SET DATE FOR HEARING ON DEVELOPMENT AGREEMENT AND TAX INCREMENT PAYMENTS
(Boulders)
Monticello, Iowa
September 21, 2015
A meeting of the City Council of the City of Monticello, Iowa, was held at the Monticello Renaissance Center, Community Media Room, Monticello, Iowa, 6:00 o’clock p.m., on September 21, 2015, pursuant to the rules of the Council.
The Mayor presided and the roll was called, showing members present and absent as follows:
Present: Dave Goedken, Bill Meyer, Rob Paulson, Johnny Russ, Chris Lux and Tom Yeoman.
Absent: None.
Council Member Meyer introduced the resolution next hereinafter set out and moved its adoption, seconded by Council Member Goedken; and after due consideration thereof by the Council, the Mayor put the question upon the adoption of said resolution, and the roll being called, the following named Council Members voted:
Ayes: Meyer, Goedken, Paulson, Russ and Lux
Nays: None
Abstained: Yeoman
Whereupon, the Mayor declared said resolution duly adopted, as follows:
RESOLUTION NO. 15-80
To fix a date of meeting at which it is proposed to approve a Development Agreement with Boulders Inn Monticello, L.L.C., including tax increment payments in an amount not to exceed $583,900
WHEREAS, the City of Monticello, Iowa (the “City”), pursuant to and in strict compliance with all laws applicable to the City, and in particular the provisions of Chapter 403 of the Code of Iowa, has adopted an Urban Renewal Plan for the Monticello Urban Renewal Area (the “Urban Renewal Area”); and
WHEREAS, this City Council has adopted an ordinance providing for the division of taxes levied on taxable property in the Urban Renewal Area pursuant to Section 403.19 of the Code of Iowa and establishing the fund referred to in Subsection 2 of Section 403.19 of the Code of Iowa, which fund and the portion of taxes referred to in that subsection may be irrevocably pledged by the City for the payment of the principal and interest on indebtedness incurred under the authority of Section 403.9 of the Code of Iowa to finance or refinance in whole or in part projects in the Urban Renewal Area; and
WHEREAS, the City proposes to enter into an agreement (the “Development Agreement”) with Boulders Inn Monticello, L.L.C., (the “Developer”) with respect to the acquisition of land and the construction of a thirty-two (32) room hotel, plus or minus, in the Welter’s First Addition, and
WHEREAS, the Development Agreement would provide financial incentives to the Developer in the form of incremental property tax payments in an amount not to exceed $583,900 under the authority of Section 403.9(1) of the Code of Iowa, rebating a portion of real estate taxes paid for a number of years, providing a grant equal to $20,000 per acre of property developed, and a grant, payable over ten (10) years, equal to a percentage of the hotel motel tax receipts received by the City.
WHEREAS, it is necessary to set a date for a public hearing on the Development Agreement, pursuant to Section 403.9 of the Code of Iowa;
NOW THEREFORE, IT IS RESOLVED by the City Council of the City of Monticello, Iowa, as follows:
Section 1. This City Council shall meet on the 5th day of October, 2015, at 6:00 o’clock p.m., at the Monticello Renaissance Center, Community Media Room, in the City, at which time and place proceedings will be instituted and action taken to approve the Development Agreement and to authorize the incremental property tax payments as noted above.
Section 2. The City Clerk is hereby directed to give notice of the proposed action, the time when and place where said meeting will be held, by publication at least once not less than four days and not more than twenty days before the date of said meeting in a legal newspaper of general circulation in the City. Said notice shall be in substantially the following form:
NOTICE OF MEETING FOR APPROVAL OF DEVELOPMENT AGREEMENT WITH
Boulders Inn Monticello, L.L.C. and AUTHORIZATION OF TAX INCREMENT PAYMENTS
The City Council of the City of Monticello, Iowa, will meet at the Monticello Renaissance Center, Community Media Room, Monticello, Iowa, on the 5th day of October, 2015, at 6:00 o’clock p.m., at which time and place proceedings will be instituted and action taken to approve a Development Agreement between the City and Boulders Inn Monticello, L.L.C. with respect to the acquisition of land and the construction of a thirty-two (32) room hotel, plus or minus, in Welter’s First Addition, which agreement provides for certain property tax incentives in the form of real estate taxes paid for a number of years, providing a grant equal to $20,000 per acre of property developed, and a grant, payable over ten (10) years, equal to a percentage of the hotel motel tax receipts received by the City, said payments to be in an amount that will not exceed $583,900 , as authorized by Section 403.9 of the Code of Iowa.
The Agreement to make incremental property tax payments will not be a general obligation of the City, but will be payable solely and only from incremental property tax revenues generated within the Monticello Urban Renewal Area.
At the meeting, the City Council will receive oral or written objections from any resident or property owner of the City. Thereafter, the Council may, at the meeting or at an adjournment thereof, take additional action to approve the Development Agreement or may abandon the proposal.
This notice is given by order of the City Council of Monticello, Iowa, in accordance with Section 403.9 of the Code of Iowa.
Sally Hinrichsen
City Clerk
Section 3. All resolutions or parts of resolutions in conflict herewith are hereby repealed.
Passed and approved September 21, 2015.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, City Clerk
• • • •
On motion and vote the meeting adjourned.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, City Clerk
STATE OF IOWA )
COUNTY OF JONES )§
CITY OF MONTICELLO )
I, the undersigned, Clerk of the City of Monticello, hereby certify that the foregoing is a true and correct copy of the minutes of the Council of the City relating to the adoption of a resolution to fix a date of meeting at which it is proposed to take action to approve a Development Agreement.
I do further certify that the notice of hearing, to which the printed slip attached to the publisher’s original affidavit hereto attached is a true and complete copy, was published on the date and in the newspaper specified in such affidavit, which newspaper has a general circulation in the City.
WITNESS MY HAND and the seal of the City hereto affixed this ___ day of ________________, 2015.
Sally Hinrichsen, City Clerk
(Seal)
(Attach here the publisher’s original affidavit with clipping of the notice as published.)
(PLEASE NOTE: Do not sign and date this certificate until you have checked a copy of the published notice and have verified that it was published on the date indicated in the publisher’s affidavit.)