THE CITY OF MONTICELLO, IOWA
RESOLUTION #2024-99
Approving sale of City Owned Property at 541 N Chestnut Street
WHEREAS, The City Council , in June 2023, agreed to accept bids/proposals on City owned property at 541 N Chestnut Street and thereafter received no bids/proposals related to the property, and
WHEREAS, Derek Lumsden with JCED approached City Administrator with the idea of building a new moderate-income home on that property. Under the proposal, JCED would finance the foundation and placement of a pre-fabricated “starter home” on the property. After completion, they would sell it at an affordable price to a low- or moderate-income family. The Monticello Development Corp and the City would be partners with JCED on this project, and
WHEREAS, based thereon a Public Hearing was scheduled, and notice provided, on the proposed sale of the property for tonight’s meeting, and
WHEREAS, The Mayor opened the Public Hearing, accepted Public Comment, and closed the Public Hearing before Council consideration of this Resolution, and
WHEREAS, The Council finds that the JCED’s proposal will fulfill the goals the City had for this property at 541 N Chestnut Street, to have a new housing unit constructed on the property and to increase the City’s tax base, the Council finds that a fair value would be $10 and other good and valuable consideration, and
WHEREAS, The Council finds that the City Administrator should prepare a purchase agreement between the City and the JCED and the Monticello Development Corp, setting out the above terms, subject to review and approval by the City Attorney;
NOW THEREFORE BE IT RESOLVED by the City of Monticello, through its’ City Council, in session this 1st day of July, 2024 that the sale of the City property considered during tonight’s Public Hearing is hereby approved and the City Administrator is directed to proceed with the preparation and execution of a purchase agreement, subject to the review and approval of the City Attorney, consistent with this resolution prior to transfer and closing.
IN TESTIMONY WHEREOF, I have hereunto subscribed my name and caused the Great Seal for the City of Monticello, Iowa to be affixed. Done this 1st day of July, 2024.
Wayne Peach, Mayor
Attest
Sally Hinrichsen, City Clerk/Treasurer