The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #15-104
Resolution Appropriating funds necessary to meet the City’s
Obligation to Robert “Bud” Johnson under the Development Agreement dated February 15, 2010
WHEREAS, The Council approved a Development Agreement with Robert ‘Bud” Johnson that provided tax rebate incentives tied to his development of the Eastern Iowa Sports Facility, and
WHEREAS, Robert “Bud” Johnson has constructed the Eastern Iowa Sports Facility as contemplated, and, therefore, the Council finds it appropriate to follow through on the City’s obligation and or agreement set out therein to annually appropriate sums from the incremental taxation to be collected from new value created by the improvement to meet the tax rebate percentage set out therein, and
WHEREAS, The City, by way of Resolution #14-115, appropriated $3,165 to meet the City’s obligations under the fifth 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 $2,882, the City’s appropriation therefore being long in the amount of $283, and
WHEREAS, The Council finds that funds should be appropriated in the amount necessary to rebate taxes to Robert “Bud” Johnson as set forth in the Development Agreement, for FY ’17, with payments being due in December 2016 and June 2017, calculated at the rate of 70% of those taxes determined eligible to be rebated according to the terms of the Development Agreement, in the estimated total amount of $ 2,690, 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 collected from and related to the incremental value created by the developer’s property improvements to meet the City’s obligations to rebate 70% of that incremental tax, less protected levies during FY ’17 and to adjust the appropriation for FY ’16, as stated 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