The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION # 14-117
Approving FY 2016 TIF Certification
WHEREAS, The City of Monticello is required to prepare and file a TIF certification with the County Auditor on an annual basis, and
WHEREAS, The purpose of the TIF certification is to identify the sums that need to be collected for deposit into the City TIF fund so that the TIF fund can meet its’ debt obligations, with the caveat that the funds collected and on hand by the City cannot exceed the total outstanding balance of TIF related debt and obligations, and
WHEREAS, The City Council has reviewed the proposal of the City Administrator and City Clerk with regard to a proposed TIF certification, and finds that the City should certify the intent to collect $700,000.00 in increment, de-certifying for FY 2016 the balance of increment that could be collected.
NOW, THEREFORE, BE IT RESOLVED that the City Council of Monticello, Iowa does hereby authorize the City Clerk to request the certification of TIF in such an amount as to bring about the collection and deposit into the City TIF fund the sum of $700,000.00 for FY 2016.
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 17th day of November, 2014.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk