City of Monticello, Iowa
RESOLUTION #2025-156
Appropriating funds necessary to meet the City’s Obligation to
Kwik Trip Inc per Development Agreement, dated June 16, 2025
WHEREAS, The Council approved a Development Agreement with Kwik Trip Inc with Resolution #2025-84 dated June 16, 2025, and
WHEREAS, The agreement provided for five (5) Grant payments of $20,000 each, in addition to property tax rebates on the improvements over a period of five (5) years, at percentages set forth in the agreement, and
WHEREAS, The City did not appropriate or make any rebates to the Developer during FY ’26 due to the fact that the property was not substantially completed or assessed at that time. Council finds that funds should be appropriated in the amount necessary to make the first and second grant payments for FY ’27 due to Kwik Trip Inc, in the amount of $20,000 each, and.
WHEREAS, The City has not, prior hereto, appropriated any sums or made any payments to the developer pursuant to the terms of the Development Agreement, and
WHEREAS, The Council finds that funds should be appropriated in the amount necessary to make the first and second grant payments in the amount of $40,000, 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 and second grant payments that will be due under the Development Agreement in the amount of $40, 000.
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 3rd day of November, 2025.
Wayne Peach, Mayor
Attest:
Sally Hinrichsen, City Clerk/Treasurer