconstruction project to the Plan is hereby approved.
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 March, 2019.
__________________________________________
Brian Wolken, Mayor
Attest:
________________________________________
Sally Hinrichsen, City Clerk
Exhibit A
CITY OF MONTICELLO, IOWA
2019 URBAN RENEWAL PLAN AMENDMENT No. 1
MONTICELLO URBAN RENEWAL AREA
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 as amended in 1996, 2000, 2001, 2007, 2010, 2011, 2015, and 2017
Date of Council Approval of Project: January 7, 2019
Location and Description of Parking Lot 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]
[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, with $1,500,000 of said principal balance plus interest to be paid by TIF