The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #19-73
Resolution to approve assignment of Development Agreement between City of Monticello and Maryville Family Partnership to new property owner. (John McDonald Building)
WHEREAS, The City of Monticello previously entered into a Development Agreement with Maryville Family Partnership in relation to the “John McDonald Hospital” building, and
WHEREAS, The Development Agreement allowed for the sale and assignment of the benefits of the Development Agreement so long as the assignee remained subject to the terms and provisions of the Development Agreement, and
WHEREAS, In furtherance of that objective the Council hereby agrees that the Maryville Family Partnership will be allowed to assign their interest in the Development Agreement if said purchaser acknowledges the obligation of said assignee to be bound by the terms of the Development Agreement.
NOW, THEREFORE, BE IT RESOLVED that the City Council of Monticello, Iowa does hereby approve of the assignment of the Development Agreement between the City and Maryville Family Partnership to a buyer of the subject property with the condition that the buyer acknowledge the obligation of said buyer/assignee to adhere to the terms of the Development Agreement to remain eligible for the incentives set forth within said agreement.
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 6th day of May, 2019.
Brian Wolken, Mayor
Attest:
Sally Hinrichsen, City Clerk