The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #13-97
Resolution Appropriating funds necessary to meet the City’s Obligation to Althoff Properties, LLC per Development Agreement for FY 2015.
WHEREAS, The Council approved a Development Agreement with Althoff Properties, LLC, also known as Maryville Partnership, by Resolution #11-56, and
WHEREAS, The agreement provides that the City will rebate to Althoff 100% of property taxes to be paid by Althoff during the 3rd year the property is subject to taxation, and
WHEREAS, It appears that the Assessor has valued the property at $418,370, resulting in taxes, for FY ’13 in the amount of $ 16,076.00, and
WHEREAS, The Council finds it appropriate to appropriate the sums necessary to rebate to Althoff 100% of the property taxes paid by Althoff during FY 2015, in whatever amount is necessary to meet that obligation, same currently estimated to be $ 16,076.00, based upon the FY ’13 valuation and consolidated tax rates, the exact amount of said rebate to be determined after the final assessment on the property has been approved and taxes paid.
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 rebate 100% of the taxes paid by Althoff for the third year the property is subject to taxation, same to be due and payable in FY ’15.
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 4th day of November, 2013.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk