The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #2022-139
Appropriating funds necessary to meet the City’s Obligation to Frontier Warehousing and Oak Street Commercial Cabinets, Inc dba Oak Street Manufacturing per Development Agreement, dated January 3, 2022
WHEREAS, The Council approved a Development Agreement with Frontier Warehousing and Oak Street Commercial Cabinets, Inc dba Oak Street Manufacturing with Resolution #2022-1 dated January 3, 2022.
WHEREAS, The agreement provided for two (2) Grant payments of $20,000 each, in addition to property tax rebates on the improvements over a period of ten (10) years, at percentages set forth in the agreement, and
WHEREAS, The City did not appropriate or make any rebates to the Developer during FY ’22 due to the fact that the property was not substantially completed or assessed at that time. Council finds that funds should be appropriated in the amount necessary to make the first grant payments for FY ’23 due to Frontier Warehousing, in the amount of $20,000.
WHEREAS, The City has not, prior hereto, appropriated any sums or made any payments to the developer pursuant to the terms of the Development Agreement, and
WHEREAS, The Council finds that funds should be appropriated in the amount necessary to make the first and second grant payments of $40,000, and
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Monticello does hereby formally appropriate funds necessary to meet the City’s obligation to pay the first and second grant payment that will be due under the Development Agreement in the amount of $40, 000.
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 7th day of November, 2022.
David Goedken, Mayor
Attest:
Sally Hinrichsen, City Clerk/Treasurer