RESOLUTION NO. 17-30
To fix a date of meeting at which it is proposed to approve a Development Agreement with Orbis Manufacturing, a subsidiary of Menasha Corporation, (Hereinafter referred to as Orbis) including tax increment payments in an amount not to exceed $1,207,236
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 various Urban Renewal Areas 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 Orbis (the “Developer”) with respect to construction of a warehouse addition totaling approximately 100,000 sf, 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 $1,207,236 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, and
WHEREAS, it is necessary to set a date for a public hearing on the Proposed 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. The City Council, by the approval of this Resolution, shall be deemed to have preliminarily approved the proposed Developer’s Agreement and incentives offered therein, subject to public comment and input yet to be received by the City Council and subject to future formal approvals related to the addition or inclusion of the Orbis property within an Urban Renewal Area.
Section 2. This City Council shall meet on the 3rd day of April, 2017, 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 consider the formal and final approve of the proposed Development Agreement.
Section 3. 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
Orbis Manufacturing, a subsidiary of Menasha Corporation
The City Council of the City of Monticello, Iowa, will meet at the Monticello Renaissance Center, Community Media Room, Monticello, Iowa, on the 3rd day of April, 2017, 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 Orbis Mfg., a subsidiary of Menasha Corporation, with respect to the construction of a warehouse addition to their current manufacturing facility of approximately 100,000 sf which agreement provides for certain property tax incentives in the form of real estate tax rebates paid for a number of years said payments to be in an amount that will not exceed $1,207,236, 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 as written or as amended 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 4. All resolutions or parts of resolutions in conflict herewith are hereby repealed.
Passed and approved March 20, 2017.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, City Clerk