The City of Monticello, Iowa
RESOLUTION #2024-107
Preliminarily approving proposed Development Agreement between the City of Monticello and Highland Corp and scheduling a Public Hearing on the proposed 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 Area and 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 Section 403.19(2) 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 a Development Agreement, the “Development Agreement”, with Highland Corp (the “Developer”) with regard to the construction of a 12-lot single family home subdivision, also known as Northridge Estates 5th Addition, in the City of Monticello, County of Jones, State of Iowa, and
WHEREAS, the Development Agreement is proposed to include incentives that include incentives and/or tax rebates payable over a period of time in an amount that will not exceed $325,000 under the authority of Chapter 403 of the Code of Iowa, and
WHEREAS, it is necessary to set a date for a public hearing on the Proposed Development Agreement pursuant to Section 403.9 of the Code of Iowa;
NOW THEREFORE, IT IS RESOLVED by the City Council of the City of Monticello, Iowa, as follows:
Section 1. The City Council, by the approval of this Resolution, shall be deemed to have preliminarily approved the proposed Developer’s Agreement and incentives offered therein, subject to the completion of those tasks and obligations of the Developer set forth therein, and further subject to public comment and input yet to be received by the City Council and to future formal approvals related to the inclusion of the proposed project within the Urban Renewal Plan.
Section 2. This City Council shall meet on the 5th day of August, 2024, at 6:00 o’clock p.m., at the Monticello Renaissance Center, Community Media Room, in the City, at which time and place proceedings will be instituted and action taken to consider the formal and final approve of the proposed Development Agreement.
Section 3. The City Clerk is hereby directed to give notice of the proposed action, the time when and place where said meeting will be held, by publication at least once not less than four days and not more than twenty days before the date of said meeting in a legal newspaper of general circulation in the City, said notice shall be substantially consistent with the proposed Notice attached hereto, and
Section 4. All resolutions or parts of resolutions in conflict herewith are hereby repealed.
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 July, 2024
Wayne Peach, Mayor
Sally Hinrichsen, City Clerk/Treasurer
NOTICE OF MEETING FOR APPROVAL OF DEVELOPMENT AGREEMENT WITH
Highland Corp
The City Council of the City of Monticello, Iowa, will meet at the Monticello Renaissance Center, Community Media Room, Monticello, Iowa, on the 5th day of August, 2024, at 6:00 o’clock p.m., at which time and place proceedings will be instituted and action taken to approve a Development Agreement between the City of Monticello and Highland Corp with respect to the construction of a new 12-lot subdivision known as Northridge 5th Addition to the City of Monticello, County of Jones, State of Iowa, generally, at the estimated cost of $309,000.00.
The Agreement to make said debt payments from incremental property tax payments will not be a general obligation of the City, but will be payable solely and only from incremental property tax revenues generated within the Monticello Urban Renewal Area.
At the meeting, the City Council will receive oral or written objections from any resident or property owner of the City. Thereafter, the Council may, at said meeting or at an adjournment thereof, take additional action to approve the Development Agreement as written, approve the agreement as amended, or may abandon the proposal.
This notice is given by order of the City Council of Monticello, Iowa, in accordance with Section 403.9 of the Code of Iowa.
Sally Hinrichsen
City Clerk