RESOLUTION NO. 09-133
To fix a date of meeting at which it is proposed to approve a Development Agreement with Tom Bagge, including tax increment payments in an amount not to exceed $377,000
WHEREAS, the City of Monticello, Iowa (the “City”), pursuant to and in strict compliance with all laws applicable to the City, and in particular the provisions of Chapter 403 of the Code of Iowa, has adopted an Urban Renewal Plan for the Monticello Urban Renewal Area (the “Urban Renewal Area”); and
WHEREAS, this City Council has adopted an ordinance providing for the division of taxes levied on taxable property in the Urban Renewal Area pursuant to Section 403.19 of the Code of Iowa and establishing the fund referred to in Subsection 2 of Section 403.19 of the Code of Iowa, which fund and the portion of taxes referred to in that subsection may be irrevocably pledged by the City for the payment of the principal and interest on indebtedness incurred under the authority of Section 403.9 of the Code of Iowa to finance or refinance in whole or in part projects in the Urban Renewal Area; and
WHEREAS, the City proposes to enter into an agreement (the “Development Agreement”) with Tom Bagge, (the “Developer”) with respect to the acquisition of land and the construction of office and warehousing facilities in the Monticello Commercial Park; and
WHEREAS, the Development Agreement would provide financial incentives to the Developer in the form of incremental property tax payments in an amount not to exceed $377,000 under the authority of Section 403.9(1) of the Code of Iowa; and
WHEREAS, it is necessary to set a date for a public hearing on the Development Agreement, pursuant to Section 403.9 of the Code of Iowa;
NOW THEREFORE, IT IS RESOLVED by the City Council of the City of Monticello, Iowa, as follows:
Section 1. This City Council shall meet on the 19th day of October, 2009, at 6:00 o’clock p.m., at the Monticello Renaissance Center, Community Media Room, in the City, at which time and place proceedings will be instituted and action taken to approve the Development Agreement and to authorize the incremental property tax payments.
Section 2. The City Clerk is hereby directed to give notice of the proposed action, the time when and place where said meeting will be held, by publication at least once not less than four days and not more than twenty days before the date of said meeting in a legal newspaper of general circulation in the City. Said notice shall be in substantially the following form:
NOTICE OF MEETING FOR APPROVAL OF DEVELOPMENT AGREEMENT WITH
TOM BAGGE AND AUTHORIZATION OF TAX INCREMENT PAYMENTS
The City Council of the City of Monticello, Iowa, will meet at the Monticello Renaissance Center, Community Media Room, Monticello, Iowa, on the 19th day of October, 2009, at 6:00 o’clock p.m., at which time and place proceedings will be instituted and action taken to approve a Development Agreement between the City and Tom Bagge with respect to the acquisition of land and the construction of office and warehousing facilities in the Monticello Commercial Park, which agreement provides for certain property tax incentives in the form of property tax payments in a total amount not exceeding $377,000, as authorized by Section 403.9 of the Code of Iowa.
The Agreement to make incremental property tax payments will not be a general obligation of the City, but will be payable solely and only from incremental property tax revenues generated within the Monticello Urban Renewal Area.
At the meeting, the City Council will receive oral or written objections from any resident or property owner of the City. Thereafter, the Council may, at the meeting or at an adjournment thereof, take additional action to approve the Development Agreement or may abandon the proposal.
This notice is given by order of the City Council of Monticello, Iowa, in accordance with Section 403.9 of the Code of Iowa.