The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #18-132
Resolution Appropriating funds necessary to meet the City’s Obligation to Althoff Properties, LLC per Development Agreement 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 80% of property taxes to be paid by Althoff during the seventh year the property was subject to taxation and paid to the City, and the Council by Resolution #17-148 appropriated $5,164 to satisfy said obligation, based upon estimated valuations, and
WHEREAS, After final assessments and payment of taxes, the seventh year rebate came in at $4,894, resulting in the City’s appropriation being long in the amount of $270, and it is necessary to correct the past Resolution decreasing the appropriation from $5,164to $4,894.
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 eighth year, FY 2020, will total approximately $4,192, same being equal to 70% of the property taxes paid by Althoff during FY 2020 and paid to the City, 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 eighth year, FY ’20, of rebate payments to Althoff in the estimated amount of $4,192 and hereby acknowledges the correction of the FY ’19 total rebate by reducing the previously estimated sum of $5,164 to the actual amount of $4,894.
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 19th day of November, 2018.
Brian Wolken, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk