The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #12-151
Resolution Appropriating funds necessary to meet the City’s Obligation to MC Industries per Development Agreement approved by Resolution #10-96 dated
August 2, 2010.
WHEREAS, The Council approved a Development Agreement with MC Industries by Resolution #10-96 dated August 2, 2010, and
WHEREAS, The agreement provides for five Grant payments of $20,000 each in addition to property tax rebates on the improvements over a period of ten (10) years at percentages set forth in the agreement, and
WHEREAS, Pursuant to discussions with the Jones County Assessor and Auditor it appears that the Assessor has valued the improvements at $269,665.00, resulting in gross FY ’12 taxes in the amount of $9,826.48, and
WHEREAS, The Council finds that funds should be appropriated in the amount necessary to make the 2nd grant payment for FY ’13 and 3rd grant payment for FY ’14 due
MC Industries in the amount of $20,000 each and to rebate MC Industries 100% of the “new” taxes related to the improvements identified within the Developer’s Agreement, less non-TIF and/or protected levies, in the estimated total amount of $8,992 for FY ’14 each, based upon the FY ’12 valuation and consolidated tax rates, with the exact rebate to be determined after the receipt of actual final assessment numbers and payment of taxes by the owner.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Monticello does hereby formally appropriate funds necessary to meet the City’s obligation to pay the 2nd and 3rd Incentive Grant payments and to rebate 100% of the “new” taxes paid by MC Industries related to the improvements identified within the aforementioned Developer’s Agreement, less protected levies.
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 19th day of November, 2012.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk