The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #16-115
Resolution Appropriating funds necessary to meet the City’s Obligation to Innovative Ag. Services under the Development Agreement approved by Resolution 10-18 dated February 15, 2010.
WHEREAS, The Council approved a Development Agreement with Innovative Ag. Services (IAS) that provided tax rebate incentives tied to the construction of a new IAS office building on their property, and
WHEREAS, IAS has constructed the new office building as contemplated, and, therefore, the Council finds it appropriate to follow through on the City’s obligation and or agreement set out within the Development Agreement to annually appropriate sums from the incremental taxation collected on the new value created by the improvement to meet the tax rebate percentage set out therein, and
WHEREAS, The City, by way of Resolution #15-107, appropriated $4,698 to meet the City’s obligations for the fifth year of tax rebate payments in FY ’17, same being based upon estimated valuations, and
WHEREAS, After final assessments and payment of taxes, the fifth year rebate came in at $4,564, resulting in the City’s appropriation being long in the amount of $134, and it is necessary to correct the past Resolution decreasing the appropriation from $4,698 to $4,564.
WHEREAS, Based upon information obtained from the Jones County Assessor it is estimated that the City’s obligation for the sixth year of tax rebate payments for FY ‘18 will total approximately $4,269, same being equal to 70% of the “new” or incremental property taxes to be paid as a result of the construction of the new office building, with the exact amount of the rebate to be determined after payment of said taxes 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 sixth year, FY ’18, of rebate payments to Innovative Ag. Services (IAS) in the estimated amount of $4,269 as previously set forth herein, and does also hereby acknowledge the correction of the FY ’17 total rebate by reducing the estimate of $4,698 to the actual payment of $4,564, 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 21st day of November, 2016.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk