DATE FOR HEARING ON DEVELOPMENT AGREEMENT AND TAX INCREMENT PAYMENTS
(Theisen)
Monticello, Iowa
August 7, 2023
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 August 7, 2023 pursuant to the rules of the Council.
The Mayor David Goedken presided and the roll was called, showing members present and absent as follows:
Present: Wayne Peach, Brenda Hanken, Scott Brighton, Candy Langerman, Chris Lux and Tom Yeoman.
Absent: None,
Council Member Yeoman introduced the resolution next hereinafter set out and moved its adoption, seconded by Council Member Hanken; 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, Hanken, Brighton, Langerman, Lux and Peach.
Nays: None.
Abstained: None.
Whereupon, the Mayor declared said resolution duly
adopted, as follows:
RESOLUTION NO.2023-107
Approving Development Agreement between City of Monticello and Theisen Real Estate LLC
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 Theisen Real Estate LLC (the “Developer”) with respect to the construction of a new retail store of approximately 35,000-40,000 square feet on property located at 217 South Maple Street, and described as: The block surrounded by South Maple Street, East Grand Street, South Main Street and East Washington Street, in the City of Monticello, County of Jones, State of Iowa, and
WHEREAS, the Development Agreement would provide financial incentives to the Developer in the form of incremental property tax payments 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, August 7, 2023 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 7th day of August, 2023, 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 7th day of August, 2023.
David Goedken, Mayor
Attest: Sally Hinrichsen, City Clerk/Treasurer