DATE FOR HEARING ON DEVELOPMENT AGREEMENT AND TAX INCREMENT PAYMENTS
(Orbis)
Monticello, Iowa
April 3, 2017
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 April 3, 2017 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, Brian Wolken, Johnny Russ, Rob Paulson, Chris Lux and Tom Yeoman
Absent: None
Council Member Yeoman introduced the resolution next hereinafter set out and moved its adoption, seconded by Council Member Wolken; 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: Yeoman, Wolken, Goedken, Paulson, Russ and Lux.
Nays: None.
Abstained: None.
Whereupon, the Mayor declared said resolution duly adopted, as follows:
RESOLUTION NO. 17-35
Approving a Development Agreement with Orbis Manufacturing, a subsidiary of Menasha Corporation, 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 Manufacturing, a subsidiary of Menasha Corporation (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, the City Council scheduled a public hearing on the proposed Development Agreement for tonight’s meeting, April 3, 2017, at 6:00 p.m., and
WHEREAS, The City Council notes that the proposed approval of the Development Agreement tonight and the payment of the incentives set forth therein, are all contingent upon the City taking additional steps to add the Orbis property and the Orbis project to the Urban Renewal Area and Urban Renewal Plan, respectively, and
WHEREAS, The City Council has held the public hearing as scheduled.
NOW THEREFORE, IT IS RESOLVED by the City Council of the City of Monticello, Iowa, on this 3rd day of April, 2017, by the approval of this Resolution, does hereby approve the proposed Developer’s Agreement and incentives offered therein, subject to future formal approvals related to the addition or inclusion of the Orbis property within the Urban Renewal Area and the Orbis project within the Urban Renewal Plan.
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 3rd day of April, 2017.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk
Exhibit A
General Description and Legal Description
Of
Property to be added to Urban Renewal Area
The Orbis Manufacturing facility located at 206 Plastic Lane legally described as follows: Lot 9, Industrial Park Addition to Monticello, Iowa.