RESOLUTION # 10-94

Approving preparation of Developer’s Agreement by and between MC Industries and the City of Monticello and scheduling Public Hearing on proposed
Development Agreement.

WHEREAS, The City of Monticello has met with and considered the request of MC industries a/k/a Polo Plastics, that the City of Monticello consider the award of financial incentives to assist MC Industries with renovations and additions to their current facility, and

WHEREAS, The Council has considered the proposed incentives, and does hereby agree in general terms to the following incentives, said approval subject to the inclusion of said terms into a developer’s agreement and the holding of a public hearing, to wit:

MC Industries would be awarded the following:

1. $100,000 in Economic Development Grants. $20,000 to be paid upon occupancy, and $20,000 to be paid on the 1st – 4th anniversary of the first payment for the next four years, so long as MC Industries remains in business in Monticello with at least 50 employees. These payments can be budgeted from the City General Fund or, MC Industries property could be added to the TIF District, in which event said grants could be funded though TIF.

2. That the new taxes, associated with the value added by the improvement, would be rebated to MC Industries, based upon the following schedule:
a. 100% for four years.
b. 80% for two years
c. 70% for two years.
d. 60% for two years.

Additional Conditions:

1. That the new structure must be either a Star or Commander building.
2. That the building frame be erected by a contractor living within ten (10) miles of the City of Monticello.
3. That the Concrete for the project be purchased locally, either Bard or Horsfield, and that the concrete be poured/finished by a contractor living within ten (10) miles of the City of Monticello.
4. That the Plumbing and HVAC improvements be installed by a contractor living within ten (10) miles of the City of Monticello.
5. That all electrical improvements and additions be installed by a contractor living within ten (10) miles of the City of Monticello.

WHEREAS, The City Council finds there to be a public purpose and public benefit related to the promotion of current business and industrial expansion in Monticello, and finds that MC Industries proposed project will benefit Monticello and its’ residents for many years.

NOW, THEREFORE, BE IT RESOLVED, that the City Council of Monticello, Iowa does hereby approve, in general terms, the incentives previously set out in the body of this Resolution and directs the City Administrator to draft a Developer’s Agreement setting out and embodying said terms, and that a public hearing be scheduled on said Developer’s Agreement on the 2nd day of August, 2010 at 6:00 p.m. at the Community Media Center (Council Chambers)