Resolution 22-128

The City of Monticello, Iowa

IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA

RESOLUTION #2022-128

Approving correction of typographical error in Frontier Warehousing and Oak Street Commercial Cabinets, Inc dba Oak Street Manufacturing Agreement

WHEREAS, The City of Monticello entered into a Development Agreement with Frontier Warehousing and Oak Street Commercial Cabinets, Inc dba Oak Street Manufacturing, same having been approved on the 3^rd day of January, 2022 by Resolution #2022-1, and

WHEREAS, It has since been determined that there is an error in the Tax Rebate Schedule as set out in the agreement, the error falling into the general category of being “typographical” in nature, and

WHEREAS, The Council finds that the rebate schedule should begin in Fiscal Year 2024 – 2025, based on when the minimum assessment of $1.25 million dollars going on the tax rolls as of January 1, 2023, and that the agreement should be corrected by adjusting the schedule as follows:  

            FY  2024-2025: 100%
                        FY  2025-2026: 95%
                        FY  2026-2027: 90%
                        FY  2027-2028: 85%
                        FY  2028-2029: 80%
                        FY  2029-2030: 75%
                        FY  2030-2031: 70%
                        FY  2031-2032: 65%
                        FY  2032-2033: 60%
                        FY  2033-2034: 55%

NOW THEREFORE, BE IT RESOLVED that the Council does hereby approve of the amendment to the Development Agreement between the City of Monticello and. as set forth herein, adding the FY 2033-2034 to the Rebate schedule and removing the FY 2023-2024 from the Rebate schedule, with the percentages remaining the same.

IN THE TESTIMONY WHEREOF, I have hereunto subscribed my name and caused the Great Seal for the City of Monticello, Iowa to be affixed.  Done this 7^th day of November, 2022.

David Goedken, Mayor 

Attest:

Sally Hinrichsen, City Clerk