The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #2023-75
To approve Support of Workforce Housing Application for BR5; on Lot 3 of BR3 Subdivision (east of Dollar Fresh)
WHEREAS, BR5 Properties (the “Developer”) is proposing the construction of a 12-unit apartment building on East First Street near the north end of Locust Street, known as Lot 2 of BR3 Subdivision (the “Project”) with an overall investment of over $2,000,000, and has submitted an application for Workforce Housing Tax Credit (WHTC) funds through the Iowa Economic Development Authority (IEDA), and
WHEREAS, the WHTC funds require the City to provide local match funds for the proposed Project at no less than $1,000 per dwelling unit, and
WHEREAS, the City has an affordable housing fund and a property tax abatement through Chapter 10 of the Municipal Code, and the proposed Project qualifies for those programs, and
WHEREAS, the Project is located within the City’s Urban Revitalization Area which provides a mechanism for the City’s local match, and
WHEREAS, if the Project is approved for State funding the City will consider entering into a Development Agreement with the Developer pertaining to incentives provided by the City for the Project.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MONTICELLO, IOWA, as follows:
1. The City Council hereby expresses its support of the application submitted by BR5 Properties, Inc. for Workforce Housing Tax Credit funds.
2. The local match funds of $12,000 are hereby approved subject to the Project being awarded Workforce Housing Tax Credit funds, and subject to other terms and funding which will be negotiated as part of an anticipated future Development Agreement.
3. Upon the award of Workforce Housing Tax Credit Funds, the City Manager, or designee, is authorized to negotiate a Development Agreement with BR5 Properties, Inc. memorializing the commitment of the parties to the proposed Project, including the City participation identified herein.
IN THE TESTIMONY WHEREOF, I have hereunto subscribed my name and caused the Great Seal for the City of Monticello, Iowa to be affixed. Done this 15th day of May 2023.
David Goedken, Mayor
Attest:
Sally Hinrichsen, City Clerk/Treasurer