The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #2022-138
Resolution Appropriating funds necessary to meet the City’s Obligation to McMATT Properties per Development Agreement, dated June 21, 2021
WHEREAS, The Council approved a Development Agreement with McMatt Properties that provided tax rebate incentives tied to the development of a 47-unit rental storage facility, with Resolution #2021-68 dated June 21, 2021, and
WHEREAS, The Council finds it appropriate to follow through on the City’s obligation and or agreement set out therein 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 therein, and
WHEREAS, The Council finds that funds should be appropriated for FY ‘24 in the amount of $8,470 to be rebated according to the terms of the Development Agreement for first year property tax rebate, calculated at the rate of 100% of those taxes determined eligible for rebate in FY ‘24, said estimate being based upon the FY ’22 valuation and consolidated tax rates, with the exact rebate to be determined after the receipt of final assessment numbers and tax payments made by the developer, 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 year of rebate payments for FY ’24 to McMATT Properties, in the estimated amount of $8,470.
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 7th day of November, 2022.
David Goedken, Mayor
Attest:
Sally Hinrichsen, City Clerk/Treasurer