The City of Monticello, Iowa

IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA

RESOLUTION # 11-21

Resolution to approve payment to Yogi Somerville consistent with

Developer’s Agreement.

WHEREAS, The City of Monticello and Mel “Yogi” Somerville previously entered into a Development Agreement dated October 20, 2009 and approved by Resolution of the City Council, and

WHEREAS, Said Development Agreement provided that the City would pay to the Developer the sum of $21,450 “Upon completion of construction and receipt of occupancy permit from the City with respect to the completed project – a Grant Payment in the amount of $21,450” and thereafter, pay additional like amounts on the 1st, 2nd, and 3rd anniversaries of said occupancy, and

WHEREAS, The Developer was previously paid the first installment upon Occupancy, and is now due the 2nd installment in the amount of $21,450.

NOW, THEREFORE, BE IT RESOLVED, that the City Council of Monticello, Iowa does hereby approve of the second of four planned TIF Grant payments to Mel “Yogi” Somerville, as contemplated and required by the Development Agreement dated October 20, 2009, in the amount of $21,450.

IN TESTIMONY WHEREOF, I have hereunto subscribed my name and caused the Great Seal of the City of Monticello, Iowa to be affixed hereto. Done this 22nd day of February, 2011.

John Sauser, Mayor Pro Tem

Attest:

Sally Hinrichsen, Monticello City Clerk