DATE FOR HEARING ON DEVELOPMENT AGREEMENT AND TAX INCREMENT PAYMENTS
(Oak Street Manufacturing)
Monticello, Iowa
January 3, 2022
A meeting of the City Council of the City of Monticello, Iowa, was held at the Monticello Renaissance Center, Community Media Room, Monticello, Iowa, 6:00 o’clock p.m., on January 3, 2022 pursuant to the rules of the Council.
The Mayor Goedken presided and the roll was called, showing members present and absent as follows:
Present: Wayne Peach, Brenda Hanken, Scott Brighton, Candy Langerman, Chris Lux and Tom Yeoman
Absent: None
Council Member Langerman introduced the resolution next hereinafter set out and moved its adoption, seconded by Council Member Brighton; and after due consideration thereof by the Council, the Mayor put the question upon the adoption of said resolution, and the roll being called, the following named Council Members voted:
Ayes: Langerman, Brighton, Lux, Yeoman, Peach and Hanken
Nays: None.
Abstained: None.
Whereupon,
the Mayor declared said resolution duly adopted, as follows:
RESOLUTION NO. 2022-1
To Approve Development Agreement between City of Monticello and Frontier Warehousing (the “Developer”) and Oak Street Commercial Cabinets Inc. dba Oak Street Manufacturing
WHEREAS, the City of Monticello, Iowa (the “City”), pursuant to and in strict compliance with all laws applicable to the City, and in particular the provisions of Chapter 403 of the Code of Iowa, has adopted an Urban Renewal Plan for the Monticello Urban Renewal Area (the “Urban Renewal Area”); and
WHEREAS, this City Council has adopted an ordinance providing for the division of taxes levied on taxable property in various Urban Renewal Areas pursuant to Section 403.19 of the Code of Iowa and establishing the fund referred to in Subsection 2 of Section 403.19 of the Code of Iowa, which fund and the portion of taxes referred to in that subsection may be irrevocably pledged by the City for the payment of the principal and interest on indebtedness incurred under the authority of Section 403.9 of the Code of Iowa to finance or refinance in whole or in part projects in the Urban Renewal Area; and
WHEREAS, the City proposes to enter into an agreement (the “Development Agreement”) with Frontier Warehousing (the “Developer”) and Oak Street Commercial Cabinets Inc. dba Oak Street Manufacturing (the “Tenant”) with respect to the construction of a new 40,000 square foot manufacturing facility in the City of Monticello, County of Jones, State of Iowa, and
WHEREAS, the Development Agreement would provide financial incentives to the Developer and/or Tenant, that include tax rebates and a 2-payment grant payable over a period of years in an amount that will not exceed $325,000, under the authority of Section 403.9(1) of the Code of Iowa, and
WHEREAS, the City Council scheduled a public hearing on the proposed Development Agreement for tonight’s meeting, January 3, 2022 at 6:00 p.m., and
WHEREAS, The City Council has held the public hearing as scheduled.
NOW THEREFORE, IT IS RESOLVED by the City Council of the City of Monticello, Iowa, on this 3rd day of January, 2022, 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 3rd day of January, 2022.
Dave Goedken, Mayor
Attest:
Sally Hinrichsen, City Clerk