City of Monticello, Iowa
RESOLUTION #2025-165
Adjusting funds appropriated to meet the City’s Obligation
to Kardes Inc. per Development Agreement dated March 17, 2014
WHEREAS, The Council approved a Development Agreement with Kardes Inc by Resolution #14-31 dated March 17, 2014, and
WHEREAS, The agreement provided for six Grant payments of $20,000 each, in addition to property tax rebates on the improvements over a period of ten (10) years, at percentages set forth in the agreement, and
WHEREAS, The City, by way of Resolution #2024-164, corrected the estimate for FY 25 to match the actual rebate, increasing the appropriation from $ $25,132 to $28,436; and appropriated $28,436 meet the City’s obligation to pay the tenth and final year of rebate payments for FY ’26 to Kardes Inc, based upon estimated valuations, and
WHEREAS, In January 2025, Kardes 151 sold their business and were no longer eligible to receive the rebates, and
WHEREAS, The second half of the nineth-year rebate in the amount of $14,218.13 for FY ‘25 and the estimated total amount of $28,436 for FY ’26 should be decertified due to their ineligibility for those payments, and
NOW, THEREFORE, BE IT RESOLVED, The Council hereby acknowledges the decrease in the appropriates for the second half of the nineth-year rebate in the amount of $14,218.13 for FY ‘25 and the estimated total amount of $28,436 for FY ’26 due to the business being sold.
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 17th day of November, 2025.
Wayne Peach, Mayor
Attest:
Sally Hinrichsen, City Clerk/Treasurer