The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #2020-141
Resolution Appropriating funds necessary to meet the City’s Obligation to Robert “Bud” Johnson under the Development Agreement dated February 15, 2010
WHEREAS, The Council approved a Development Agreement with Robert “Bud” Johnson that provided tax rebate incentives tied to the development of the Eastern Iowa Sports Facility, by Resolution #10-19 dated February 15, 2010, and
WHEREAS, Robert “Bud” Johnson has constructed the Eastern Iowa Sports Facility as contemplated, and, therefore, the Council finds it appropriate to meet the City’s obligation and or agreement to annually appropriate sums from the incremental taxation to be collected from new value created by the improvement to meet the tax rebate percentage set out within the Development Agreement, and
WHEREAS, The City, by way of Resolution #19-164, appropriated $1,934 to meet the City’s obligations under the tenth and final year tax rebate provisions, for FY ’20, as set forth within the Development Agreement, said amount being based upon estimated valuations, and
WHEREAS, After final assessments and payment of taxes, the tenth and final year rebate was calculated to be $1,928, resulting in the City’s appropriation being long in the amount of $6, this Resolution correcting the estimate to match the actual rebate, decreasing the appropriation from $1934to $ 1,928, and
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Monticello does hereby formally acknowledges the correction of the FY ’20 total rebate by reducing the previously estimated sum of $1,934 to the actual amount of $1,928 of rebate payments to Robert “Bud” Johnson.
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