The City of Monticello, Iowa
RESOLUTION #2024-176
Appropriating funds necessary to meet the City’s
Obligation to Manternach Custom Creations per Development
Agreement, dated September 6, 2022
WHEREAS, The Council approved a Development Agreement with Derek Manternach dba Manternach Custom Creations with Resolution #2022-103 dated September 6, 2022, and
WHEREAS, The agreement provided for twenty (20) semi-annual property tax rebates on the improvements over a period of ten (10) years, at percentages set forth in the agreement, and
WHEREAS, The City did not appropriate or make any rebates to the Developer for FY ’25 due to the fact that the property was not substantially completed or assessed at that time, and
WHEREAS, The Council finds that funds should be appropriated in the amount necessary to make the first rebate payment to Manternach Custom Creations as set forth in the Development Agreement, for FY ’26, calculated at the rate of 100% of those taxes determined eligible to be rebated according to the terms of the Development Agreement, in the estimated total amount of $3,460, said estimate being based upon the FY ’24 valuation and consolidated tax rates, with the exact rebate to be determined after the receipt of final assessment numbers and tax payments 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 rebate payment to Manternach Custom Creations in the estimated amount of $3,460 as previously set forth herein.
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 18th day of November, 2024.
Wayne Peach, Mayor
Attest:
Sally Hinrichsen, City Clerk/Treasurer