The City of Monticello, Iowa
RESOLUTION #2023-101
Preliminarily approving proposed Development Agreement between the City of Monticello and BR5 LLC and scheduling a Public Hearing on the proposed agreement.
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 Area and 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 Section 403.19(2) 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 a Development Agreement, the “Development Agreement”, with BR5 LLC pertaining to construction of a 12-unit Workforce Housing apartment building located at and described as Lot 2 of BR3 Subdivision, in the City of Monticello, County of Jones, State of Iowa, and
WHEREAS, the Development Agreement is proposed to include incentives that include, Property Tax rebates payable over a period of years in an amount that will not exceed $260,000.00 under the authority of Chapter 403 of the Code of Iowa, and
WHEREAS, it is necessary to set a date for a public hearing on the Proposed Development Agreement pursuant to Section 403.9 of the Code of Iowa;
NOW THEREFORE, IT IS RESOLVED by the City Council of the City of Monticello, Iowa, as follows:
Section 1. The City Council, by the approval of this Resolution, shall be deemed to have preliminarily approved the proposed Developer’s Agreement and incentives offered therein, subject to the completion of those tasks and obligations of the Developer set forth therein, and further subject to public comment and input yet to be received by the City Council and to future formal approvals related to the inclusion of the proposed project within the Urban Renewal Plan.
Section 2. This City Council shall meet on the 7th day of August, 2023, at 6:00 o’clock p.m., at the regularly scheduled City Council Meeting, same to be held in Council Chambers at the Monticello Renaissance Center, Community Media Room, in the City, at which time and place proceedings will be instituted and action taken to consider the formal and final approve of the proposed Development Agreement, Amendment to the Urban Renewal Plan, and Rezoning of said property to “R-3” Multiple Family Residential.
Section 3. That the Planning and Zoning Board is directed to consider rezoning said property to “R-3” Multiple Family Residential, and make a recommendation to the City Council.
Section 4. The City Clerk is hereby directed to give notice of the proposed action, the time when and place where said meeting will be held, by publication at least once not less than four days and not more than twenty days before the date of said meeting in a legal newspaper of general circulation in the City, said notice shall be substantially consistent with the proposed Notice attached hereto, and
Section 5. All resolutions or parts of resolutions in conflict herewith are hereby repealed.
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 July, 2023.
Dave Goedken, Mayor
Sally Hinrichsen, City Clerk