The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #2021-129
Resolution Appropriating funds necessary to meet the City’s Obligation to Innovative Ag. Services under the Development Agreement dated February 15, 2010
WHEREAS, The Council approved a Development Agreement with Innovative Ag. Services (IAS) by Resolution #10-18 dated February 15, 2010 that provided tax rebate incentives tied to the construction of a new IAS office building on their property, and
WHEREAS, IAS has constructed the new office building as contemplated, and, therefore, the Council finds it appropriate to meet the City’s obligation and or agreement to annually appropriate sums from the incremental taxation collected on the new value created by the improvement to meet the tax rebate percentage set out within the Development Agreement, and
WHEREAS, The City, by way of Resolution #2020-130, appropriated $3,202 to meet the City’s obligations under the tenth and final year tax rebate provisions, for FY ’22, as set forth within the Development Agreement, said amount being based upon estimated valuations, and
WHEREAS, After final assessments and payment of taxes, the tenth and final year rebate was calculated to be $3,238, resulting in the City’s appropriation being short in the amount of $36, this Resolution correcting the estimate to match the actual rebate, increasing the appropriation from $3,202to $3,238.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Monticello does hereby acknowledge the correction of the FY ’22 total rebate by increasing the previously estimated sum of $3,202 to the actual amount of $3,238.
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 15th day of November, 2021.
Brian Wolken, Mayor
Attest:
Sally Hinrichsen, City Clerk