DATE FOR HEARING ON DEVELOPMENT AGREEMENT AND TAX INCREMENT PAYMENTS
(BR3 Development LLC)
Monticello, Iowa
March 1, 2021
A meeting of the City Council of the City of Monticello, Iowa, was held at the Monticello Renaissance Center, Community Media Room, Monticello, Iowa, 6:00 o’clock p.m., on March 1, 2021 pursuant to the rules of the Council.
The Mayor Brian Wolken presided and the roll was called, showing members present and absent as follows:
Present: Dave Goedken, Candy Langerman, Chris Lux, Brenda Hanken, and Tom Yeoman
Absent: Scott Brighton
Council Member Yeoman introduced the resolution next hereinafter set out and moved its adoption, seconded by Council Member Goedken; and after due consideration thereof by the Council, the Mayor put the question upon the adoption of said resolution, and the roll being called, the following named Council Members voted:
Ayes: Yeoman, Goedken, Lux, Hanken and Langerman
Nays: None
Abstained: None
Whereupon, the Mayor declared said resolution duly
adopted, as follows:
RESOLUTION NO. 2021-28
Approving BR3 Development LLC Development Agreement
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 agreement (the “Development Agreement”) with BR3 Development LLC (the “Developer”) with respect to the construction of a new grocery /retail business on 6 +/- acre parcel of property located at 100 North Main Street, and
WHEREAS, the Development Agreement would provide financial incentives to the Developer in the form of incremental property tax payments in an amount not to exceed $835,050, including $120,000 in grants and up to $715,050 in tax rebates to the Developer under the authority of Section 403.9(1) of the Code of Iowa, rebating a portion of real estate taxes paid for a number of years, and
WHEREAS, the City Council scheduled a public hearing on the proposed Development Agreement for tonight’s meeting, March 1, 2021 at 6:00 p.m., and
WHEREAS, The City Council has held the public hearing as scheduled.
NOW THEREFORE, IT IS RESOLVED by the City Council of the City of Monticello, Iowa, on this 1st day of March, 2021, by the approval of this Resolution, does hereby approve the proposed Development Agreement and incentives offered therein.
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 1st day of March, 2021.
Brian Wolken, Mayor
Attest:
Sally Hinrichsen, City Clerk