The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #2020-140
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 by way of Resolution #19-171, appropriated $20,000 to meet the City’s obligations for first grant payment, and
WHEREAS, The City finds that funds should be appropriated in the amount necessary to make the second and final grant payments for FY ’22 due to Mercy Care Management, Inc., in the amount of $20,000, and
WHEREAS, Based upon the completion date, same being the subject of the Development Agreement, that tax rebates will begin in FY ’23, as the first tax rebate is to be made after the property has been fully valued and assessed, 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 second and final 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 16th day of November, 2020.
Brian Wolken, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk