City of Monticello, Iowa
RESOLUTION #2025-121
Approving Revolving Loan Agreement between City of Monticello
and Ikon Properties for Facade and Roof Improvements to property
located at 112 W. First Street
WHEREAS, The City of Monticello has maintained a revolving loan fund for purposes of assisting downtown property owners with various property improvements as set out and approved by Resolution 04-160, the “Downtown Rehabilitation Loan Program”, and
WHEREAS, Ikon Properties owns property located at 112 W. First Street and have and will incur expenses related to tuckpointing and replacing the roof on the building, and
WHEREAS, The expenditures related to the improvements to said building qualify for the City’s Revolving Loan program and will be of benefit to the downtown, and
WHEREAS, The City has the necessary funds in the Downtown Rehabilitation Fund to award a loan to the Applicant in the not to exceed amount of $24,000.
NOW, THEREFORE, BE IT RESOLVED that the City Council of Monticello, Iowa does hereby endorse and approve of the entry into a Revolving Loan Agreement between the City of Monticello and Ikon Properties in the amount not to exceed $24,000 at 0% interest over five (5) years, same being wholly consistent with the past practices of the City, same to be memorialized within a promissory note, mortgage, and individual guaranty of the owners, and authorizes the City Administrator to act as Loan Administrator and authorizes the City Administrator to execute the Promissory Note and Mortgage and other related documents on behalf of the City of Monticello.
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 2nd day of September, 2025.
Wayne Peach, Mayor
Attest:
Sally Hinrichsen, City Clerk/Treasurer