RESOLUTION NO. 2024-39
Authorizing Mayor to sign, and Clerk to attest and record, Memorandum of Agreement (and Affidavit) with Theisen’s 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, the City adopted Resolution #2023-107, on August 7, 2023 Approving Development Agreement (the “Development Agreement”) between City of Monticello (the “City”) and Theisen Real Estate LLC (the “Developer”), pertaining to the redevelopment of the former High/Middle School site, and
WHEREAS, From time to time legal entities (like commercial lenders) will request proof that the agreement has been “recorded”. Recording such agreements is not a common practice in Iowa, but is often required in other states, and
WHEREAS, Instead of recording the extensive agreement, we can record a brief document that states there is an agreement and summarizes the agreement. This at least puts parties on notice that there may be benefits or obligations related to this property, and
WHEREAS, City Attorney Doug Herman drafted the attached Memorandum, and Theisen’s attorney has reviewed and approved it, and
NOW THEREFORE, IT IS RESOLVED by the City Council of the City of Monticello, Iowa, on this 19th day of February, 2024, by the approval of this Resolution, does hereby authorizes Mayor to sign, and Clerk to record Memorandum of Agreement between City and Theisen Real Estate LLC.
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 19th day of February, 2024.
Wayne Peach, Mayor
Attest:
Sally Hinrichsen, City Clerk/Treasurer