RESOLUTION #10-52 Motion Died

Approving Agreement Re: City of Monticello and Monticello Development Corporation Ownership of 414 and 416 E. Oak Street.

WHEREAS, The City of Monticello and the Monticello Development Corporation jointly purchased two residential properties located within the City Limits of the City of Monticello, at 414 and 416 East Oak, respectively, and

WHEREAS, The parties agreed, as set out in the records of the City, by way of minutes and Resolutions, that the Development Corp. would in essence carry all risk and expense related to the management of the properties and in return be entitled to any and all profits to be derived from the management thereof, and

WHEREAS, The City Auditor has recommended that the City and the Development Corporation memorialize the agreement of the parties in a stand alone Agreement, and same has been prepared and approved by the Development Corporation for consideration and approval by the City Council, and

WHEREAS, The City Council has reviewed the proposed agreement and finds that is accurately sets out the agreement of the City and the Development Corporation and should, therefore, be approved.

NOW, THEREFORE, BE IT RESOLVED that the City Council of Monticello, Iowa does hereby approve the agreement between the City of Monticello and the Monticello Development Corporation with regard to their shared ownership of the properties located at 414 and 416 E. Oak Street, Monticello, Iowa, and hereby authorizes the Mayor to execute the same on behalf of the City Council.