RESOLUTION NO. 19-27
Approving Amendment to Development Agreement between the City of
Monticello and Menasha Corporation, a/k/a Orbis.
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 Amendment to a previously approved Development Agreement, the “Development Agreement”, with Orbis (the “Developer”) having previously entered into a Development Agreement with Orbis on or about the 3rd day of April, 2017 with respect to construction of a warehouse addition totaling approximately 100,000 sf, and
WHEREAS, the Development Agreement as Amended would provide additional financial incentives to the Developer in the form of TIF Grants, payable over a period of years in the total amount of $79,342 under the authority of Chapter 403 of the Code of Iowa, and
WHEREAS, the Council previously scheduled a Public Hearing for tonight, and published timely notice of the Public Hearing in the Monticello Express, the public hearing being held as scheduled, after which the Council moved forward with this Resolution to consider approval of the proposed Amendment to said Development Agreement, and
NOW THEREFORE, IT IS RESOLVED by the City Council of the City of Monticello, Iowa, as follows:
Section 1. The City Council, by this Resolution, does hereby approve the proposed amendment to the Development Agreement, a copy of same being appended hereto.
Section 2. That, as noted in the terms of the Amended Development Agreement, the Development Agreement, even though approved by this Resolution, remains subject to future amendments to the Monticello Urban Renewal Plan and Urban Renewal Area.
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 4th day of March, 2019.
Brian Wolken, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk