The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #15-103
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 provided for five Grant payments in the amount of $20,000 each and property tax rebates over a period of ten (10) years at percentages and under conditions as set forth in the agreement, and
WHEREAS, The City, by way of Resolution #14-114, appropriated $11,472 to meet the City’s obligations under the fourth year tax rebate provisions, FY ’16, of the agreement based upon estimated valuations. After final figures became available it was determined that the actual rebate totaled $11,364, the City’s appropriation therefore being long in the amount of $108, and
WHEREAS, The FY ’16 grant payment of $20,000 plus the correct tax rebate payment of $11,364, result in total payments in the amount of $31,364, and this Resolution will correct the estimate set out in Resolution #14-114 that ran long in the amount of $108 as noted above, and
WHEREAS, The Council finds that funds should be appropriated in the amount necessary to rebate taxes to MC Industries as set forth in the Development Agreement, for FY ’17, calculated at the rate of 80% of those taxes determined eligible to be rebated according to the terms of the Development Agreement, in the estimated total amount of $ 9,092, said estimate being based upon the FY ’15 valuation and consolidated tax rates, with the exact rebate to be determined after the receipt of final assessment numbers and tax payments by the developer.
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 fifth year, FY ’17, of rebate payments to MC Industries in the estimated amount of $9,092 as previously set forth herein, and does also hereby acknowledge the correction of the FY ’16 total rebate by reducing the estimate of $11,472 to the actual payment of $11,364, as explained above.
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 16th day of November, 2015.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk