The City of Monticello, Iowa
RESOLUTION #2024-188
Approving Pay Request #1 to Highland Corporation, Re: Northridge
Estates Fifth Addition Improvement Project in the amount of $126,469.00
WHEREAS, the City of Monticello, Iowa is an incorporated city within Jones County, Iowa; and
WHEREAS, the Council entered into an agreement (the “Development Agreement”) with Highland Corporation (the “Developer”) with respect to the construction of a 12-lot single family home subdivision on Lot 2 of Northridge Estates 3rd Addition, a portion of the tract of land having PIN 0216300045 to the City of Monticello, County of Jones, State of Iowa, with Resolution #2024-155 dated October 21, 2024 and
WHEREAS, the Development Agreement would provide financial incentives to the Developer in the form of payments for a portion of the public infrastructure necessary to construct the subdivision, and
WHEREAS, Highland Corporation has submitted their first pay request in the gross amount of $180,670.00 which, after reducing same by the contractually agreed upon 30% retainer, reduces the current amount due to $126,469.00, and
WHEREAS, The Council finds that the pay request is supported by the work completed and that the City Engineer has recommended approval of said pay request.
NOW THEREFORE, BE IT RESOLVED that the City Council of Monticello, Iowa does hereby approve the first pay request from Highland Corporation in the amount of $126,469.00, same reflecting the maintenance of a 30% retainer in the current amount of $54,201.00.
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 16th day of December 2024.
Wayne Peach, Mayor
Attest:
Sally Hinrichsen, City Clerk/Treasurer