The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #19-171
Resolution Appropriating funds necessary to meet the City’s Obligation to Mercy Care Management, Inc per Development Agreement, dated July 7, 2019
WHEREAS, The Council approved a Development Agreement with Mercy Care Management, Inc with Resolution #19-100 dated July 15, 2019.
WHEREAS, The agreement provided for two (2) Grant payments of $20,000 each, in addition to property tax rebates on the improvements over a period of ten (10) years, at percentages set forth in the agreement, and
WHEREAS, The City did not appropriate or make any rebates to the Developer during FY ’19 due to the fact that the property was not substantially completed or assessed at that time. Council finds that funds should be appropriated in the amount necessary to make the first grant payments for FY ’21 due to Mercy Care Management, Inc., in the amount of $20,000.
WHEREAS, The City has not, prior hereto, appropriated any sums or made any payments to the developer pursuant to the terms of the Development Agreement, and
WHEREAS, The Council finds that funds should be appropriated in the amount necessary to make the first grant payments of $20,000, and
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 first grant payment that will be due under the Development Agreement in the amount of $20, 000.
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 18th day of November, 2019.
Brian Wolken, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk