The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #15-106
Resolution Appropriating funds necessary to meet the City’s Obligation to Althoff Properties, LLC per Development Agreement for FY 2017.
WHEREAS, The Council approved a Development Agreement with Althoff Properties, LLC, also known as Maryville Partnership, by Resolution #11-56, and
WHEREAS, The agreement provided that the City would rebate to Althoff 90% of property taxes to be paid by Althoff during the 4th year the property was subject to taxation, and the Council by Resolution #14-113 appropriated $9,634 to satisfy said obligation, based upon estimated valuations, and
WHEREAS, After final assessment and payment of taxes, the actual amount of the tax rebate for said period came in at $7,594, resulting in the City appropriation being long in the amount of $2,040, with one of the purposes of this Resolution being to recognize and acknowledge that the actual payment to Althoffs under the Development Agreement came in at $7,594, not the earlier estimate of $9,634, and
WHEREAS, Based upon information obtained from the Jones County Assessor it is estimated that the City’s tax rebate obligations under the Development Agreement for the fifth year, FY 2017, will total approximately $7,448, same being equal to 90% of the property taxes paid by Althoff during FY 2017, 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 collected from and related to the incremental value created by the developer’s property improvements to meet the City’s obligations to rebate 90% 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