The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #16-116
Resolution Appropriating funds necessary to meet the City’s
Obligation to Althoff Properties, LLC per Development Agreement approved by Resolution #11-56 dated April 18, 2011
WHEREAS, The Council approved a Development Agreement with Althoff Properties, LLC, also known as Maryville Partnership, by Resolution #11-56 dated April 18, 2011, and
WHEREAS, The agreement provided for property tax rebates over a period of twenty (20) years at percentages and under conditions as set forth in the agreement, and
WHEREAS, The agreement provided that the City would rebate to Althoff 90% of property taxes to be paid by Althoff during the fifth year the property was subject to taxation, and the Council by Resolution #15-106 appropriated $7,448 to satisfy said obligation, based upon estimated valuations, and
WHEREAS, After final assessments and payment of taxes, the fifth year rebate came in at $7,076, resulting in the City’s appropriation being long in the amount of $372, and it is necessary to correct the past Resolution decreasing the appropriation from $7,448 to $7,076.
WHEREAS, Based upon information obtained from the Jones County Auditor it is estimated that the City’s tax rebate obligations under the Development Agreement for the sixth year, FY 2018, will total approximately $6,164, same being equal to 80% of the property taxes paid by Althoff during FY 2018, 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 necessary to meet the City’s obligation to pay the sixth year, FY ’18, of rebate payments to Althoff in the estimated amount of $6,164 as previously set forth herein, and does also hereby acknowledge the correction of the FY ’17 total rebate by reducing the estimate of $7,448 to the actual payment of $7,076, 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