The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #12-146
Resolution authorizing City Administrator to proceed with Flood Buy-Out closings on seven (7) residential properties and one (1) commercial property.
WHEREAS, The City Council previously approved of proceeding with the purchase of seven residential properties and three commercial properties through the FEMA property acquisition process whereby the City shares in 15% of the costs, FEMA covers 75% of the costs, and the State of Iowa covers 10% of the costs, and
WHEREAS, The City Administrator has reported to the City Council that he is prepared to close on and acquire seven (7) of the residential properties and one of the commercial properties, and seeks permission from the City Council to move forward with the acquisitions, with the understanding that he will not do so until assurances are in place that federal reimbursement will quickly follow the City acquisition, and other tasks are completed with regard to a few of the properties, and
WHEREAS, The Council recognizes that the City will pay the full purchase price and will thereafter be reimbursed 75% of the cost from FEMA and 10% of the cost from the State, and
WHEREAS, The Council acknowledges that the following table reflects the purchase prices and eventual city share of said purchase price:
110% Value
(Assessed) Dup. of Benefit
Reduction Total Purchase Price City Share
15%
Taylor $71,511 $27,955.41 $43,555.59 $6,533.34
Digmann $63,811 -0- $63,811 $9,571.65
McCarthy $13,376 -0- $13,376 $2,006.40
Starks $36,102 -0- $36,102 $5,415.30
McDonough $28,523 -0- $28,523 $4,278.45
Shover 121 $10,560 -0- $10,560 $1,584.00
Shover 105 $80,069 -0- $80,069 $12,010.35
Clark (M.Shop) $77,407 -0- $77,407 $11,611.05
TOTALS $380,974 $27,955.41 $353,018.59 $60,010.54
-and-
WHEREAS, The Council agrees that the use of cash on hand to fund the purchases is appropriate at this time and directs the City Administrator to let the Council know if it becomes necessary, in the opinion of the City Administrator, to seek temporary financing to cover the out of pocket purchase expenses, in which event the Council will take steps necessary to obtain said financing, and
WHEREAS, The Closing will require certain signatures on behalf of the City, and the Council finds that the City Administrator and the Mayor should both be granted permission to sign all documents necessary both during and after the closing with regard to these properties.
NOW THEREFORE, BE IT RESOLVED that the City Council of Monticello, Iowa does hereby approve of moving forward with the flood buy-outs identified herein at the buy-out prices indicated herein, recognizing that the City will be responsible for payment of the full purchase price but will be reimbursed by FEMA in the amount of 75% and the State of Iowa in the amount of 10%, and further recognizes that the City Administrator is given discretion in choosing the actual closing dates as all necessary paperwork and required permissions from FEMA and Iowa Homeland Security fall into place.
IN TESTIMONY WHEREOF, I have hereunto subscribed my name and caused the Great Seal for the City of Monticello, Iowa to be affixed. Done this 5th day of November 2012.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, City Clerk