RESOLUTION # 09-127

Approving the use of Tax Increment Financing collections to purchase a one-half interest in the property located at 416 East Oak Street, Monticello, Iowa.

WHEREAS, The Monticello Development Corporation has agreed, in principle, to purchase and own the property located at 416 East Oak Street, as Tenants in Common with the City of Monticello, each holding an undivided one-half ownership interest in the property, with the Development Corporation being responsible for the management of the property and the payment of all expenses related to the property while owned by the parties, and shall be entitled to all profits therefrom as well as all risks of loss related thereto, and

WHEREAS, The property is presently for sale, and the seller has agreed, after negotiations, to sell the property to the Development Corporation and the City for the sum of $40,000, and

WHEREAS, The City of Monticello’s Urban Renewal Plan identifies the purchase of the above described property and other similarly located properties with TIF dollars for purposes of pursuing the eventual redevelopment of this area, and

WHEREAS, The amount required to purchase said one-half interest in the property will be approximately $20,000, and shall be payable from TIF funds.

NOW, THEREFORE, BE IT RESOLVED, that the City Council of Monticello, Iowa does hereby approve of the use of Tax Increment Financing collections to purchase a one-half interest in the property located at 416 East Oak Street from the Monticello Development Corporation, same being consistent with the previously adopted Urban Renewal Plan of the City of Monticello, and subject to an agreement to be executed hereafter, to set out the terms of ownership and management, by and between the Monticello Development Corporation and the City of Monticello.