RESOLUTION NO. #2021-145
To Approve Development Agreement between City of Monticello and Matt Kumley dba Glass Tap, LLC
WHEREAS, the City has previously received, through the Iowa Department of Natural Resources (“IDNR”), a State of Iowa Derelict Building Grant and expended in excess of $50,000 on roof replacement and asbestos abatement; and
WHEREAS, the City has received, through the Iowa Economic Development Agency (IEDA”), a State of Iowa Community Catalyst Building Remediation Grant to support the improvement of the Compadres Building as anticipated and outlined herein, in the amount of $100,000, to which the City has committed a matching grant of $50,000; and
WHEREAS, the Purchaser intends to acquire the Compadres Building from the City, for the payment of $1,000 and consideration of the terms and obligations herein, and the Purchaser will undertake the restoration and interior construction of a restaurant/bar within the Compadres Building, and future residential units on the second story, with an investment on Purchaser’s part of not less than $200,000; and
WHEREAS, the City proposes to enter into an agreement (the “Development Agreement”) with Matt Kumley dba Glass Tap, LLC (the “Developer”) with respect to the restoration and interior construction of a restaurant/bar within the Compadres Building, and future residential units on the second story located at 103West First Street, in Monticello, Iowa, and
WHEREAS, the City agrees to make payments or reimbursements from the Catalyst Grant in an amount not to exceed $100,000, with an additional $50,000 match provided by the City ($150,000 in total) pursuant to the terms and requirements of the State of Iowa Community Catalyst Building Remediation Grant. Any additional amounts necessary to complete the project shall be the responsibility of the Purchaser.
NOW THEREFORE, IT IS RESOLVED by the City Council of the City of Monticello, Iowa, on this 15th day of November, 2021, by the approval of this Resolution, does hereby approve the proposed Development Agreement and incentives offered therein.
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