RESOLUTION #09-123

Resolution to approve of Yogi’s Inc. Incentives

WHEREAS, the City of Monticello, Iowa through its’ Council was very desirous of attracting Yogi’s Inc. to the Monticello Commercial park, located within the Welter Addition, and

WHEREAS, due to the fact that many communities were desirous of attracting Yogi’s as well, and to be competitive in the pursuit of said business, the Council found and finds it appropriate to offer an incentive package, including the use of TIF funds to assist in the land purchase, payable over four years, as follows:

1). Upon completion of construction and receipt of occupancy permit from the City the sum of $21,450.

2). At the one year anniversary of the issuance of the occupancy permit, the sum of $21,450, so long as said business was still in operation.

3). At the two year anniversary of the issuance of the occupancy permit, the sum of $21,450, so long as said business was still in operation.

4). At the three year anniversary of the issuance of the occupancy permit, the sum of $21,450, so long as said business is still in operation.

And

WHEREAS, for the same, above and foregoing reasons, the Council found and finds it appropriate to provide a tax abatement schedule, over ten years to Yogi’s Inc. as well, said tax abatement to be on the following schedule:

Year 1: 100% Abatement of value added by improvements.
Year 2: 90% Abatement of value added by improvements.
Year 3: 85% Abatement of value added by improvements.
Year 4: 80% Abatement of value added by improvements.
Year 5: 75% Abatement of value added by improvements.
Year 6: 70% Abatement of value added by improvements.
Year 7: 65% Abatement of value added by improvements.
Year 8-10: 60% Abatement of value added by improvements.

NOW THEREFORE, BE IT RESOLVED that the Council of the City of Monticello, Iowa does hereby approve of the use of TIF funds to assist in the land purchase, payable over four years, and the institution of a tax abatement schedule over ten years, as follows

The use of TIF funds to assist in the land purchase, payable over four years, as follows:

1). Upon completion of construction and receipt of occupancy permit from the City the sum of $21,450.

2). At the one year anniversary of the issuance of the occupancy permit, the sum of $21,450, so long as said business was still in operation.

3). At the two year anniversary of the issuance of the occupancy permit, the sum of $21,450, so long as said business was still in operation.

4). At the three year anniversary of the issuance of the occupancy permit, the sum of $21,450, so long as said business is still in operation.

And the implementation of a tax abatement schedule, over ten years, as follows:

Year 1: 100% Abatement of value added by improvements.
Year 2: 90% Abatement of value added by improvements.
Year 3: 85% Abatement of value added by improvements.
Year 4: 80% Abatement of value added by improvements.
Year 5: 75% Abatement of value added by improvements.
Year 6: 70% Abatement of value added by improvements.
Year 7: 65% Abatement of value added by improvements.
Year 8-10: 60% Abatement of value added by improvements.

And the City Council does hereby direct the City Clerk to forward this Resolution to the County Assessor to ensure that the tax abatement approved herein are appropriately provided for in the property tax statements and calculations prepared by his office during the life of the above abatements.